Novatel Wireless Announces Inseego Corp. as Name of New Holding Company
Inseego Corp. (Nasdaq: INSG) to begin trading on the NASDAQ November
SAN DIEGO--(BUSINESS WIRE)--
Novatel Wireless, Inc. (Nasdaq:MIFI),
a leading global provider of solutions for the Internet of Things (IoT),
including software-as-a-service (SaaS), today announced that it plans to
reorganize its business by creating a new holding company structure in
connection with an agreement to sell the Company's mobile broadband
MiFi® business to T.C.L. Industries Holdings (H.K.) Limited ("TCL"). The
new holding company will be Inseego Corp., a Delaware corporation. The
directors, executive officers, and business operations of the Company
and its subsidiaries will not change.
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Inseego Corp. will replace Novatel Wireless, Inc. as the publicly held
corporation, effective November 9, 2016. The shares of Inseego Corp.
will trade on the NASDAQ Global Select Market under the ticker symbol
"INSG" at the beginning of trading on November 9, 2016.
As a result of this event, the stockholders of Novatel Wireless, Inc.
will become stockholders of the new holding company, Inseego Corp., on a
one-for-one basis, automatically holding the same number of shares and
same ownership percentage in Inseego Corp. as they held in Novatel
Wireless, Inc. immediately prior to implementation.
"Our business achievements and consistently improving financial
performance over the last twelve months have driven us to the threshold
of completing our corporate transformation into a pure-play IoT services
company," said Sue Swenson, future Chair and Chief Executive Officer of
Inseego Corp. "This holding company structure will allow us to support,
nurture and augment our combined companies as we continue to focus on
growing and improving our IoT, SaaS and services business."
For more information on the new holding company, visit http://www.inseego.com/
and read the Company's Form 8-K, which will be filed on or about
November 9, 2016 with the Securities Exchange Commission.
About Inseego Corp.
Inseego Corp. (currently Nasdaq: MIFI and Nasdaq: INSG on November 9,
2016) is a leading global provider of software-as-a-service (SaaS) and
solutions for the Internet of Things (IoT). The Company sells its
telematics solutions under the Ctrack
brand, including its fleet management, asset tracking and monitoring,
stolen vehicle recovery, and usage-based insurance platforms. Inseego
Corp. also sells business connectivity solutions and device management
services through Novatel Wireless, Inc. and Feeney
Wireless (FW). Inseego Corp. has over 30 years of experience
providing customers with secure and insightful solutions and analytics,
with approximately 590,000 global subscribers, including 182,000 fleet
management subscribers. The Company is headquartered in San Diego,
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to a variety
of matters, including, without limitation, statements related to the
Company's plans to reorganize its business by creating a new holding
company structure, including the timing thereof, the benefits expected
to be realized from the new structure, the Company's growth potential as
a pure-play IoT services company following the planned reorganization
and other statements that are not purely statements of historical fact.
These forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management of Novatel
Wireless, Inc. and are subject to significant risks and uncertainty.
Investors are cautioned not to place undue reliance on any such
forward-looking statements. All such forward-looking statements speak
only as of the date they are made, and Novatel Wireless, Inc. undertakes
no obligation to update or revise these statements, whether as a result
of new information, future events or otherwise. These forward-looking
statements also involve many risks and uncertainties that may cause
actual results to differ materially from what may be expressed or
implied in these forward-looking statements. These factors include risks
relating to technological changes, new product introductions, continued
acceptance of Novatel Wireless, Inc.'s products and dependence on
intellectual property rights, changes in foreign currency exchange
rates, and extended sales cycles. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks relating
to the business of Novatel Wireless, Inc. in general, see the risk
disclosures in the Annual Report on Form 10-K of Novatel Wireless,
Inc. for the year ended December 31, 2015, and in other subsequent
filings made with the SEC by Novatel Wireless, Inc. (available at www.sec.gov).
Additional Information and Where to Find It
Following the planned reorganization, the stockholders of Inseego Corp.
("Inseego") will be asked to approve the sale of the Company's mobile
broadband business to TCL. In order to solicit this approval, Inseego
will file documents with the SEC, including a definitive proxy statement
relating to the proposed sale. The definitive proxy statement will also
be mailed to Inseego's stockholders in connection with the proposed
sale. Investors and security holders are urged to read these documents
when they become available because they will contain important
information about Inseego, the mobile broadband business and the
proposed sale. Investors and security holders may obtain free copies of
these documents and other related documents when they are filed with the
SEC at the SEC's web site at www.sec.gov
or by directing a request to Inseego, c/o Novatel Wireless, Inc. 9645
Scranton Road, Suite 205, San Diego, California 92121, Attention:
Inseego and its directors and executive officers may be deemed
participants in the solicitation of proxies from the stockholders of
Inseego in connection with the proposed sale. Information regarding the
interests of these directors and executive officers in the proposed
transaction will be included in the definitive proxy statement when it
is filed with the SEC. Additional information regarding the directors
and executive officers of Inseego is also included in Novatel Wireless,
Inc.'s Annual Report on Form 10-K for the year ended December 31, 2015,
which was filed with the SEC on March 15, 2016 and the definitive proxy
statement relating to Novatel Wireless, Inc.'s 2016 Annual Meeting of
Stockholders, which was filed with the SEC on April 29, 2016. These
documents are available free of charge at the SEC's web site at www.sec.gov
and from Stockholder Services at Novatel Wireless, Inc., as described
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103006587/en/
Novatel Wireless, Inc.
Media Relations Contact:
Michael Sklansky, 858-431-0792
Source: Novatel Wireless, Inc.
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