CAMBRIDGE, ON, Jan. 9, 2014 /CNW/ - COM DEV International Ltd. (TSX:CDV)
today announced that its Board of Directors has determined that it
intends to revise the Company's dividend policy, and accordingly, will
seek shareholder approval at the upcoming Annual General Meeting of
shareholders, of any matters required by regulation, to allow
implementation of a quarterly dividend of $0.03 per share, subject to
any other necessary approvals.
"COM DEV has had strong growth in its cash position over the past
several years and we are confident in the stability of our core
business," said Michael Pley, CEO of COM DEV International. "The
dividend we are planning to put in place will provide a return to our
shareholders while maintaining sufficient resources to continue to grow
"We are very pleased to be able to implement this dividend policy,"
added Terry Reidel, Chairman of COM DEV International. "This is a
reflection of our desire to provide a balanced strategy of ongoing
shareholder return with continued long term growth of the business."
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global provider of space hardware and services. The
company has a staff of 1,300, annual revenues of $215 million, and
facilities in Canada, the United Kingdom and the United States. 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 contains statements that, to the extent they are not
recitations of historical fact, may constitute "forward-looking
statements" within the meaning of applicable Canadian securities laws.
Forward-looking statements may include financial and other projections,
as well as statements regarding COM DEV's future plans, objectives or
economic performance, or the assumptions underlying any of the
foregoing. COM DEV uses words such as "may", "would", "could", "will",
"likely", "expect", "anticipate", "believe", "intend", "plan",
"forecast", "project", "estimate" and similar expressions to identify
forward-looking statements. Any such forward-looking statements are
based on assumptions and analyses made by COM DEV in light of its
experience and its perception of historical trends, current conditions
and expected future developments, as well as other factors COM
DEV believes are appropriate under the relevant circumstances. However,
whether actual results and developments will conform to COM
DEV's expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause COM
DEV's actual results, historical financial statements, or future events
to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. These
factors include, without limitation: uncertainty in the global economic
environment; fluctuations in currency exchange rates; delays in the
purchasing decisions of COM DEV's customers; the competition COM DEV
faces in its industry and/or marketplace; and the possibility of
technical, logistical or planning issues in connection with the
deployment of COM DEV's products or services.
The triangular logo and the word COM DEV are each registered trademarks
and the property of COM DEV Ltd. All rights reserved.
SOURCE: Com Dev International Ltd.
For further information:
Chief Financial Officer
Tel: (519) 622-2300 ext. 2826
Tel: (416) 815-0700 ext. 290