Montreal, Quebec, Canada, February 26, 2003 – PolarSat, a new, privately-held Canadian company focused on the manufacture of satellite communications equipment, has purchased the assets and product lines of the former broadband division of NSI Global Inc.

The firm has raised $9 million from three major investors active in the satellite-communications industry, and has retained key former NSI employees to ensure a smooth transition and rapid startup.

"We are excited by the solid product lines, customer base and revenue potential of PolarSat and have full confidence the new company will meet or exceed its target sales forecasts in 2003," said President and CEO Cos Modafferi.

“By the end of this year we are aiming to rehire 85 of the 130 former NSI employees,” Modafferi said. “Loyal customers, order backlog and strong global demand for this product have given our investors the incentive to jump aboard,” he added.

In purchasing all assets, contracts and receivables of NSI Communications, PolarSat emerges well invested, financially stable and poised to further develop its niche market.

Seah Moon Ming, Chairman of Agilis Communication Technologies Pte. Ltd. stressed that, “PolarSat's range of communication products will augment our existing communication solutions. The resulting synergies and expanded line of products will allow us to provide customers around the world with a range of comprehensive communication solutions. This will further grow our business in satellite-based and broadband communications, covering markets in Asia, Europe and the Americas."

PolarSat is chiefly involved in the Very Small Aperture Terminal segment of satellite communications. VSATs allow customers to securely communicate (via voice, data and video) with branch locations anywhere in the world. Typical markets are in growing economies such as China, Africa, India and the Middle East. Industrial applications include oil and gas exploration, mining, and government agencies.

With networks in over 40 countries utilizing our equipment it was important for PolarSat to ensure a high level of commitment to its customers. PolarSat will remain focused on meeting the needs or our global customer base with critical service support and the best portfolio of products and solutions.

The investment in PolarSat provides operational funding for a minimum of three years. The investors are:

• Telenor Satellite Networks AS, a subsidiary of Telenor ASA (NASDAQ: TELN, OSE: TEL) and a leading provider of satellite-based communications and services.
• Infinium (India) Ltd. and associates, a privately owned company providing telecommunications and VSAT services in India.
• Agilis Communication Technologies Pte. Ltd., a subsidiary of Singapore Technologies Electronics Ltd., one of the largest electronic system houses in Asia.

Besides its commitment to the VSAT Plus II and FlexiDAMA product lines, PolarSat will now be able to accomplish additional research and development with this development. Analysts peg the global potential for this niche market at $350 US million a year, with a 15% annual growth.

PolarSat is aiming to be a major player in this market.

ABOUT POLARSAT

PolarSat Inc. is a new, privately-held company primarily focused on the manufacture of satellite communications terminal equipment and systems. The company presently employs some 55 people.

PolarSat’s head office and manufacturing plant is presently located at 6900 Trans-Canada Highway, Pointe Claire, Quebec, Canada.

For further information about PolarSat Inc. please contact:

Jean-Pierre Trudel
Jean-Pierre Trudel & Associates
Telephone : (514) 347-6111
Facsimile : (514) 693-1253
E-MAIL : jp.trudel@videotron.ca