Novatel Wireless Momentum Builds on Strength of M2M Portfolio
February 18 2014 - 8:00AM
Business Wire
Novatel Wireless, Inc. (Nasdaq: NVTL), a leading provider of
intelligent wireless solutions, today announced that it has
received purchase orders totaling approximately $7 million and has
also executed a supply agreement with an initial order quantity
totaling $8.2 million to provide M2M solutions to a range of
customers spanning the after-market telematics, commercial
telematics and Remote Management and Control (RMAC) markets.
KEY HIGHLIGHTS:
- Recently introduced solutions in
Novatel Wireless’ M2M portfolio, including the MiFi® Powered™ SA
2100 and MT 3060 mobile tracking device, have experienced an
increase in customer adoption with anchor development partners. To
further enhance its value-add in strategic vertical segments and
drive recurring revenue, Novatel Wireless’ portfolio also includes
its cloud hosted N4A™ Device Manager, which incorporates advanced
diagnostics and integrated telematics features.
- The new business has been secured with
leading M2M service providers in targeted market segments. These
segments include after-market telematics for a range of leading
edge applications such as Usage Based Insurance (UBI) with the MT
3060, commercial telematics including fleet management with the SA
2100 and MT 4100, and RMAC leveraging Novatel Wireless’ new M2M
platforms.
- After-market telematics orders are also
accompanied by bookings for licenses of Novatel Wireless’ N4A
Device Manager software under which Novatel Wireless will host the
management of field devices for an annual license fee.
- Although some shipments began in Q1
2014, the Company currently anticipates that they will accelerate
through the year and into Q1 2015 after the completion of any
required software integration or product technical acceptance.
Peter Leparulo, CEO, Novatel Wireless, said: “Novatel
Wireless’ target markets represent areas of significant growth
opportunity for the company. As we continue to execute on our
multiple-vertical market approach, we will launch M2M solutions
combining leading hardware design with integrated software support
tailored to specific market needs. We look forward to continuing to
drive forward innovation in the M2M space that will meet and exceed
customer demands.”
About Novatel Wireless
Novatel Wireless, Inc. is a leader in the design and development
of intelligent wireless solutions based on 2G, 3G and 4G
technologies. The company delivers specialized wireless solutions
to carriers, distributors, retailers, OEMs and vertical markets
worldwide. Product lines include MiFi® Intelligent Mobile Hotspots,
Ovation™ USB modems, Expedite® embedded modules, Mobile Tracking
Solutions, Asset Tracking Solutions, and Enabler smart M2M modules.
These innovative products provide anywhere, anytime communications
solutions for consumers and enterprises. Headquartered in San
Diego, California, Novatel Wireless is listed on NASDAQ: NVTL. For
more information please visit www.nvtl.com. (NVTLG)
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, as amended to
date. 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 contained herein. These factors include risks relating
to technological changes, new product introductions, 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 (available at
www.sec.gov) and other regulatory agencies.
(C) 2014 Novatel Wireless, Inc. All rights reserved. The Novatel
Wireless name and logo are trademarks of Novatel Wireless, Inc.
Other Company, product or service names mentioned herein are the
trademarks of their respective owners.
Nadel PhelanCara Sloman+1 (831) 440-2411cara@nadelphelan.com
Novatel Wireless, Inc. (NASDAQ:MIFI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Novatel Wireless, Inc. (NASDAQ:MIFI)
Historical Stock Chart
From Apr 2023 to Apr 2024