CAMBRIDGE, ON, June 4, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced a new order to develop ferrite switch networks for an environmental satellite for a European customer. The initial Authorization to Proceed (ATP) is valued at $1.2 million, and is expected to lead to a full contract valued in excess of $5 million. Work will be carried out at the Company's facilities in the United Kingdom through to the end of fiscal 2017. All figures in this release are stated in Canadian dollars.
Ferrite switch networks are complex, engineered-to-order, high-speed RF switching systems used in environmental space instruments. They are used to perform accurate height determinations of land, sea and ice features and are also vital in measuring the heat transfer between the sea and the atmosphere. These parameters help scientists monitor changes that can affect the planet's weather and provide key inputs into climate models.
COM DEV has built a strong ferrite capability in the UK, both at its long-standing Aylesbury location, and more recently with the acquisition of Edinburgh-based MESL Microwave in December 2014. That acquisition extended the Company's capacity to address a significant market opportunity for ferrite switch networks. Since mid-2014, COM DEV has secured $27 million of ferrite work, assuming existing ATPs proceed to full contract awards.
"We are seeing the benefits of our strategy of putting in place the technology, facilities and personnel to deliver first class products in a field where we have a distinct competitive advantage," said Rob Spurrett, President of COM DEV's Systems Division. "These ferrite switch network assemblies are complex and demanding and it is one area where the UK has a strong lead, not only in Europe but also across the world. The technology we design is a critical part of environmental satellite missions already in orbit and those in the design phase, and we are confident of securing additional opportunities in the next several quarters."
About COM DEV
COM DEV International Ltd. (www.comdev.ca) is a leading global provider of space hardware and services. The company has a staff of 1,200, annual revenues of $208 million, and facilities in Canada, the United Kingdom, the United States, India and China. COM DEV designs, manufactures and integrates advanced products, subsystems and microsatellites that are sold to major satellite prime contractors, government agencies and satellite operators, for use in communications, space science, remote sensing and defence applications. The company has won contracts to supply its equipment on over 900 spacecraft. COM DEV's majority-owned subsidiary, exactEarth Ltd., provides satellite data services for global maritime surveillance.
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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SOURCE Com Dev International Ltd.
For further information: Rob Spurrett, President, COM DEV International Systems, Tel: + 44 1296 616 401, email@example.com; Jeff Codispodi, Director, Investor Relations & Communications, Tel: (519) 622-2300 ext. 2844, firstname.lastname@example.org