Ms. Swenson continues as Chair of the
Board of Directors
Company also updates guidance ranges
for the third quarter of 2015
Novatel Wireless (NASDAQ:MIFI), a leading provider of solutions for
the Internet of Things (IoT) and inventors of MiFi® technology,
announced today that the Board of Directors has appointed its
current Chair, Sue Swenson, to serve as Chief Executive Officer of
the Company. Ms. Swenson replaces Alex Mashinsky, whose employment
with the Company was terminated on October 27, 2015. Mr. Mashinsky
is also required to resign from the Company's Board of Directors
pursuant to the terms of his employment agreement with the
Company.
"I am very excited for the opportunity to guide Novatel Wireless
as we emerge from a period of transition and focus our sights on
global IoT opportunities and driving shareholder value," stated Ms.
Swenson. "I am confident we have the people, assets and operational
alignment necessary to achieve growth with our higher margin
software and SaaS offerings, including the fleet and vehicle
telematics offerings from our recently acquired DigiCore operations
and its 325,000 Ctrack™ subscribers."
"Working closely with management over the past three years to
dramatically reposition Novatel Wireless as a leading player in IoT
has been a challenging but very fruitful experience," added Ms.
Swenson. "I am thrilled for the opportunity to become the Company's
operational leader and, as CEO, to focus all of my time and energy
on furthering our evolution from hardware-only sales to end-to-end
IoT solutions and recurring SaaS revenues."
Ms. Swenson brings decades of leadership experience and
operational expertise in the wireless technologies industry. She
was president and COO of PacTel Cellular, which later became part
of AirTouch Cellular. She served as CEO and president of Cellular
One and as president of Leap Wireless before landing at T-Mobile
USA where she was COO until moving to MVNO startup Amp'd Mobile.
Most recently she served as CEO of Sage, North America, a software
firm. Swenson also sits on a number of boards including those of
Harmonic, Spirent Plc, and Wells Fargo. Ms. Swenson is chair of
FirstNet has been a member of Novatel Wireless's Board of Directors
since 2012 and has been chair of the Board since 2014.
Third Quarter Financial Guidance
In addition, Novatel Wireless has narrowed its previous revenue
and adjusted EBITDA guidance ranges for the third quarter of 2015.
The Company now expects to report third quarter revenues of $54 to
$55 million, with third quarter negative adjusted EBITDA of ($0.2
to $0.6 million). Both of these ranges are within the broader
ranges previously provided by the Company as guidance for the third
quarter. The Company is scheduled to report its third quarter
financial results after the stock market closes on Thursday,
November 5, 2015.
ABOUT NOVATEL WIRELESS
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leader in the design
and development of M2M wireless solutions based on 3G and 4G
technologies. The Company delivers Internet of Things (IoT) and
Cloud SaaS services to carriers, distributors, retailers, OEMs and
vertical markets worldwide. Product lines include MiFi® mobile
hotspots, USB modems, embedded modules, mobile tracking solutions
and asset tracking solutions. These innovative products provide
anywhere, anytime communications solutions for consumers and
enterprises. Novatel Wireless is headquartered in San Diego,
California. For more information please visit
www.novatelwireless.com. @MIFI
Cautionary Note Regarding Forward-Looking
Statements
Some of the information presented in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In this context,
forward-looking statements often address expected future business
and financial performance and often contain words such as "may,"
"estimate," "anticipate," "believe," "expect," "intend," "plan,"
"project," "will" and similar words and phrases indicating future
results. The information presented in this release related to our
outlook for the Company's third quarter ending September 30, 2015,
the statements made by Sue Swenson, as well as other statements
that are not purely statements of historical fact, are
forward-looking in nature. These forward-looking statements are
made on the basis of management's current expectations,
assumptions, estimates and projections and are subject to
significant risks and uncertainties that could cause actual results
to differ materially from those anticipated in such forward-looking
statements. The Company therefore cannot guarantee future results,
performance or achievements. Actual results could differ materially
from the Company's expectations.
Factors that could cause actual results to differ materially
from Novatel Wireless' expectations are set forth as risk factors
in the Company's SEC reports and filings and include (1) the future
demand for wireless broadband access to data, (2) the growth of
wireless wide-area networking, (3) changes in commercially adopted
wireless transmission standards and technologies including 3G and
4G standards, (4) continued customer and end user acceptance of the
Company's current products and market demand for the Company's
anticipated new product offerings, (5) increased competition and
pricing pressure from current or future wireless market
participants, (6) dependence on third party manufacturers in Asia
and key component suppliers worldwide, (7) the Company's ability to
integrate FW, DigiCore and any other businesses, products,
technologies or personnel that we may acquire in the future, (8)
unexpected liabilities or expenses, (9) the Company's ability to
introduce new products in a timely manner, (10) litigation,
regulatory and IP developments related to our products or component
parts of our products, (11) dependence on a small number of
customers, (12) the effect of changes in accounting standards and
in aspects of our critical accounting policies and (13) the
Company's plans and expectations relating to acquisitions,
strategic relationships, international expansion, software and
hardware developments, personnel matters and cost containment
initiatives.
These factors, as well as other factors described in the reports
filed by the Company with the SEC (available at www.sec.gov), could
cause actual results to differ materially from those expressed in
the Company's forward-looking statements. Novatel Wireless assumes
no obligation to update publicly any forward-looking statements for
any reason, even if new information becomes available or other
events occur in the future, except as otherwise required pursuant
to applicable law and our on-going reporting obligations under the
Securities Exchange Act of 1934, as amended.
(C) 2015 Novatel Wireless, Inc. All rights reserved. The Novatel
Wireless name and logo are trademarks of Novatel Wireless, Inc.
CONTACT: Investor Relations Contact:
Michael Sklansky
(858) 431-0792
msklansky@nvtl.com
Novatel Wireless, Inc. (NASDAQ:MIFI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Novatel Wireless, Inc. (NASDAQ:MIFI)
Historical Stock Chart
From Apr 2023 to Apr 2024
