Subj: WaveRider News Release - WaveRider signs $25M (U.S.) supply agreement
Date: 6/1/01 7:15:07 AM Pacific Daylight Time
From: mnewell@waverider.com (Marcia Newell)
To: hugoidler@waverider.com
NEWS RELEASE
WaveRider Communications Inc.
(NASDAQ: WAVC)
Information:
Carolyn Anderson, Media Relations Kim Evans
WaveRider Communications Inc. GCI Group for WaveRider
(416) 502-2978 (415) 974-7237
canderson@waverider.com kevans@gcigroup.com
Hugo Idler, Investor Relations Don Blair
WaveRider Communications Inc. GCI Group for WaveRider
(416) 502.3265 (416) 486-5910
hugoidler@waverider.com dblair@gcigroup.com
WaveRider signs $25M (U.S.) supply agreement with leading Middle East technology and property developer
-- Emaar Properties PJSC to establish wireless networks in the Middle
East using WaveRider's Last Mile SolutionÒ products --
Toronto - June 1, 2001 - WaveRider Communications Inc. (NASDAQ: WAVC),
a global provider of fixed wireless Internet access products, today announced
it has signed a three-year supply agreement for its Last Mile SolutionÒ
wireless products with Emaar Properties PJSC, one of the Middle East's
largest technology and property developers. The agreement includes terms
for distribution of $25M (U.S.) of WaveRider products to Emaar over the
next three years.
Under the supply agreement, WaveRider anticipates it will supply its wireless
products for potential deployment in more than 30 countries throughout
the Middle East, Africa, Indian Subcontinent and CIS countries.
"Dubai has established itself as a regional hub for many industry sectors,
built a stable economy, and is attracting new business from around the
world, making it an ideal center to support business in the region," said
H.E. Mr. Mohamed Ali Alabbar, Emaar's Chairman. "Our goal is to establish
a reliable communications infrastructure to deliver broadband Internet
and communications services to businesses and individuals in areas that
have little or no cable infrastructure. WaveRider's wireless Last Mile
SolutionÒ products provide the cost-efficient, carrier class solution
we need to further our technology business."
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"The agreement with Emaar represents a tremendous opportunity for WaveRider
to expand its presence in the Europe, Middle East and African region,"
said Bruce Sinclair, President and Chief Executive Officer, WaveRider
Communications Inc. "Over the last year, we have worked closely with Emaar
to assist in developing a comprehensive plan, identify its network and
equipment needs and to provide the product training required for the successful
deployment of Emaar's wireless networks. We are confident that Emaar
has the resources needed to successfully deploy WaveRider's products throughout
the region."
WaveRider's Last Mile SolutionÒ
The LMS2000 is WaveRider's wireless Internet access system that delivers
Internet access at speeds up to 7.5 Mbps via the license-exempt 2.4 GHz
radio spectrum. The LMS2000 is designed specifically to enable communications
service providers to serve large commercial customers.
WaveRider's LMS3000 series of products, includes the world's first commercially
-available fixed wireless networks to deliver broadband Internet access
to residential users and small business users via non-line-of-sight connections
. The LMS3000 includes a wireless modem and indoor antenna that can be
easily installed by the end user, representing a significant cost savings
to the service provider.
About Emaar Properties PJSC
Emaar, the United Arab Emirates' leading property developer, is a public
share holding company with 30% stake owned by Dubai government. The company
is publicly traded on the Dubai Financial Market. For more information,
visit www.emaar.com.
About WaveRider Communications Inc. WaveRider Communications, Inc. (www.waverider.com) is a leading wireless
information technology company that develops, manufactures and markets
products for data communications and Wireless Internet Networking (WIN).
WaveRider's high performance products use direct sequence spread spectrum
technology coupled with time division duplexing techniques. NCL Series
Wireless Bridges and Routers provide the wireless connection between single
or multiple computer networks. WaveRider is traded on the NASDAQ National
Market, under the symbol WAVC. For more information, visit waverider
.com.
# # #
This release contains forward-looking statements that involve risks and
uncertainties, including the risks associated with the effect of changing
economic conditions, trends in the development of the Internet as a commercial
medium, market acceptance risks, technological development risks, seasonality
and other risk factors detailed in the Company's filings with the Securities
and Exchange Commission. |
