Market Overview

Sierra Wireless, Inc. Receives TSX Approval for Normal Course Issuer Bid


Sierra Wireless, Inc. ("Sierra Wireless" or the "Company") (NASDAQ:SWIR)
(TSX:SW), the leading provider of fully integrated device-to-cloud
solutions for the Internet of Things (IoT) today announced that it has
received approval from the Toronto Stock Exchange ("TSX") of its Notice
of Intention to Make a Normal Course Issuer Bid (the "Bid").

Pursuant to the Bid, Sierra Wireless may purchase for cancellation up to
3,580,668 of its common shares ("Common Shares"), or approximately 9.9%
of the Common Shares outstanding as of the date of this announcement
(representing 10% of the public float). As of July 24, 2018, there were
36,116,627 Common Shares of Sierra Wireless issued and outstanding, and
the public float consisted of 35,806,687 Common Shares.

The purchases will be made by Sierra Wireless through the facilities and
in accordance with the rules of the TSX and Rule 10b-18 under the U.S. Securities
Exchange Act of 1934
("Rule 10b-18"), and the price which Sierra
Wireless will pay for any such Common Shares will be the market price at
the time of acquisition. Sierra Wireless will make no purchases of
Common Shares other than open market purchases or other means approved
by the TSX. Other than block purchases allowable under the TSX rules,
purchases will be subject to a daily restriction of 31,354 Common
Shares, being 25% of the average daily trading volume for the preceding
six months. In addition, purchases of Common Shares through the
facilities of the Nasdaq Stock Market ("Nasdaq") will be made in
compliance with Rule 10b-18, which contains similar restrictions on the
number of shares that may be repurchased based on the average daily
trading volumes of the Common Shares on Nasdaq, subject to certain
exceptions for block purchases and will not, during the twelve-month
period ending August 7, 2019, exceed, in the aggregate, 5% of the Common
Shares outstanding as at the commencement of the Bid. In addition,
purchases may also be made through other Canadian and U.S. marketplaces.

The actual number of Common Shares of the Company that are purchased for
cancellation under the Bid, if any, and the timing of such purchases
will be determined by the Company. The Board of Directors of Sierra
Wireless believes that the proposed purchases are in the best interests
of Sierra Wireless and are a desirable use of corporate funds.

To the knowledge of the Company, no director, senior officer or other
insider of Sierra Wireless currently intends to sell any Common Shares
under this Bid. However, sales by such persons through the facilities of
the TSX or Nasdaq may occur if the personal circumstances of any such
person changes or any such person makes a decision unrelated to these
normal course purchases. The benefits to any such person whose shares
are purchased would be the same as the benefits available to all other
holders whose shares are purchased.

The Bid will commence on August 8, 2018 and will terminate on the
earlier of: (i) August 7, 2019, (ii) the date Sierra Wireless completes
its purchases pursuant to the notice of intention filed with the TSX, or
(iii) the date of notice by Sierra Wireless of termination of the Bid.
The Company has not made any purchases of Common Shares pursuant to a
normal course issuer bid within the previous 12 months.

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
("forward-looking statements"), including statements regarding the
intention to acquire securities under the Bid and the number of shares
that may be acquired under the Bid. Forward-looking statements are
provided to help you understand our views of our short and longer term
plans, expectations and prospects. We caution you that forward-looking
statements may not be appropriate for other purposes. We will not update
or revise our forward-looking statements unless we are required to do so
by securities laws.

About Sierra Wireless

Sierra Wireless (NASDAQ:SWIR) (TSX:SW) is an IoT pioneer, empowering
businesses and industries to transform and thrive in the connected
economy. Customers Start with Sierra because we offer a device to cloud
solution, comprised of embedded and networking solutions seamlessly
integrated with our secure cloud and connectivity services. OEMs and
enterprises worldwide rely on our expertise in delivering fully
integrated solutions to reduce complexity, turn data into intelligence
and get their connected products and services to market faster. Sierra
Wireless has more than 1,300 employees globally and operates R&D centers
in North America, Europe and Asia. For more information, visit

Connect with Sierra Wireless on the IoT Blog at,
on Twitter at @SierraWireless, on LinkedIn at
and on YouTube at

"Sierra Wireless" is a registered trademark of Sierra Wireless. Other
product or service names mentioned herein may be the trademarks of their
respective owners.

Forward Looking Statements

This press release contains forward-looking statements that involve
risks and uncertainties. These forward-looking statements relate to,
among other things, plans and timing for the introduction or enhancement
of our services and products, statements about future market conditions,
supply conditions, channel and end customer demand conditions, revenues,
gross margins, operating expenses, profits, and other expectations,
intentions, and plans contained in this press release that are not
historical fact. Our expectations regarding future revenues and earnings
depend in part upon our ability to successfully develop, manufacture,
and supply products that we do not produce today and that meet defined
specifications. When used in this press release, the words "plan",
"expect", "believe", and similar expressions generally identify
forward-looking statements. These statements reflect our current
expectations. They are subject to a number of risks and uncertainties,
including, but not limited to, changes in technology and changes in the
wireless data communications market. In light of the many risks and
uncertainties surrounding the wireless data communications market, you
should understand that we cannot assure you that the forward-looking
statements contained in this press release will be realized.

View Comments and Join the Discussion!