TORONTO -- WaveRider Communications Inc. (OTCBB:WAVC), a leading global provider of fixed wireless Internet access products, today reported revenues of (U.S.) $9.0 million for its fiscal year ended December 31, 2002, an increase of 15.4 per cent over FY2001. Net loss for 2002 totaled $11.2 million, of $0.11 per share compared to a loss of $21.5 million, or $0.37 per share in 2001. The net loss included non-cash expenses of $6.2 million compared to non-cash expenses of $10.8 million in 2001. "WaveRider has seen continued sales growth despite the turbulence in the telecom sector and has remained a key player in the broadband industry through several years of significant change. We are now working with larger customers that are well-financed and planning multiple-city deployments," said Bruce Sinclair, Chief Executive Officer, WaveRider Communications Inc. "In addition, broadband access issues are increasingly in the spotlight, particularly in North America, with the introduction of several government funding initiatives for rural broadband access." "With the consolidation and restructuring of our operations in 2002 complete, we believe WaveRider is solidly positioned to help drive the growth of broadband deployments throughout North America and around the world," added Sinclair. "In 2003, WaveRider will continue to focus on increasing sales and margins, and investing in product enhancement and development activities that we believe will maintain our industry leadership position, while maintaining tight control of our operating expenses." WaveRider Communications Inc.