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CAMBRIDGE, ON, July 31, 2015 /CNW/ - COM DEV International (TSX:CDV) and exactEarth Ltd. today announced that the proposed exactEarth initial public offering is being postponed due to current challenging conditions in the capital markets. exactEarth's current shareholders, COM DEV and Hisdesat Servicios Estrategicos S.A., are fully committed to exactEarth and its business plan, and will continue to evaluate future public and private funding options to support its growth strategy. COM DEV will update its shareholders as further decisions are reached.
About exactEarth Ltd.
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its establishment in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite-AIS (''S-AIS'') and has delivered to its clients a view of maritime behaviours across all regions of the world's oceans unrestricted by terrestrial limitations. exactEarth has deployed an operational data processing supply chain involving a constellation of satellites, receiving ground stations, patented decoding algorithms and advanced "big data" processing and distribution facilities. This ground-breaking system provides a comprehensive picture of the location of AIS equipped maritime vessels throughout the world and allows exactEarth to deliver data and information services characterized by high performance, reliability, security and simplicity to large international markets. For more information, visit exactearth.com.
About COM DEV
COM DEV International Ltd. (www.comdev.ca) is a leading global provider of space hardware and services. COM DEV has a staff of more than 1,250, annual revenues of over $200 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. COM DEV has won contracts to supply its equipment on over 950 spacecraft.
Hisdesat was founded in 2001 as operator of government services by satellite to act primarily in the areas of defense, security, intelligence and foreign affairs. Since 2005, the company provides secure satellite communications to government agencies of different countries and is currently developing new satellites in two areas: Earth Observation and Information of the worldwide maritime traffic by satellite (AIS). More information: www.hisdesat.es
This news release may contain certain forward-looking statements that involve risks and uncertainties. Such risks and uncertainties include, but are not limited to, failure to complete the initial public offering of shares of exactEarth, and the factors discussed under "Risk Factors" in the amended and restated preliminary prospectus and the preliminary prospectus of exactEarth dated July 9, 2015. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by COM DEV or exactEarth and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits COM DEV or exactEarth will derive there-from.
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: Peter Mabson, President & CEO, exactEarth Ltd., Tel: +1 519-622-4445 ext. 5870, email@example.com; Jeff Codispodi, Director, Investor Relations & Communications, COM DEV International, Tel: +1 519-622-2300 ext. 2844, firstname.lastname@example.org