Sierra Wireless, Inc. Closes US$85.1 Million Bought Deal Common Share Offering



    TSX: SW
    Nasdaq:   SWIR

    VANCOUVER, Oct. 2 /CNW/ - Sierra Wireless, Inc. (NASDAQ:   SWIR, TSX: SW)
today announced that it has successfully closed its previously announced
bought deal common share offering of 3,500,000 common shares at a price of
US$22.40 per share. Under the offering, which included 300,000 shares issuable
upon the exercise by the underwriters of the over-allotment option, Sierra
Wireless sold 3,800,000 common shares from treasury. Gross proceeds of this
offering will be US$85.1 million. The syndicate of underwriters was led by
CIBC World Markets Inc. and included Piper Jaffray & Co. and RBC Capital
Markets. The net proceeds from the offering will be used by Sierra Wireless
for general corporate purposes, working capital and potential future
acquisitions.

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or province in which such offer, solicitation or sale
would be unlawful.

    Forward-Looking Statements

    Certain statements in this press release that are not based on historical
facts constitute forward-looking statements or forward-looking information
within the meaning of applicable securities laws ("forward-looking
statements"). These forward-looking statements are not promises or guarantees
of future performance but are only predictions that relate to future events,
conditions or circumstances or our future results, performance, achievements
or developments and are subject to substantial known and unknown risks,
assumptions, uncertainties and other factors that could cause our actual
results, performance, achievements or developments in our business or in our
industry to differ materially from those expressed, anticipated or implied by
such forward-looking statements. Forward-looking statements include disclosure
regarding possible events, conditions, circumstances or results of operations
that are based on assumptions about future economic conditions, courses of
action and other future events. We caution you not to place undue reliance
upon any such forward-looking statements, which speak only as of the date they
are made. These forward-looking statements appear in a number of different
places in this press release and can be identified by words such as "may",
"estimates", "projects", "expects", "intends", "believes", "plans",
"anticipates", or their negatives or other comparable words. Forward-looking
statements include statements regarding the outlook for our future operations,
plans and timing for the introduction or enhancement of our services and
products, statements concerning strategies or developments, statements about
future market conditions, supply conditions, end customer demand conditions,
channel inventory and sell through, revenue, gross margin, operating expenses,
profits, forecasts of future costs and expenditures, the outcome of legal
proceedings, and other expectations, intentions and plans that are not
historical fact. The risk factors and uncertainties that may affect our actual
results, performance, achievements or developments are many and include,
amongst others, our ability to develop, manufacture, supply and market new
products that we do not produce today that meet the needs of customers and
gain commercial acceptance, our reliance on the deployment of next generation
networks by major wireless operators, the continuous commitment of our
customers, and increased competition. These risk factors and others are
discussed in our Annual Information Form, which may be found on SEDAR at
www.sedar.com and in our other regulatory filings with the Securities and
Exchange Commission in the United States and the Provincial Securities
Commissions in Canada. Many of these factors and uncertainties are beyond the
control of the Company. Consequently, all forward-looking statements in this
press release are qualified by this cautionary statement and there can be no
assurance that actual results, performance, achievements or developments
anticipated by the Company will be realized. Forward-looking statements are
based on management's current plans, estimates, projections, beliefs and
opinions and the Company does not undertake any obligation to update
forward-looking statements should the assumptions related to these plans,
estimates, projections, beliefs and opinions change.

    About Sierra Wireless

    Sierra Wireless modems and software connect people all over the world
with mobile broadband networks that keep them in touch, informed, and
productive from wherever they need to be. The Company offers a diverse product
portfolio addressing enterprise, consumer, original equipment manufacturer,
machine-to-machine, and specialized vertical industry markets, and provides
professional services to customers requiring expertise in wireless design,
integration, and carrier certification. Sierra Wireless (NASDAQ:   SWIR -
TSX: SW) is headquartered in Richmond, British Columbia, Canada with
additional offices in Carlsbad and Hayward, California; London; and Hong Kong.
For more information about Sierra Wireless, visit www.sierrawireless.com.

    %SEDAR: 00011917E




For further information:

For further information: Sierra Wireless, Inc.: David G. McLennan, Chief
Financial Officer, (604) 231-1185, Website: www.sierrawireless.com, Email:
dmclennan@sierrawireless.com

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SIERRA WIRELESS, INC.

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