Sierra Wireless Reaches Definitive Agreement to Divest Automotive Embedded Module Product Line for US$165 Million

Cautionary Note Regarding Forward-Looking Statements 
Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, “forward-looking statements”) including, but not limited to, statements and information relating to the anticipated benefits of the transaction, the anticipating timing of the closing of the transaction; the Company’s future business prospects, performance and growth program, expectations regarding product launches in the Fourth Quarter of this year; expectations regarding trends and growth in the IoT market and wireless module market; expectations regarding movement of employees pursuant to the transaction; and financial guidance for the Second Quarter of 2020. Forward-looking statements are provided to help you understand our views of our short- and long-term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes.

Typically include words and phrases about the future such as “outlook”, “will”, “may”, “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof.

Are not promises or guarantees of future performance. They represent our current views and assumptions and may change significantly. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to update the forward-looking statements provided to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

Are based on a number of material assumptions, including, but not limited to, the ability of the parties to receive, in a timely manner, the necessary governmental and regulatory approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the transaction, which could prove to be significantly incorrect.

Are based on our management’s current expectations and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including, but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common shares, (ii) the failure to satisfy the conditions to the consummation of the transaction and the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement, (iv) the effect of the announcement or pendency of the transaction on our business relationships, operating results, and business generally, (v) risks related to diverting management’s attention from our ongoing business operations, (vi) the risk that the expected benefits from the transaction will not be realized, and (vii) our ability to implement our plans, forecasts, and other expectations with respect to our IoT Solutions business segment after the completion of the proposed divestiture and realize additional opportunities for growth and innovation.

The foregoing list of factors is not exclusive. Additional risk factors are discussed in our Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada.