Fall 1999 update from the website:
operation based on its strong development foundations. The quarter saw
measurable accomplishments, representing hard work by motivated people
meeting a variety of challenges. The sale of over $700,000 of WaveRider product
marked the beginning of a growing revenue stream as our product based
solutions began to reach customers and support our business plan projections.
WaveRider has set the goal of five to ten per cent share in a market worth two to
three billion dollars over the next two to three years. With recent successes in
hand, we are looking forward to the challenge of creating the rapid annual growth
our goal will require over the next several years.
We are continuing to build the foundations for that growth. With the TTI Wireless
merger complete, we now have one integrated sales force for North America. This
sales capability, coupled with our growing international sales team, has positioned
us with a truly global sales and marketing capability.
Also in this quarter, we shipped the first end user modems in the LMS (Last Mile
Solution © ) family of products to Jamaica, where they are currently being
successfully piloted. As we?ve previously announced, $15-million of signed LMS
product contracts will be delivered around the world, over the next 24 months.
We are making a significant investment in expanding and enhancing our NCL
(Network Communication Link) product family and are preparing to roll out the
LMS2000, 3000 and 4000 product lines next year. Looking ahead, we are
considering acquisitions that will broaden our product line and distribution
capability in this high-growth wireless Internet communications market.
We also closed a significantly improved financing that consisted of a bridge loan
and an equity line that meets our current financing requirements. Based on the
growth opportunities facing us, we will continue to work with the financial
community to ensure we are appropriately supported in the future.
The quarter was an evolution and development for our board of directors as well. I
am excited to welcome Guthrie Stewart and John Curry as the latest additions. On
behalf of all WaveRider stakeholders I would like to express our sincerest
gratitude to the tremendous contribution that William Krebs and William Laird
have made to bring WaveRider to the stage we currently enjoy. Finally, the
success of our sales efforts demonstrates an impressive geographical reach:
from Asia to the Caribbean to Africa and all across North America, we are
bringing our customers the solutions they need, in the world?s fastest-moving
marketplace. Our customers need flexibility, ease of deployment and significant
cost savings. They receive all of these from WaveRider. As we are witnessing
throughout the world, the market for wireless technology continues to grow.
WaveRider products, present and future, will be a driving force in the wireless
revolution.
Bruce Sinclair
Director, President & CEO |
