NEWS - Q2 EARNINGS ARE OUT
biz.yahoo.com
Monday July 31, 4:07 pm Eastern Time
Company Press Release
WaveRider Reports Strong Growth
TORONTO--(BUSINESS WIRE)--July 31, 2000--WaveRider Communications (NASDAQ:WAVC - news; FRANKFURT:WVR.FSE)
Company Establishes Early Leadership Position in
Emerging Wireless Broadband Market With New Product Launches,
Enhanced Global Capabilities and Strategic Alliances
WaveRider Communications Inc. (NASDAQ:WAVC - news; FSE:WVR.FSE), a leading global provider of fixed wireless Internet access products, today reported financial results for its second quarter ended June 30, 2000.
Year to date results show revenues of (US) $1,521,772 compared to (US)$245,080 for the first six months of 1999. In addition, WaveRider's cash position for the first half of 2000 improved to $13,580,836 over $2,626,841 for the same period in 1999.
Net year to date loss reported for 2000 increased to $7,616,618 over $3,667,754 for the first six months of 1999 as WaveRider accelerated its research and development and marketing activities.
WaveRider achieved significant milestones in the second quarter, including the first deliveries of its LMS2000 systems for customers in Bermuda and five key North American markets. In addition, the company established alliances with engineering services firms General Dynamics Worldwide Telecommunications Systems, Comsearch® and SCIENTECH Inc. to support the installation of LMS systems around the world.
WaveRider also introduced its new NCL1135 11 Mbps bridge/router to its NCL product family and added new sales channels for the NCL product family. Introduced less than one year ago, WaveRider's has deployed more than 1000 NCL products in over 30 countries.
With the support of its more than 39,000 shareholders worldwide, WaveRider moved onto the NASDAQ National Market System on June 7, 2000.
``We believe our achievements to date position WaveRider for strong growth in the second half of 2000,'' said Bruce Sinclair, President and CEO, WaveRider Communications Inc. ``We expect our expanded product offerings, successful installations and well-established sales and support capabilities will enable WaveRider to increase our focus on sales and capture a larger segment of the growing international fixed wireless market.''
According to The Strategis Group and Prudential Volpe Technology Group, the global broadband wireless access equipment market is expected to grow to more than (US) $15 billion by 2005.
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 connects wireless modems that offer high-speed connections to the Internet for business and residential customers. WaveRider is traded on the NASDAQ National Market, under the symbol WAVC.
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.
888/533.1910 Visit our Web Site: www.waverider.com
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Contact:
WaveRider Communications Inc.
Media Inquiries, contact: Carolyn Anderson,
416/502-2978
canderson@waverider.com
-or-
WaveRider Communications Inc.
Investor Relations, contact: Hugo Idler,
416/502-3265
hugoidler@waverider.com |
