ORBCOMM Inc. (Nasdaq:ORBC), a leading global provider of
Machine-to-Machine (M2M) solutions, announced today an underwritten
registered public offering ("Offering"), subject to market and other
conditions, of 5,500,000 shares of its common stock, par value $0.001
per share. In connection with the Offering, ORBCOMM intends to grant the
underwriters an over-allotment option to purchase up to 825,000
additional shares of its common stock. ORBCOMM is offering all of the
shares and will receive all the net proceeds of the Offering.
ORBCOMM intends to use the Offering net proceeds for future acquisitions
as part of our strategy to pursue growth opportunities and/or for
general corporate purposes, which may include, among other things,
investments in its next generation end-to-end solutions and products,
debt repayment, working capital and capital expenditures. Net proceeds
may be temporarily invested before use.
Raymond James & Associates, Inc. is acting as sole book-running manager
for the Offering. Canaccord Genuity Inc. and Craig-Hallum Capital Group
LLC are acting as co-managers for the Offering.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (the "SEC") and is effective. A
preliminary prospectus supplement relating to the offering will be filed
with the SEC and will be available on the SEC's web site at www.sec.gov.
When available, copies of the preliminary prospectus supplement may also
be obtained from Raymond James & Associates, Inc., Attention: Syndicate,
880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at
1-800-248-8863, or by email at firstname.lastname@example.org.
This press release is not an offer to sell and is not soliciting an
offer to buy any of the securities, nor shall there be any offer or sale
of the securities in any jurisdiction where the offer or sale is not
About OBRCOMM Inc.
ORBCOMM is a global provider of Machine-to-Machine (M2M) solutions. Its
customers include Caterpillar Inc., Doosan Infracore America, Hitachi
Construction Machinery, Hyundai Heavy Industries, I.D. Systems, Inc.,
Komatsu Ltd., Cartrack (Pty.) Ltd., and Volvo Construction Equipment,
among other industry leaders. By means of a global network of low-earth
orbit (LEO) satellites and accompanying ground infrastructure as well as
our Tier One cellular partners, ORBCOMM's low-cost and reliable two-way
data communication services track, monitor and control mobile and fixed
assets in our core markets: commercial transportation; heavy equipment;
industrial fixed assets; marine; and homeland security.
ORBCOMM is an innovator and leading provider of tracking, monitoring and
control services for the transportation market. Under its ReeferTrak®,
GenTrakTM, GlobalTrak®, and CargoWatch® brands, the company provides
customers with the ability to proactively monitor, manage and remotely
control their cold chain and dry transport assets. Additionally, ORBCOMM
provides Automatic Identification System (AIS) data services for vessel
tracking and to improve maritime safety to government and commercial
customers worldwide. ORBCOMM is headquartered in Rochelle Park, New
Jersey and has its network control center in Dulles, Virginia. For more
information, visit www.orbcomm.com.
Certain statements discussed in this press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to our plans, objectives, estimates and expectations
for future events and include statements about the company's
expectations, beliefs, plans, objectives, intentions, assumptions and
other statements that are not historical facts. Such forward-looking
statements, including those concerning the company's expectations and
estimates, are subject to known and unknown risks and uncertainties,
which could cause actual results to differ materially from the results,
projected, expected or implied by the forward-looking statements, some
of which are beyond the company's control, that may cause the company's
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. In
addition, specific consideration should be given to various factors
described in Part I, Item 1A. "Risk Factors" and Part II, Item 7.
"Management's Discussion and Analysis of Financial Condition and Results
of Operations," and elsewhere in our Annual Report on Form 10-K for the
year ended December 31, 2012, and other documents, on file with the
Securities and Exchange Commission. The company undertakes no obligation
to publicly revise any forward-looking statements or cautionary factors,
except as required by law.
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