N@N

Norsat International Inc.: Norsat Announces Extension to Warrant Expiry

^{Published on 2008-12-24 11:35:50, Last Modified on 2008-12-24 11:36:28 - Market Wire}
 

VANCOUVER, BC--(Marketwire - December 24, 2008) - Norsat International Inc. ("Norsat") (TSX: [ NII ]) (OTCBB: [ NSATF ]), a leading provider of intelligent satellite solutions, announces today that it has extended the term of 366,690 common share purchase warrants (the "Warrants") that were issued as part of an offering under Norsat's Employee Share Ownership Plan which closed on January 12, 2007. Each Warrant is exercisable for one common share in the capital of Norsat, at an exercise price of US$0.48, until January 12, 2009. Given the current state of uncertainty of the capital markets, Norsat has applied to and received TSX approval, subject to satisfying customary conditions of the TSX, to extend the expiry date of the Warrants a further 2 years, until January 12, 2011 (the "Extension"). The effective date of the Extension will be from the current expiry date of January 12, 2009.

230,995 Warrants held by insiders are also part of the Extension, however, their term extension is subject to disinterested shareholder approval by virtue of TSX policies. Norsat will seek disinterested shareholder approval at its next AGM scheduled for May 2009. The Warrants held by its insiders cannot be exercised until Norsat receives the required disinterested shareholder approval of the Extension.

About Norsat International Inc.

Norsat International Inc. designs, engineers and markets intelligent satellite solutions for high-speed data transmission. The company's portfolio of capabilities include: microwave components; fixed, transportable, ultra-portable, vehicle-mounted and maritime satellite systems; turnkey maritime navigation and communications systems; and end-to-end network services. Norsat is headquartered in Vancouver, Canada, with offices in Annapolis, Maryland; Lincoln, United Kingdom; Stockholm, Sweden; Monte Carlo, Monaco; Rome, Italy; and Daejeon, South Korea. Additional information is available at [ www.norsat.com ], via email at [ investor@norsat.com ] or by phone at 1-604-821-2808.

Forward-Looking Statements

Statements in this news release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Norsat's public filings with securities regulatory authorities.