Sierra Wireless, Inc. (TSX:SW)(NASDAQ:SWIR) announced that it has entered into a binding bought deal agreement with a syndicate of underwriters led by CIBC World Markets Inc. and including Piper Jaffray & Co. and RBC Capital Markets to raise gross proceeds of US$78.4 million from the sale of 3,500,000 common shares in the United States and Canada at a price of US$22.40 per share (the "Offering").

Sierra Wireless has granted the underwriters an option to purchase up to an additional 525,000 common shares at the offering price during the period ending 30 days from the closing of the Offering to cover over-allotments, if any. If the over-allotment option is exercised in full, gross proceeds of the Offering will be approximately US$90.2 million.

The Offering is expected to close on or about October 2, 2007, subject to customary closing conditions.

The net proceeds from the Offering will be used for general corporate purposes, working capital and potential future acquisitions.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers be accepted prior to the time the registration statement becomes effective. A preliminary prospectus relating to these securities will be filed with each of the provincial securities regulatory authorities in Canada.

Once filed, a copy of the preliminary prospectus may be obtained from Lovena.Doodahnand@cibc.ca or by calling 416-594-7270.

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