Norsat Enters Strategic Partnership With Navisystem Marine Electronics
Norsat International Inc. (TSX: NII) (OTCBB: NSATF) (“Norsat”), a leading provider of intelligent satellite solutions, today announced that it has entered into a strategic partnership with Italy-based Navisystem Marine Electronics S.R.L. (“Navisystem”), a provider of maritime very small aperture terminals (“VSAT”).
As per the terms of the agreement, Norsat will sell Navisystem’s marine satellite terminals under the Norsat brand in North America, and Navisystem will act as a non-exclusive reseller of Norsat’s satellite systems in Europe, the Middle East and Asia. In addition, the two companies will explore opportunities for joint development projects, working to leverage each company’s respective technology expertise to introduce a suite of marine satellite terminals that meets the varying needs of government and commercial maritime markets worldwide.
“A 2008 objective for Norsat is to establish a foothold in the global maritime satellite communication market, and this strategic partnership is a key first step,” said Dr. Amiee Chan, President and CEO, Norsat International. “Navisystem is a leading developer of maritime satellite terminals, making its product offering a natural addition to our portfolio of satellite systems. We look forward to working with Navisystem to further expand our product suite in an effort to become a strong player in the worldwide maritime satellite communication market.”
“Partnering with Norsat expands our geographic reach, enabling us to better capitalize on the global demand for maritime satellite communication systems,” said Dr. Brunello Locatori at Navisystem. “By leveraging Norsat’s strong brand and leadership position in the portable satellite terminal industry, we believe we will be well positioned to effectively penetrate the North American market.”
Norsat and Navisystem will be jointly exhibiting at the Cannes International Boat and Yacht Show, September 10th, 2008 – September 15th, 2008 in Cannes, France; the Genoa 48th International Boat Show (Salone Nautico Internazionale di Genova), October 4th – October 12th, 2008 in Genova, Italy; the 49th International Boat Show, October 25th, 2008 – November 2nd 2008 in Hamburg, Germany; the 49th Annual Fort Lauderdale International Boat Show, October 30th, 2008 – November 3rd, 2008 in Ft. Lauderdale, Florida; and the Marine Equipment Trade Show (METS), November 18th – 20th, 2008 in Amsterdam, the Netherlands.
Navisystem Marine Electronics S.R.L.
Navisystem Marine Electronics S.R.L., founded in 1993, specializes in the design and development of maritime satellite systems. The Massarosa, Italy-based company has a comprehensive portfolio of 48 antenna models ranging from 44 cm to 150cm, which have found success with small boats, mega yachts, commercial ships and cruise ships.
About Norsat International Inc.
Norsat International Inc. designs, engineers and markets intelligent satellite solutions for high-speed data transmission. Additional information is available at www.norsat.com. Further information is available through email at firstname.lastname@example.org or by phone, 1-604-821-2808.
Statements in this news release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Norsat’s public filings with securities regulatory authorities.
This information should be read in conjunction with Norsat’s audited consolidated financial statements and related notes included therein for the three months ended June 30th, 2008, and the Management Discussion and Analysis for the three months ended June 30th, 2008. All of the company’s financial statements are prepared in accordance with Canadian generally accepted accounting principles (Canadian GAAP). Additional information may be found at www.norsat.com.
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For further information, contact: Dr. Amiee Chan President & CEO Tel: (604) 821-2808 Email: Email Contact Kristen Dickson The Equicom Group Investor Relations Tel: (416) 815-0700 x 273 Email: Email Contact
SOURCE: Norsat International Inc.