SOURCE: Norsat International Inc.

November 08, 2006 08:00 ET

Norsat Investor Converts $1M Short Term Debt

VANCOUVER, BC -- (MARKET WIRE) -- November 8, 2006 --Norsat International Inc. (TSX: NII) (OTCBB: NSATF) announced today that an institutional investor has opted to convert $1 million in short term, secured debentures into 2,500,000 common shares. The investor converted the debentures at US $ 0.40 per share, further to the terms of the private placement announced October 26th, 2006.

Under the terms of the October private placement, the Company had issued a combination of secured convertible debentures and common share purchase warrants, with gross proceeds to the Company of $1M. The convertible debentures had a term of 90 days and bore an interest at a floating rate of prime (as posted by the Bank of America) plus 1%.

Forward-Looking Statements

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.

The information should be read in conjunction with the Company's audited consolidated financial statements, related notes included therein and Management Discussion and Analysis for the year ended December 31, 2005. All the Company's financial statements are prepared in accordance with generally accepted accounting principles in Canada (Canadian GAAP). Additional information from the year ended December 31, 2005, and other information related to the Company, may be found on the company's website at

About Norsat International Inc.

Norsat International Inc. designs, engineers and markets intelligent satellite solutions for high-speed data transmission. Additional information is available at Further information is available through email at or by phone, 1-604-821-2808.

Contact Information

  • Norsat International Inc. Contact:

    Dr. Amiee Chan
    +1 (604) 821-2808
    Email Contact