MDA Begins Flight Phase of Asteroid Mission
RICHMOND, BC, July 17, 2014 /CNW/ - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX:MDA), a global communications and information company, today announced that it has received a follow-on contract for CA$6.6 million from the Canadian Space Agency (CSA) for NASA's OSIRIS-REx mission. The total contract value to-date is $25 million.
MDA will build a laser-based instrument that will be used for the six-month task of mapping the surface of the 500 metre diameter asteroid called Bennu, creating a high resolution 3D model of its surface.
"MDA's participation in this landmark mission builds on the expertise and technology developed for NASA's Phoenix Mars Lander and U.S. Air Force Research Laboratory (AFRL) XSS-11 missions," said Craig Thornton, general manager for Robotics and Automation at MDA. "As future commercial and government space ventures emerge, we are well positioned to provide flight-proven vision systems that meet stringent mission requirements."
NASA's OSIRIS-REx spacecraft is scheduled to launch in September 2016 to study an asteroid and return a sample of it to Earth in 2023. Data collected from the mission will help scientists to better comprehend how our solar system was formed, and how it has changed from its earliest beginnings. It will also provide a better understanding of the threat that asteroids pose to our planet.
The CSA is supporting a Canadian science team and the development of the science instrument for the mission.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."
OSIRIS-REx Investigates Asteroid Bennu
Asteroids and the OSIRIS-REx Mission
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") with respect to future events and financial performance. The forward-looking statements in this regard include statements regarding the award of a contract related to a government project. Any such forward-looking statements are based on MDA's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. The factors and assumptions underlying the forward-looking statements in this release include contracts not being terminated. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ from current expectations include, but are not limited to, changes in government priorities, mandates, policies, funding levels, contracts and regulations, partial or complete termination of a government funded project, failure of third parties and subcontractors, failure of systems to meet performance requirements and failure to anticipate changes in technology, technical standards and offerings or compliance with the requisite standards.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
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