Sierra Wireless Receives Funding from BCE Inc. and Hambrecht & Quist
VANCOUVER, British Columbia — June 24, 1997 — Today, Sierra Wireless, Inc. announced the successful placement of $ 6 million in preferred shares with investors including BCE Inc. and Hambrecht & Quist, a leading technology investment banking and venture capital firm.
The funds will finance the next phase of the company's product development and market expansion. Detailed terms of the transaction are not available.
Sierra's latest product is the AirCard, a PC Card modem and cellular radio solution that allows notebook computer users to link directly to the Internet and World Wide Web. Recent efforts, like AirCard, have won Sierra recognition by the high tech community. Current honors include the "New Venture of the Year" Award presented by the Technology Industries Association (TIA) and the Mobile Insights "Best PC Card" Award sponsored by the Mountain View, Calif.-based, Mobile Insights, a noted mobile computing and data communications company. Aggressive growth continues with Sierra Wireless' acquisition of Cincinnati Microwave's CDPD modem product line and the expansion of distribution channels through ongoing international, reseller and infrastructure partnerships.
"Our investment in Sierra Wireless was driven by the strength of its management team, its award winning products and its potential for growth in wireless data communications," said Robert Forbes, senior vice president of BCE Capital Inc. "Sierra Wireless met all our investment criteria and provided us with an opportunity to enhance our presence in this sector of the market."
"With the continued support of existing investors like Sierra Semiconductor, Inc., and the addition of industry leaders in telecommunications and corporate finance, we look forward to strengthening our core competencies and accelerating our growth," said David Sutcliffe, president and CEO, of Sierra Wireless.
About Sierra Wireless
Sierra Wireless is a leading supplier of cellular data modems. Sierra's product line includes the AirCard, a state-of-the-art cellular radio and modem in Type II PC Card format and the 1997 winner of Mobile Insights' Best PC Card Award; the MP200 ruggedized, 3-watt vehicle-based multimode modem, the MP200-GPS which includes a GPS receiver; the SB-220 OEM multimode module; the PocketPlus for Windows/Windows CE and the recently acquired Dart 200 and 300 CDPD telemetry and transaction modems. For more information contact: Andrew Harries, vice president of marketing, Sierra Wireless, Inc., No. 260 -13151 Vanier Place, Richmond, BC, V6V 2V2 Phone: 604/231-1100. Fax: 604/231-1109. E-Mail: [email protected]. Internet: http://www.sierrawireless.com .
Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies. Windows is a trademark of Microsoft Corp. AirCard and the Sierra Wireless logo are trademarks of Sierra Wireless, Inc.
CONTACT:
Sierra Wireless, Inc.
Andrew Harries, 604/231-1100
[email protected]
or
MorseMcFadden Communications
Lisa Geschke, 206/889-0528
[email protected]