NOVATEL WIRELESS PRICES COMMON STOCK OFFERING

San Diego, CA - April 29, 2004 – Novatel Wireless, Inc. (Nasdaq: NVTL), a provider of wireless broadband access solutions, today announced that it has priced its equity offering for 6.0 million common shares at $15.50 per share. Additionally, the Company announced that its common stock will commence trading, starting today, on the Nasdaq National Market System. The stock will continue to trade under the symbol "NVTL." Novatel Wireless' Common Stock previously traded on the Nasdaq SmallCap Market.

Of the 6 million shares being offered, 4.25 million shares are being offered by Novatel Wireless and 1.75 million shares are being offered by selling shareholders. In addition, the Company and selling shareholders have granted the underwriters an option to purchase 900,000 shares of common stock (309,975 shares offered by the Company and 590,025 shares by selling shareholders) to cover over-allotments, if any. The gross proceeds to the Company are expected to be approximately $65.9 million ($70.7 million assuming the underwriters exercise their option in full).

Banc of America Securities and JPMorgan served as joint book-running managers and SG Cowen, Thomas Weisel Partners LLC and ThinkEquity Partners LLC served as co-managers. A copy of the final prospectus may be obtained from Banc of America Securities LLC, Attn: Prospectus Department, 100 West 33rd Street, New York, NY 10001 or J.P. Morgan Securities Inc., 277 Park Avenue, New York, New York 10172.

ABOUT NOVATEL WIRELESS, INC.

Novatel Wireless, Inc. is a provider of wireless broadband access solutions. Novatel Wireless' Merlin(TM) PC Cards, Expedite(TM) Embedded Modems, and Freedom Box(TM) Ruggedized Modems enable high-speed wireless access to personal, corporate and public information via portable computers, handheld devices and vertical market applications. The Company delivers innovative 2.5G and 3G solutions to operators, distributors and vertical markets worldwide. Headquartered in San Diego, California, Novatel Wireless is listed on Nasdaq: NVTL.