COM DEV Announces $20 Million Bought Deal Financing



    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES./
    

    CAMBRIDGE, ON, Feb. 5 /CNW/ - COM DEV International Ltd. (TSX:CDV) (the
"Company"), a leading manufacturer of space hardware subsystems, has today
entered into an agreement with a syndicate of underwriters led by Genuity
Capital Markets and including GMP Securities L.P. and Paradigm Capital Inc.
Under the agreement, the syndicate has agreed to purchase 6,780,000 common
shares from the Company at a price of $2.95 per common share, representing an
aggregate amount of issue of $20,001,000. The Company has extended to the
underwriters the option, until 30 days following closing, to purchase up to an
additional 1,017,000 common shares at the same offering price. The transaction
is subject to receipt of all necessary regulatory and stock exchange
approvals.
    Net proceeds of the offering will be used to pursue strategic
opportunities, including progressing the commercialization of COM DEV's
Automatic Identification System (AIS) technology. Closing is expected on or
about February 26, 2009.
    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.

    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.

    The triangular logo and the word COM DEV are each registered trademarks
and the property of COM DEV Ltd. All rights reserved.

    %SEDAR: 00003673E




For further information:

For further information: Gary Calhoun, Chief Financial Officer, Tel:
(519) 622-2300 ext. 2826, Fax: (519) 622-2158, gary.calhoun@comdev.ca; Jeff
Codispodi, The Equicom Group, Tel: (416) 815-0700 ext. 261, Fax: (416)
815-0080, jcodispodi@equicomgroup.com

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COM DEV International Ltd.

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