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Wavesat Announces $8 Million Financing Round: Leading Fabless Semiconductor Company Ready to Launch WiMAX Chipset for Broadband Wireless Market

MONTREAL—(BUSINESS WIRE)—Oct. 4, 2004— Wavesat Inc., a developer of OFDM Broadband Wireless (BW) silicon solutions, today announced the successful completion of an $8 million financing round from both new and existing investors. This additional funding will accelerate the company's marketing and sales effort in support of its soon to be released WiMAX DM256 chip and provide the necessary resources to continue development work towards Mobile IEEE 802.16e silicon solutions. Wavesat future chips will be backward compatible with its DM256.

This round attracted significant investment from a major international investor, Taiwan-based Pac-Link Management Corp., as well as from existing investors: Skypoint Capital Corporation, BDC Venture Capital, Innovatech Montreal, Monet Capital and Sunsino Ventures Group.

President and CEO Michel Guay notes, "We're focused on bringing our first WiMAX chipset to market ahead of our competitors, allowing our customers to be first to market with their WiMAX systems enabling them to seize early market share. This funding will help us to quickly move in that direction, capitalizing on the full potential of our extensive research and development effort. This financing represents an important validation of our leadership: over the last four years, we have successfully transformed our comprehensive knowledge of the OFDM technology and IEEE 802.16 standards into a series of chip designs for the next generation of BW equipment."

Commenting on his decision to make a new investment in Wavesat, Bill Shelander, Managing Director, Pac-Link Management Corp., stated, "We are most impressed with their technological leadership in WiMAX, the value proposition they bring to the BW market and especially the strong management team. They are well positioned to compete effectively and realize dramatic growth over the next few years with the expansion of broadband wireless applications for businesses and home users."

Wavesat will aggressively continue the development of WiMAX chipsets and Subscriber Unit MAC software. Based on strong partnerships in North America and Taiwan, Wavesat will also offer complete Base Station and Subscriber Unit reference designs starting in Fall 2004 with a clear evolution towards 802.16e. This product road map will allow system manufacturers and operators to deploy WiMAX fixed wireless network now and transition smoothly to WiMAX 802.16e mobility technology in the future.

About Pac-Link Management Corp.

Established in 1998, Pac-Link Management Corp. has a management team with broad experience, knowledge, and extended business relationships in Asia and North America, which enable it to add value to its portfolio companies with multi-dimensional services of strategy, management, finance, investment, networking, etc. Pac-Link Management Corp. helps portfolio companies grow rapidly and consequently bring fund investors significant rewards. Pac-Link Management Corp. has managed six venture capital funds with capitalization of up to NT $7 billion and targets investment activities in semiconductor, photonics, telecommunication, network, software and biotech industries.

About BDC Venture Capital

BDC Venture Capital is a major venture capital investor in Canada, active at every stage of a company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages approximately $500 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies and Funds Investments.

About Innovatech Montreal

Managing a venture-capital investment fund of $350 million, Innovatech Montreal specializes in technological innovation - from start-up to success. The organization sets itself apart by only financing technological innovations at the start-up or technology stage. Innovatech Montreal focuses its efforts on several dynamic industries, namely, health sciences, information technology, advanced technologies and telecommunications. Innovatech Montreal is an equity-based company whose shares are held by the Government of Quebec.

About Skypoint Capital Corporation

Founded in 1998, Skypoint targets the business opportunities and "disruptive" technologies that will become the building blocks for the next generation of telecommunications. Skypoint venture capital funds provide early-stage equity to new or growing businesses with the potential to become major enterprises in telecommunications and information technology. Our expertise, dedicated management and ability to recognize ideas with promise help maximize the likelihood of success.

About Monet Capital

Monet Capital is a Silicon Valley based venture capital firm focused on startups and emerging growth companies in information technology and in the healthcare sector. Monet Capital covers a full spectrum of investments from startup to late stage investment. Our mission is to actively seek out startup companies that have exceptional values and that will be positioned to become tomorrow's global leaders. Founded in 2000, Monet Capital draws on a worldwide network of talent and resources.

About Sunsino Ventures Group

Sunsino Development Associate Inc. ("Sunsino") was launched in 1994, with the primary objective of rendering support to small and medium enterprises (SME) in terms of financing advisory, funding requirement, and management consultation. To date, Sunsino, renamed as "Sunsino Ventures Group," has made investments in over 100 companies in Taiwan, Canada and the USA, exceeding US $100 million under the management of seven funds.

About Wavesat

Founded in 1993, Wavesat Inc. is a fabless semiconductor company focused on the development and supply of OFDM modem chips for WiMAX compliant systems. Wavesat is headquartered in Montreal, Canada where it conducts research and development activities. Wavesat is a privately held company. Key investors include Skypoint Capital Corporation, BDC Venture Capital, Innovatech Montreal, Pac-Link Management Corp., Monet Capital and Sunsino Ventures Group.

Wavesat is a principal member of the WiMAX (World Interoperability for Microwave Access) Forum, a nonprofit corporation formed to certify the compatibility and interoperability of Broadband Wireless devices conforming to the 802.16a/d wireless MAN and ETSI HiperMAN specifications and to help accelerate the introduction of these devices into the marketplace.

For additional information about Wavesat, please visit the company's web site at www.wavesat.com.



Contact:
Wavesat Inc.
Mark Netto
Director, Finance
(514) 684-0200, ext. 304
mnetto@wavesat.com
OR
Capital-Image Inc.
Yvon Desautels
(514) 739-1188, ext. 22
ydesautels@capital-image.com

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