BELLEVUE, Wash., Sept. 29, 2000 (PRIMEZONE) -- Unity Wireless Corporation (OTCBB:UTYW) is pleased to announce that it has signed a Letter Of Intent to acquire Ultratech Linear Solutions Inc. of Burnaby, Canada.
Ultratech Linear Solutions is a wireless communications technology designer, developer and marketer specializing in Radio Frequency High Power Linear amplifiers. The company's products are currently being utilized in wireless network base stations and repeater equipment. These networks include Cellular, PCS (personal communications services), Wireless Internet, and fixed voice and data systems. In its first 15 months of operations, Ultratech earned revenues in excess of US$ 2.1 million. This year, the Company expects to earn approximately $5 - 6 million in revenue.
"We found a great partnership and synergy with Unity Wireless," said Ultratech's founder, John Robertson. "The combination of their senior management and technical teams will support our continued efforts to rapidly grow our business. They have expertise in market and business development, finance, manufacturing and engineering - all areas critical to our company's success."
"This acquisition fits perfectly into our strategic plan," said Unity Wireless's Chairman & CEO Mark Godsy. "Our UniLinx wireless data communications platform provides solutions to network users, while the power amplifiers produced by Ultratech provide solutions for network providers. I am also delighted with the quality of the team at Ultratech lead by John Robertson"
Most of Ultratech's business to date has been derived in Southeast Asia. The company has also achieved tangible results expanding its marketing efforts to include the North America's wireless market. Immediate plans also include continued expansion worldwide.
Ultratech estimates that the total global market sales of high power amplifiers will increase from US$ 1.1 billion in 1999 to $ 3.5 billion by the year 2003.
About Unity Wireless Corporation
Unity Wireless Corporation is a developer and integrator of wireless technology and products for a broad range of industrial and commercial applications. The Company's primary technology, UniLinx, offers secure end-to-end wireless communication between a host application and various remote devices. The technology allows all legacy software systems to communicate over the internet without alteration to the software itself. UniLinx incorporates CDPD and CDPD/AMPS modems to communicate over the cellular networks. The Company's technology and expertise is being used in transportation applications both in North America and Singapore. For more information, please visit the web site at www.unitywireless.com
Certain information included in this news release, as well as information included in oral statements or other written statements made or to be made by Unity Wireless Systems Corporation and its subsidiaries, contain statements that are forward-looking. Such statements relate to the future anticipated direction of the wireless industry, plans for future expansion, various business development activities, planned capital expenditures, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.