NovAtel Inc. Acquires Waypoint Consulting Inc.
03 Ottobre 2005 - 1:30PM
Business Wire
NovAtel Inc. (NASDAQ:NGPS), a precise positioning technology
company, announced today that it has acquired Waypoint Consulting
Inc., located in Calgary, Alberta, for approximately CDN $3.2
million, in cash. Waypoint is a precise positioning software
company that produces real-time and post-processing position
determination software using input from precision GPS and
GPS/inertial systems. The acquisition of Waypoint is expected to
immediately broaden NovAtel's base of core precise positioning
technology and enables NovAtel to address growing customer demand
for specialized real-time and post-processing GPS and GPS/inertial
positioning and trajectory software. NovAtel plans to leverage
Waypoint's proven products, intellectual property and expertise
across a number of market applications. "A key element of NovAtel's
growth strategy is to partner with and/or acquire businesses having
complementary technology, products and/or access to markets. We
believe the acquisition of Waypoint demonstrates our continued
commitment to meet evolving market needs by offering a broader
range of precise positioning technology and OEM solutions to our
worldwide customer base," stated Jon Ladd, NovAtel's President and
CEO. "Over the past 13 years, Waypoint has established a strong
industry reputation of technical excellence, competitive products
and high quality technical support. We are very pleased to have
their talented team join forces with us in our goal to become the
leading provider of precise positioning technology to our targeted
commercial markets." "This is a tremendous opportunity for
Waypoint," said Hugh Martel, Co-founder and President of Waypoint.
"The combination of our internationally recognized GPS and GPS with
inertial software with the leading-edge GPSplus products being
developed by NovAtel will deliver even better positioning solutions
to our customers." "Waypoint is extremely excited to join NovAtel
as it allows us to focus 100% of our efforts on software
development and support with the ability to leverage NovAtel's
business operations for greater expansion," added Darren Cosandier,
Co-founder and Managing Director of Waypoint. NovAtel expects the
acquisition of Waypoint will contribute approximately CDN $2
million revenue on an annualized basis. About Waypoint Consulting
Inc. Waypoint Consulting Inc. has been in existence since 1991,
starting out as a developer for conventional survey software
products. Since 1992, Waypoint has been developing high-precision
GPS software products. With this primary focus, the Company has
gained industry-leading expertise in GPS algorithm development and
data analysis. About NovAtel Inc. NovAtel designs, markets and
sells high-precision GPS and other positioning components and
sub-systems used in a wide variety of commercial applications
principally in the aviation, geomatics (surveying and mapping),
mining, precision agriculture, marine and defence industries.
NovAtel's solutions combine hardware, such as receivers and
antennas, with software to enable its customers to fully integrate
the Company's high-precision GPS technology into their respective
products and systems. NovAtel, an ISO 9001 certified company, is
focused on supplying core high-precision positioning technology to
OEMs and system integrators who build systems for various end
market applications. For more information, visit www.novatel.com.
Certain statements in this news release, including those about the
Company's future plans and intentions, future performance, revenue
and market acceptance of Waypoint Consulting Inc.'s business and
technology, are forward-looking statements. These forward-looking
statements are not based on historical facts but rather on
management's current expectations regarding NovAtel's future
growth, results of operations, performance, future capital and
other expenditures, competitive advantages, business prospects and
opportunities. Wherever possible, words such as ''anticipate'',
''believe'', ''expect'', ''may'', ''could'', ''will'',
''potential'', ''intend'', ''estimate'', ''should'', ''plan'',
''predict', "forecast"' or the negative or other variations of
these words, or similar words or phrases, have been used to
identify these forward-looking statements. Forward-looking
statements involve significant known and unknown risks,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements,
including operating results of Point, impact and timing of large
orders, US dollar to Canadian dollar exchange rate fluctuations,
establishing and maintaining effective distribution channels,
certification and market acceptance of NovAtel's new products,
credit risks of customers and Point, pricing pressures in the
market and other competitive factors, maintaining technological
leadership, timing of revenue recognition in connection with
certain contracts, actions by governmental authorities, and other
factors described in our Form 20-F for the year ended December 31,
2004 and other SEC filings, many of which are beyond the control of
NovAtel. These factors should be considered carefully and undue
reliance should not be placed on the forward-looking statements.
These forward-looking statements are made as of the date of this
news release, and NovAtel assumes no obligation to update or revise
them to reflect new events or circumstances.
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