|[April 29, 2014]
Novatel Wireless Announces Agreement with Investor Group
SAN DIEGO --(Business Wire)--
Novatel Wireless (News - Alert), Inc. (NASDAQ: NVTL) (the "Company"), a leading
provider of intelligent wireless solutions, today announced that it has
reached an agreement with the investor group, Novatel Shareholders for
Change, under which Dr. Richard Karp and Alex Mashinsky have been
immediately appointed to the Company's board of directors.
As a result of the appointments, the size of the board has been expanded
from six to eight members. The size of the board will remain at eight
until the 2014 Annual Meeting of Stockholders, at which time the board
will be reduced to seven members. In connection with the 2014 Annual
Meeting, Novatel Wireless will nominate Dr. Karp and Russell C. Gerns
for re-election for terms expiring at the 2017 annual meeting of
stockholders. Alex Mashinsky's term will expire at the 2015 annual
In addition, the Novatel Wireless board of directors has established the
role of independent Chairman of the board of directors and elected Sue
Swenson as Chairman, effective immediately. Sue Swenson has served on
the board of directors since 2012.
"We look forward to drawing on the experience and perspectives that Dick
and Alex each bring to the board as we focus on enhancing value for all
Novatel Wireless stockholders. We are also pleased that we were able to
come to an agreement with Novatel Shareholders for Change that we
believe serves the best interests of Novatel Wireless and all our
stockholders," said Sue Swenson, Chairman of the Board of Novatel
Also as part of the agreement, the investors will vote all of their
shares in favor of each of the Novatel Wireless board's nominees at the
2014 Annual Meeting and in accordance with the board's recommendation
with respect to each other proposal, unless Institutional Shareholder
Services Inc. recommends otherwise regarding the proposal.
"We are pleased tohave worked constructively with management and the
board of Novatel Wireless to reach this agreement. We believe Novatel
Wireless has significant value. Dick and Alex are well-respected, proven
business leaders with decades of experience in the technology sector. We
look forward to their active contribution in helping the Company realize
its full potential," said Cobb Sadler, speaking on behalf of Novatel
Shareholders for Change.
About the new Novatel Wireless Directors:
Dr. Richard Karp is a private
investor. From 1986 through 2009, Dr. Karp served as Chairman and CEO of
Catapult Communications Corp. ("Catapult"), a telecommunications company
he founded. Catapult was taken public and ultimately sold to Ixia (News - Alert)
(NASDAQ: XXIA) in 2009. Prior to founding Catapult, Dr. Karp held senior
positions in the telecommunications and information systems industries.
Dr. Karp holds a Bachelor of Science degree from the California
Institute of Technology, a Masters degree in Math from the University of
Wisconsin-Madison and a Ph.D. in Computer Science from Stanford
Alex Mashinsky has served as
Managing Partner of Governing Dynamics since 2004. Governing Dynamics is
an early stage investment and development company. Between May and
December 2013, Mr. Mashinsky served on the board of directors of
Tellabs (News - Alert), a publicly traded telecommunications company, until it was
acquired in December 2013. In 2004, Mr. Mashinsky founded GroundLink, a
transportation marketplace that aggregates, manages and execute ground
travel services on a global scale. Mr. Mashinsky served as CEO of
GroundLink through 2011. Also in 2004, Mr. Mashinsky founded Transit
Wireless, a wireless distributed antenna systems company that provided
wireless data coverage to 300 of New York City's subway stations.
Between 1995 and 2003, Mr. Mashinsky founded and operated companies in
the information technology sector, including Arbinet (News - Alert). Mr. Mashinsky
attended Tel Aviv University and Israel Open University.
About Novatel Wireless
Novatel Wireless, Inc. is a leader in the design and development of
intelligent wireless solutions based on 2G, 3G and 4G technologies. The
company delivers specialized wireless solutions to carriers,
distributors, retailers, OEMs and vertical markets worldwide. Product
lines include MiFi® Intelligent Mobile Hotspots, Ovation™ USB modems,
Expedite® embedded modules, Mobile Tracking Solutions, Asset Tracking
Solutions, and Enabler smart M2M modules. These innovative products
provide anywhere, anytime communications solutions for consumers and
enterprises. Headquartered in San Diego, California, Novatel Wireless is
listed on NASDAQ: NVTL. For more information please visit www.nvtl.com.
Cautionary Note Regarding Forward-Looking Statements
Some of the information presented in this release constitutes
forward-looking statements. Forward-looking statements involve 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 (News - Alert) reports and filings.
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