[Middletown, RI, October 17, 2005] - SeaWave LLC has announced a definitive agreement to acquire the intellectual property and technology assets of Rydex, the Maritime Data Solutions business, headquartered in British Columbia, Canada. This transaction combines two leading suppliers of marine communications services and serves a current customer-base in excess of 2000 vessels.

"Combining the collective competencies of SeaWave and Rydex will raise the level of products, service and support for both companies. Customers will be able to choose from an extensive line-up of value added products that will allow services to be tailored to the specific requirements of each customer," said SeaWave CEO, Don Black.

As a result of the acquisition, SeaWave/Rydex has expanded their presence in all major geographic markets and enhanced technology that may be leveraged across their core Linux and Windows based solutions.

"This merger adds to the talent and experience of all development and service personnel." Mark Witsaman, CTO of SeaWave said. "It is our mandate to continue to produce the industry's most advanced and reliable products and services."

SeaWave/Rydex customer and technical support expertise will continue to serve each customer 24 hours a day, seven days a week from several locations throughout the world.

"Rydex has a tremendous reputation within the industry and collectively, we look forward to setting the standard for customer service and support within the marine communications industry." Black added.

About Rydex
Rydex has been exclusively committed to developing and delivering high quality data solutions for the marine industry since 1991 and until the sale of the business to SeaWave, since 2000 had been owned by Inmarsat, the global mobile satellite communications company.

About SeaWave
SeaWave (www.seawave.com), an FCC-licensed common carrier, brings all forms of wireless communications to ocean-going vessels. SeaWave offers communications and IT solutions, including voice and data, remote management products and other value-added services, to private industry, government and the commercial marine community.