COM DEV Announces Options on Major Commercial Contract Have Been Exercised
CAMBRIDGE, ON, Oct. 24, 2013 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that one of its customers has exercised options for additional equipment valued at over $15 million on a previously announced contract. The initial multi-satellite award, which was announced on September 4, 2012, was valued at $14 million, with the potential to increase to $26 million if all options were exercised by the customer. The options now exercised by the customer, total over $15 million, and bring the aggregate value of work won on this multi-satellite contract to over $30 million. COM DEV will provide L, C & Ku Band filters, multiplexers, switches and microwave components, with work being performed in COM DEV facilities in Cambridge and El Segundo. Delivery will be complete by October 2014
"This additional work allows us to further leverage our lean manufacturing capacity," said Mike Williams, President of COM DEV International Products. "It also presents an excellent opportunity to utilize the design capability and manufacturing capacity of our El Segundo facility in the commercial marketplace."
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global designer and manufacturer of space hardware subsystems. With facilities in Canada, the United Kingdom and the United States, COM DEV manufactures advanced products and subsystems that are sold to major satellite prime contractors for use in communications, space science, remote sensing and military satellites.
This news release may contain certain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from results indicated in any forward-looking statements. The Company cautions that, among other things, in view of the rapid changes in communications markets and technologies, and other risks including the cost and market acceptance of the Company's new products, the level of individual customer procurements and competitive product offerings and pricing, and general economic circumstances, the Company's business prospects may be materially different from forward-looking statements made by the Company.
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