NORSAT ANNOUNCES ESOP PLACEMENT
Vancouver, British Columbia - January 18, 2010, –Norsat International Inc. (“Norsat” or the “Company”) (TSX – NII.TO; OTC BB – NSATF.OB), a leading provider of intelligent satellite solutions, has announced that it will offer common shares for purchase through an Employee Share Ownership Plan (“ESOP”) under theEmployee Investment Act (British Columbia). The share ownership plan will enable employees, full-time contractors and directors to purchase up to 1,000,000 common shares of the Company at a price of US$0.536827 per common share for total gross proceeds of up to US$536,827. The Company’s ESOP offering is expected to be open to eligible persons until February 15, 2010.
Each eligible employee, full-time contractor and director will be offered an equal number of common shares to purchase.
The Company's offering under its ESOP will be conducted in accordance with the requirements of the Toronto Stock Exchange and theEmployee Investment Act.
The plan provides eligible participants with several tax and other advantages. Purchases under the ESOP plan are eligible for contribution into a Registered Retirement Savings Plan (RRSP). In addition, purchases may also be eligible for certain British Columbia provincial tax credits under theEmployee Investment Act.
About Norsat International Inc.
Norsat International Inc. designs, engineers and markets intelligent satellite solutions for high-speed data transmission. Norsat’s portfolio of capabilities include: microwave components; fixed, transportable, ultra-portable, vehicle-mounted and maritime satellite systems; turnkey maritime navigation and communications systems; and end-to-end network services. Norsat is headquartered in Vancouver, Canada, with offices in Annapolis, Maryland; Lincoln, United Kingdom; Stockholm, Sweden; Rome, Italy; and Daejeon, South Korea. Additional information is available at www.norsat.com, via email at investor@norsat.com or by phone at 1-604-821-2808.
For further information, contact:
Dr. Amiee Chan
Eugene Syho
President & CEO
Chief Financial Officer
Tel: 604-821-2808
Tel: 604-821-2838
Email:achan@norsat.com
Email: esyho@norsat.com
In Canada:
In the U.S.:
Caren Holtby
Adam P. Lowensteiner
Investor Relations
Wolfe Axelrod Weinberger Assoc. LLC
Tel: (604) 821-2811
Tel: (212)370-4500; (212) 370-4505(Fax)
choltby@norsat.com
adam@wolfeaxelrod.com
Forward Looking Statements
Statements in this news release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Norsat’s public filings with securities regulatory authorities.
This information should be read in conjunction with Norsat’s unaudited consolidated financial statements and related notes included therein for the year ended September 30, 2009, and the Management Discussion and Analysis for the quarter ended September 30, 2009. All of the company’s financial statements are prepared in accordance with Canadian generally accepted accounting principles (Canadian GAAP). Additional information may be found at www.norsat.com.