BELLEVUE, Wash., Nov. 17, 2000 (PRIMEZONE) -- Unity Wireless Corporation (OTCBB:UTYW) is pleased to announce its acquisition of Ultratech Linear Solutions Inc. has been completed. In addition, Mark Godsy, currently CEO and Chairman of Unity, will be stepping aside as CEO in favor of John Robertson, currently CEO of Ultratech. Mr. Godsy will remain as Chairman of the Company.
Ultratech, a wireless communications technology designer, developer and marketer specializing in Radio Frequency High Power Linear amplifiers, has received and shipped orders in excess of US$ 400,000 since signing a letter of intent to be acquired by Unity Wireless in late September. In addition, Ultratech has received orders totaling US$ 747,000 during the first two weeks of November. These orders, to be shipped before year-end, will be booked by Unity Wireless.
"The synergy of the existing abilities of Unity Wireless and Ultratech will greatly enhance the growth potential of the combined Company," said CEO John Robertson. "Now that our deal has been completed, we can realize our full growth potential in the wireless telecommunications market."
Since Ultratech's inception in mid-1999, revenues have exceeded US$ 3.2 million. Their high power linear amplifiers are currently being utilized in wireless network base stations and repeater equipment. These networks, of which amplifiers are a vital component, include Cellular, PCS (personal communications services), Wireless Internet, and fixed voice and data. Industry estimates suggest the estimated global market for high power amplifiers will increase from US$ 1.1 billion in 1999 to US$ 3.5 billion by the year 2003.
"The global market for wireless communications is rapidly increasing due to the continued roll-out of next generation wireless networks, including CDMA2000 and 3G type technologies," commented Unity Wireless' Chairman Mark Godsy. "This build-out, combined with the ever-increasing demand for wireless voice and data services, ensures a strong market for the Company's products. In addition to the acquisition of Ultratech's business, a key asset is John Robertson. His current and past accomplishments make him ideally suited to capture the growth opportunities, presently available to the Company."
Ultratech was acquired for 700,000 common shares of Unity Wireless Corporation, and an additional US$ 45,000 paid to Ultratech's shareholders in consideration of the sale. All of Ultratech's management and employees have accepted employment agreements with the Company. Ultratech will combine its operations with Unity Wireless Corporation's wholly-owned Unity Wireless Systems Corporation of Burnaby, Canada.
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 existing 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.