Novatel Wireless Files First and Second Quarter Forms 10-Q
November 10, 2008
Subsequent to the Company's announcement on September17, 2008 that the accounting review had been completed, management finalized an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures as of March 31, 2008. That evaluation identified a material weakness in internal control over financial reporting related to revenue recognition cutoff for non-standard and modified sales transactions. Additional information regarding the material weakness and the remedial measures being implemented to address this weakness are included in the Forms 10-Q filed earlier today.
The Company is committed to becoming current with its SEC filings as promptly as practicable. Management intends to schedule a conference call for analysts and investors promptly after the Company files its Form 10-Q for the period ended September 30, 2008.
About Novatel Wireless
Novatel Wireless, Inc. is revolutionizing wireless communications. The Company is a leader in the design and development of innovative wireless broadband access solutions based on 3G WCDMA (HSDPA & UMTS), CDMA and GSM technologies. Novatel Wireless' Merlin PC Cards and ExpressCards, Expedite® Embedded Modules, MobiLink Communications Software Suite, Ovation Fixed Mobile Convergence Products and Conversa Software Suite enable high-speed wireless Internet access. The company delivers innovative 3G solutions to operators, distributors and vertical markets worldwide. Headquartered in San Diego, California, Novatel Wireless is listed on NASDAQ: NVTL. For more information please visit www.novatelwireless.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements made in this release that are not historical facts, including statements accompanied by words such as "anticipate," "expect," "will," "believe," "intend" or similar words are forward-looking statements. The statements in this release related to the Company's anticipated filing of its Quarterly Report on Form 10-Q for the period ended September 30, 2008 are forward-looking statements. The forward-looking statements in this release involve risks and uncertainties, including the risk that the Company will not be able to file its Quarterly Report on Form 10-Q for the period ended September 30, 2008 in the time frame permitted under applicable SEC rules, including the applicable extension period. The Company cautions you not to place undue reliance on these forward-looking statements.
A number of important factors could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements contained in this release, including the factors set forth in Novatel Wireless' filings with the United States Securities and Exchange Commission (available at www.sec.gov), including its Annual Report on Form 10-K for the year ended December 31, 2007, and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 and June 30, 2008, and other regulatory agencies. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
©2008 Novatel Wireless, Inc. All rights reserved. The Novatel Wireless logo, Merlin, Expedite, MobiLink, Ovation and Conversa are trademarks of Novatel Wireless, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.
SOURCE: Novatel Wireless, Inc.
Novatel Wireless, Inc. Julie Cunningham, 858-431-3711 Vice President, IR & Communications [email protected] or The Blueshirt Group Mike Bishop, 415-217-4968 [email protected]
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