NEWS:
WaveRider To Acquire Australian Wireless Solutions Company
TORONTO, Aug 18, 2000 (BUSINESS WIRE) --
--Company to expand Asia-Pacific presence with ADE
Network Technology Pty Ltd--
WaveRider Communications Inc. (NASDAQ:WAVC) (FRANKFURT:WVR.), a leading global
provider of fixed wireless Internet access products, today announced it has
signed a letter of intent to acquire ADE Network Technology Pty Ltd., a
privately-held wireless infrastructure company based in Melbourne, Australia.
Established in 1985, ADE Network Technology Pty Ltd. has five offices throughout
Australia, an established customer base and an experienced team of 25 sales,
engineering, administration and management staff. The company is a market leader
in the sales and distribution of wireless solutions and provides planning,
installation and maintenance services.
"ADE has built a solid reputation for providing quality communications solutions
with professional service and expertise," said James Chapman, Vice President,
Strategic Alliances, WaveRider Communications Inc. "The addition of ADE's team
to WaveRider's global network will further establish our presence in
Asia-Pacific and position us for significant growth in that market."
The final agreement is contingent upon WaveRider and ADE satisfactorily
completing due diligence, negotiating a definitive acquisition agreement,
receiving approvals from their respective Boards of Directors, and other
customary closing conditions. The transaction is expected to close by September
30, 2000. The purchase price for WaveRider's acquisition of ADE is expected to
be within the range of (U.S) $2.5 million to $3.5 million and include a
combination of shares and cash. The purchase will not have a material impact on
WaveRider's cash and equity position.
"As part of the WaveRider team, everyone at ADE will have access to the global
network, advanced technology, professional services and marketing support we
need to accelerate our growth in this market," said Bill Anderson, Managing
Director, ADE Network Technology Pty Ltd. "The new resources that will be
available to us will allow us to better serve our customers and capture a
greater share of the wireless market." International Growth
WaveRider's plan to acquire ADE Network Technology Pty Ltd is part of its
strategy to expand its capabilities in key global markets. In January, 2000
WaveRider opened an office in Beijing, China and in August, 2000, added an
office in Mexico.
In June, 2000 WaveRider announced alliances with global engineering services
firms to support the installation and deployment of products in markets around
the world.
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(R)) 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.
CONTACT: Carolyn Anderson, WaveRider Communications Inc.
Tel: 416/502.2978
E-mail: canderson@waverider.com
-or-
Investor Relations
Hugo Idler, WaveRider Communications Inc.
Tel: 416/502-3265
E-mail: hugoidler@waverider.com
-or-
WaveRider Communications Inc.
Tel: 888/533-1910
www.waverider.com |
