Norsat to Receive a Conditionally Repayable Investment of $9.4 Million from Government of Canada to Support Development of its Satellite Interactive Terminal Technology
BURNABY, BRITISH COLUMBIA, Oct 19, 2000 (BUSINESS WIRE) -- Norsat International (NASDAQ: NSATF chart, msgs)(TSE: NII. chart, msgs)
Norsat International Inc. today announced that it had signed an agreement for a conditionally repayable investment of $9.4 million from the Government of Canada to further the development of its next generation satellite interactive terminal technology.
Satellite interactive terminals are devices that enable high-speed, two-way Internet access via satellite, and will find application in broadband multimedia with both consumers and SOHO and B2B enterprises.
The support is provided under the auspices of the Federal Government's Technology Partnerships Canada (TPC) program, and will allow the company to accelerate development in an area where technology is evolving rapidly.
"This investment will help us to significantly advance Norsat's broadband access technology," said Robert H. Bucher. "Our first generation terminals are targeted at the SOHO market. Our goal now is to make the technology affordable for the average consumer."
Norsat International Inc. designs, engineers and distributes premium products for use in the satellite wireless communications industry. It has four principal operating units.
Norsat Satellite Products is a supplier of satellite signal receivers, transmitters, and other ground station equipment and provides an after-market maintenance and repair service. Norsat Broadband Networks develops components and systems to the satellite broadband IP market. Norsat Narrowband Networks specializes in voice and data products and services for the Globalstar satellite constellation. The Company's Norsat America Inc. subsidiary operates a network of 14 branch offices across the U.S. and is a distributor of DIRECTV(R) satellite service to the direct-to-home (DTH) market and a DIRECTV(R) Master System Operator (MSO) for the multiple dwelling unit (MDU) market. Norsat America also distributes DirecPC.
This document may contain certain forward-looking information and statements concerning the Company's operations, performance and financial condition, including, in particular, the likelihood of the Company's success in developing and expanding its business. These statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements.
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