Wavesat Inc.

Wavesat Inc.

March 10, 2005 08:01 ET

Wavesat Receives $990,000 Contribution From NRC-IRAP


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FOR: WAVESAT INC.

MARCH 10, 2005 - 08:01 ET

Wavesat Receives $990,000 Contribution From NRC-IRAP

MONTREAL, QUEBEC--(CCNMatthews - March 10, 2005) -

The funding will accelerate WiMAX mobile chip development.

Wavesat Inc., a fabless semiconductor developer of WiMAX chips, has
signed a contribution agreement with the National Research Council's
Industrial Research Assistance Program (NRC-IRAP) that will provide the
company with a contribution valued at $990,000. Under the terms of the
agreement, Wavesat will develop a WiMAX chip meeting IEEE 802.16e
standards for the WiMAX mobile market. The funding will be used in
2005/2006.

"We are very pleased to partner with National Research Council Canada as
their help gives us strategic support for the rapid development and
implementation of a new chip," said Mark Netto, Director Finance &
Administration at Wavesat.

NRC-IRAP is Canada's premier innovation assistance program for small and
medium-sized Canadian enterprises (SMEs). It is a vital component of the
NRC, a cornerstone in Canada's innovation system, regarded world-wide as
one of the best programs of its kind. The IRAP-Technology Partnerships
Canada (TPC) program provides Canadian SMEs with repayable financial
assistance for projects at the precommercialization stage. Firms use
these funds to develop technology for new or significantly improved
products, processes or services, as well as to support initial
demonstration and pilot projects. NRC-IRAP delivers precommercialization
assistance on behalf of Technology Partnerships Canada/Industry Canada.

About Wavesat

Founded in 1993, Wavesat Inc. is a fabless semiconductor company focused
on the development and supply of OFDM modem chips for WiMAX compliant
systems. Wavesat is a privately held company headquartered in Montreal,
Quebec, Canada, where it conducts research and development activities.
Key investors include BDC Venture Capital, Innovatech Montreal, Monet
Capital, Pac-Link Management Corp., Skypoint Capital Corporation,
Solidarity Fund QFL and Sunsino Ventures Group.

Wavesat is a Principal member of the WiMAX Forum, a nonprofit
corporation formed to certify the compatibility and interoperability of
BW devices as specified in the IEEE 802.16-2004 standard and to help
accelerate the introduction of these devices into the marketplace.

For additional information about Wavesat, please visit its website at
www.wavesat.com.

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