Yes! WaveRider Announces 350% Revenue Growth
Global Market Acceptance Of Wireless Internet Access Products Driving Rapidly Increasing Order
Backlog
TORONTO--(BUSINESS WIRE)--Oct. 8, 1999--WaveRider Communications Inc. (OTCBB:WAVC - news; FRANKFURT:WVR.FSE), a leading global
provider of wireless Internet access products, Friday announced that revenues for the third quarter, ending Sept. 30, 1999 exceeded (US)$700,000, up from
(US)$200,000 in Q2/99 representing a 350 per cent growth.
The SEC filings and complete financial reports are scheduled for release on Oct. 27, 1999.
``Since announcing our first NCL product receiving FCC approval earlier this year, we have been piloting innovative installations throughout the world,' said
WaveRider's president and chief executive officer Bruce Sinclair. ``These pilots are now resulting in strong order rates for immediate delivery which will provide solid
revenue growth in subsequent quarters. We also have received over (US)$10-million worth of orders for our LMS product family, scheduled for launch in late
Q1/2000.'
The market for wireless Internet access is expected to be approximately (US)$500-million by year end and experience rapid growth to the multi-billion dollar level
over the next two to three years. WaveRider has announced plans to roll out new products addressing this market every quarter throughout 2000.
The company has also begun a program of acquiring wireless technology companies (such as TTI Wireless of Cleveland, Ohio) earlier this year -- helping
WaveRider to rapidly grow its product families and market penetration.
``This revenue growth reflects our investment of over (US)$10-million during the past two years in product research and development and global marketing,' adds
WaveRider's chief financial officer Scott Worthington. ``With our continued commitment to further investment, we believe that we will continue to realize strong
quarter on quarter growth.'
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 frequency hopping and direct sequence spread
spectrum technology coupled with time division multiple access techniques and operate in the license-free 900 MHz and 2.4 GHz ISM frequency bands. NCL
Series Wireless Bridges and Routers provide the wireless connection between single or multiple computer networks. Integrated network management features
ensure data is quickly forwarded to its intended destination based on network conditions.
WaveRider's LMS (Last Mile Solution©) Product Family is wireless modems that offer high-speed connections to the Internet for business and residential
customers.
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. |
