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Technology Stocks : Norsat Intl (Nasdaq:NSAT)value and growth in Wireless -- Ignore unavailable to you. Want to Upgrade?

To: lazarre who wrote (78)	11/10/1999 1:30:00 PM
From: LT	Read Replies (1) \| Respond to of 397

Wednesday November 10, 10:44 am Eastern Time Company Press Release Norsat Announces US$8 Million Equity Private Placement BURNABY, B.C.--(BUSINESS WIRE)--Nov. 10, 1999--Norsat International Inc. (NASDAQ:NSATF - news; TSE:NII. - news), today announced the closing of an equity private placement which strengthens its balance sheet and provides working capital to support its growth initiatives in the satellite communications industry. The private placement was arranged under Regulation D in the United States with institutional and private investors and consists of 3.2 million units priced at US$2.50 (approximately CDN$3.75) per unit, for a total of US$8 million (approximately CDN$12 million). Each unit consists of one Norsat common share and one-half of a share purchase warrant. One whole warrant entitles the owner to purchase one share of Norsat common stock for US$2.75 (approximately CDN$4.13) per share. The warrants will be exercisable over a 30-month period. Three-quarters of the warrants will be callable by Norsat if the common stock reaches specified price levels. The transaction is structured in the form of two US$4 million (approximately CDN$6 million) tranches, the first of which took place on the closing date. The second tranche will be funded promptly after the U.S. Securities and Exchange Commission declares effective Norsat's registration statement under Form F-3 relating to the securities issued in the private placement. Robert H. Bucher, Norsat's President and CEO, commented, ``We are pleased to welcome these investors as shareholders in Norsat. This financing, which was authorized and priced in line with the market prior to the stock's recent strength gives us the resources to pursue a wide range of growth opportunities. By enabling us to capitalize more fully on our leading positions in satellite access terminal technology and the satellite television distribution business in the U.S., the transaction should benefit all of our shareholders.' Norsat International Inc. designs, engineers and distributes premium products for use in the satellite wireless communications and cable television industries. Its Satellite & Cable group is a leading supplier of satellite signal receivers and other ground station equipment. The Company's Norsat America Inc. subsidiary operates a network of 14 branch offices across the U.S. and is a distributor of DIRECTV© satellite service to the direct-to-home (DTH) market and a DIRECTV© Master System Operator (MSO) for the multiple dwelling unit (MDU) market. Norsat America also distributes DirecPC. This document may contain certain forward-looking information and statements concerning the Company's operations, performance and financial condition, including, in particular, the likelihood of the Company's success in developing and expanding its business. These statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. -------------------------------------------------------------------------------- Contact: Norsat International Inc. Derick J. Walker, 604/292-9000 604/292-9100 (FAX) Website: www.norsat.com Email: info@norsat.com