COM DEV Provides Update On Special Committee Review



    CAMBRIDGE, ON, Jan. 31 /CNW/ - COM DEV International Ltd (TSX: CDV) ("COM
DEV" or "the Company") today provided an update on the activities of the
Special Committee established to review the Company's historical stock option
granting practices.
    While the Special Committee's review is continuing, as a result of their
work in the review of stock options granted between November 1, 2003 and the
present date, it has been determined that no material adjustments to, or
restatements of the Company's financial statements will be required. The
Company will update investors on the status of the review on the earlier of 45
days from today's date and the date when the Special Committee can provide
more particular information relating to the status of their review.

    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.

    COM DEV and COM DEV USA are registered trademarks of COM DEV
International Ltd. 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.

    %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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