Novatel Wireless Announces New CEO and Chairman of the Board
SAN DIEGO, CALIFORNIA- January 13, 2003 - Novatel Wireless, Inc. (Nasdaq: NVTL), a provider of wireless data access solutions, today announced the appointment of Peter Leparulo as Chief Executive Officer and Mark Rossi as Chairman of the Board of Directors. Mr. Leparulo and Mr. Rossi replace John Major who will remain on the Board of Directors of Novatel Wireless.
Peter Leparulo, age 44, has served as Senior Vice President of Novatel Wireless and General Manager of its CDMA Business Unit for the last 2 years. During that time his Business Unit established worldwide customer relationships with CDMA carriers, computer manufacturers, and value added resellers and put in place a domestic and international distribution network. Prior to joining Novatel Wireless in September 2000, he was a senior partner at the law firm of Orrick, Herrington & Sutcliffe LLP, where he specialized in corporate finance, mergers and acquisitions, securities, intellectual property and general corporate matters.
Mark Rossi, age 46, is a Managing Director at Cornerstone Equity Investors, LLC, a New York based private equity firm with more than $1.2 billion in aggregate committed capital. He has been a key investor and member of the Board of Directors of Novatel Wireless since December of 1999.
"Since Peter took over our CDMA Business Unit, he has grown the business from 0% of sales to 80% of the revenue stream in less than a year and a half, while driving down costs," commented Mark Rossi, new Chairman of the Board of Directors. "I am encouraged about the future of Novatel Wireless and fully believe that Peter is the right person to take the Company to the next level and drive it to profitability."
Novatel Wireless expects fourth quarter revenues to exceed expectations and be between $7.9- $8.1 million. This represents a sequential increase over the $5.9 million reported for the third quarter and a comparative increase over the $7.3 million reported in the fourth quarter of 2001.
"The fourth quarter will represent a positive step forward for the Company with an over 30% increase in sequential revenues," said Peter Leparulo. "Novatel Wireless has solid partnerships, excellent technology and dedicated employees. While much hard work remains, I believe we can build Novatel Wireless into a stronger leader in wireless data solutions. I want to thank John Major for all his contributions over the past two and a half years and look forward to his continuing support in his new capacity."
"Over the last year, the Company has made significant progress in partnering with leaders in technology and telecommunications," added John Major. "I am looking forward to supporting Peter and the whole Novatel Wireless team in my role as a member of the Board of Directors."
ABOUT NOVATEL WIRELESS, INC.
Novatel Wireless, Inc. is a leading provider of wireless data modems and software for use with handheld computing devices and portable personal computers. The Company delivers innovative and comprehensive solutions that enable businesses and consumers to access personal, corporate and public information through email, enterprise networks and the Internet. Novatel Wireless also offers wireless data modems and custom engineering services for hardware integration projects in a wide range of vertical applications. The Novatel Wireless product portfolio includes the MerlinTM Family of Wireless PC Card Modems, ExpediteTM Family of Wireless Embedded Modems, Minstrel® Family of Wireless Handheld Modems, Lancer 3WTM Family of Ruggedized Modems and Sage® Wireless Serial Modems. Headquartered in San Diego, California, Novatel Wireless is listed on The Nasdaq Stock Market (Nasdaq: NVTL). For more information, please visit the Novatel Wireless web site: www.novatelwireless.com or call 888-888-9231.
© 2002 Novatel Wireless. All rights reserved. The Novatel Wireless logo, Minstrel, Merlin, Sage, Lancer 3W and Expedite are trademarks of Novatel Wireless, Inc. Minstrel and Sage are registered with the U.S. Patent and Trademark Office. 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.