STM Wireless Receives Contract From Shanghai Automobile Industry
30 September 1999
STM Wireless, Inc. Receives Contract Award From Shanghai Automobile Industry Sales Company
IRVINE, Calif.--Sept. 30, 1999--STM Wireless, Inc. (STM), today announced that it has received a contract for the sale of approximately US $1.0 million of equipment to the Shanghai Automobile Industry Sales Company (SAISC), a subsidiary of one of China's largest automobile manufacturers, Shanghai Automobile Industry Corporation (SAIC).The SAISC contract, which was awarded to STM after an international open bid in which STM competed directly with other major satellite and radio manufacturers, requires STM to supply SAISC with 25 X.DAMA terminals with video conferencing capabilities. The DAMA terminals will be utilized by SAISC to satisfy its current data and image transmission requirements between its first 25 sales centers, which are situated throughout China.
Commented Emil Youssefzadeh, Chief Executive Officer of STM, "We are delighted that SAISC, after an approximately two year investigation of the VSAT market and an international open bid, has concluded that STM best meets its needs from a price and technology standpoint." Continued Youssefzadeh, "As a result of SAIC's joint venture with Volkswagen, SAISC is the exclusive distributor for Shanghai VW. We will look to further capitalize on our relationship with SAISC as it expands the number of its sales centers."
About STM Wireless, Inc.
STM Wireless, Inc., headquartered in Irvine, (Web Site: www.stmi.com), is an international provider of communications solutions for satellite telephony and data applications including broadband and Internet access products with equipment installed in over 90 countries.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, STM Wireless, Inc. or its representatives have made or may make forward-looking statements, orally or in writing. The words "estimate", "project", "potential", "intended", "expect", "believe" and similar expressions or words are intended to identify forward-looking statements. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. As discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 1998, and its Form 10-Qs for the first and second quarters of fiscal 1999, the Company's future operating results are uncertain and may be impacted by the following factors, among others: the long-term cycle involved in completing major contracts, particularly in foreign markets; increasing competitive pressures; general economic conditions; technological advances; financing risks; the timing of new product introductions; political and economic risks involved in foreign markets and foreign currencies; and the timing of operating and other expenditures.