EXHIBIT 99.1
NEWS December17, 2001
Contact:
Barb Mason
ViaSat Inc.
760-476-2633
www.viasat.com
VIASAT TO ACQUIRE US MONOLITHICS
CARLSBAD, CA -- ViaSat Inc. (Nasdaq: VSAT) will acquire US Monolithics,
LLC (USM), a privately held company focused on designing high frequency
broadband technology, for cash and stock with an aggregate current value of
approximately $30 million (based on current market prices). ViaSat will issue
approximately 1.1 million shares of ViaSat common stock in the transaction. The
acquisition will be completed in two steps. ViaSat completed the first step by
acquiring 100% of the preferred units of USM (representing approximately 35% of
USM's outstanding units) held by WildBlue Communications -- a privately held
Ka-band broadband satellite communications service provider. ViaSat expects to
complete the second step by acquiring the common units of USM early in the next
quarter, subject to customary closing conditions.
Founded in 1998, USM is primarily focused on developing proprietary
gallium arsenide (GaAs) millimeter wave Integrated Circuits (MMICs). USM is a
MMIC designer with strong talent in the packaging and integration of subsystems
including power amplifiers, block upconverters and entire transceivers,
especially in complex high-frequency applications. USM is a "fabless"
chip-maker, meaning it uses a wide range of commercial GaAs foundries to
manufacture its products. For more background information relating to USM go to
www.usmonolithics.com.
"This acquisition complements virtually all of ViaSat's satellite and
defense radio systems and products," said Mark Dankberg, ViaSat chairman,
president and CEO. "USM extends ViaSat's existing strengths in digital signal
processing and networking software into highly innovative and integrated RF
designs up to and including Ka-band and military EHF frequencies. We have the
opportunity to improve our product offerings almost across the board
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as well as increase our competitiveness in winning significant new military
defense and commercial broadband projects."
Dave Corman, chairman, president and CEO of USM, stated, "We are very
excited to join ViaSat. They have a technology and business culture where our
employees can thrive, and there are many opportunities for us to apply our
talents to help program performance and lower product costs."
"This is an excellent fit of technology and culture. The USM team is
focused on improving the cost/performance ratio in an area where the industry
needs improvements to hit the price targets for satellite service providers,"
said Rick Baldridge, ViaSat COO. Baldridge also stated, "We expect the new
subsidiary to become accretive on a quarterly basis within the first year with
strong performance in year two and beyond."
In connection with this acquisition, ViaSat also restructured its
agreement with WildBlue for the development and manufacture of satellite modems
and satellite modem termination systems (SMTS) for the planned WildBlue Ka-band
broadband satellite system. Under the terms of this restructured agreement,
ViaSat will develop and produce complete consumer/SOHO satellite terminals and
SMTSs for the WildBlue service, which substantially increases the scope of
ViaSat's responsibility for this system.
ViaSat produces advanced digital satellite telecommunications and
wireless signal processing equipment for commercial and government markets.
ViaSat has a full line of VSAT products for data and voice applications. ViaSat
is a market leader in Ka-band satellite systems, from user terminals to large
gateways for both geosynchronous and low earth orbit systems. Other products
include network security devices, tactical data radios, and communication
simulators. ViaSat has locations in Carlsbad, CA, and Norcross, GA, along with
its Comsat Laboratories division in Clarksburg, MD. Additional field offices are
located in Boston, MA, the United Kingdom, Australia, Chile, China, and India.
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SAFE HARBOR STATEMENT
Portions of this release may contain forward-looking statements
regarding future events and are subject to risks and uncertainties. ViaSat
wishes to caution you that there are some factors that could cause actual
results to differ materially, including but not limited to: risks that the
acquisition of USM may not be completed on the terms provided in the agreements
or in this press release or at all; risks that the acquired operations will not
be integrated successfully, or that the benefits expected to result from the
acquisition will not materialize; risks that technologies may not be developed
according to anticipated schedules or may not perform according to expectations;
economic conditions; the competitive environment in which the companies'
operate; and other factors affecting the communications industry generally.
ViaSat refers you to the documents it files from time to time with the
Securities and Exchange Commission, specifically the section titled Factors That
May Affect Future Performance in ViaSat's Form 10-K. These documents contain and
identify other important factors that could cause actual results to differ
materially from those contained in our projections or forward-looking
statements. Stockholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly or revise any
forward-looking statements.
Comsat Labs and Comsat Laboratories are tradenames of ViaSat, Inc. Neither
Comsat Labs nor Comsat Laboratories is affiliated with COMSAT Corporation.
"Comsat" is a registered trademark of COMSAT Corporation.