NovAtel Gets Raytheon Contracts for WAAS Technology
By Staff Writer | November 7, 2003
NovAtel [Nasdaq: NGPS], a Calgary, Alberta-based precise positioning technology company, has received three preliminary contracts totaling up to $1.3 million from Raytheon [NYSE: RTN] to begin production of a common reference receiver and to continue development of a ground uplink system for the Federal Aviation Administration‘s satellite-based navigation system called the Wide Area Augmentation System (WAAS). NovAtel and Raytheon expect to finalize the contracts before the end of the year. NovAtel expects WAAS-related work with Raytheon to generate revenues of up to $7.9 million over the next three years.