SAN DIEGO, CA - May 20, 2003--Novatel Wireless, Inc. (Nasdaq: NVTL), a leading provider of wireless data communications access solutions, announced today that Peter Leparulo, the CEO of Novatel Wireless has joined the board of directors, replacing John Major who has resigned from the Board.
"The first quarter demonstrated that Novatel Wireless is making important progress in improving its sales effort, gross and product margins and business model," commented Mark Rossi, managing director of Cornerstone Equity Investors, LLC, and chairman of the board of directors of Novatel Wireless. "Peter and his team have clearly focused the company and are executing on plan. We welcome Peter to the board and also want to take this opportunity to thank John for years of service at Novatel Wireless and his contributions in the past."
Novatel Wireless today also announced that it has completed its $6.7 million financing. The financing was approved by shareholders on May 2, 2003.
ABOUT NOVATEL WIRELESS, INC.
Novatel Wireless, Inc. is a leading developer of wireless PC cards, embedded modems, software and custom engineering for use in mobile computing devices. The company delivers innovative solutions to retail, wholesale and vertical markets worldwide enabling access to personal, corporate and public information over advanced wireless networks such as GSM, GPRS, CDMA and UMTS. Novatel Wireless MerlinTM PC Card and ExpediteTM Embedded Modems are used in portable computers, handheld devices and vertical market applications. Headquartered in San Diego, California, Novatel Wireless is listed on Nasdaq: NVTL. For more information, visit www.novatelwireless.com
Note to Editors: The Novatel Wireless logo, Merlin, and Expedite are trademarks of Novatel Wireless, Inc. All other brands, products and company names mentioned herein are trademarks of their respective holders. This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include risks relating to technological changes, continued acceptance of Novatel Wireless' products and dependence on intellectual property rights. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Novatel Wireless' filings with the United States Securities and Exchange Commission and other regulatory agencies.
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