CAMBRIDGE, ON, April 24, 2014 /CNW/ - COM DEV International Ltd.
(TSX:CDV), a leading manufacturer of space hardware subsystems, and
majority owner in exactEarth™ Ltd, its maritime surveillance
subsidiary, today announced that the Government of Canada has decided
to not proceed with the planned Russian Soyuz launch of M3M, which was
scheduled for June this year. The M3M satellite was constructed by COM
DEV under contract from the Canadian Space Agency/Public Works
Government Services Canada, for the Department of National Defense and
was also subject to a commercial data sharing license with
exactEarth™. Both COM DEV and exactEarth™ made significant investments
in the development of the satellite, and in upgrading its capabilities.
COM DEV has received an indication that the Canadian Space Agency will
support COM DEV's efforts to secure a new launch.
"Recognizing the current events in the Ukraine, we had been engaged in
discussions with the Government of Canada with respect to a potential
delay of the launch of M3M, and plans to mitigate the impact of any
delay", said Mike Pley, CEO of COM DEV International. "We are confident
that the mitigations will be in place prior to the originally planned
M3M in-service date of September 2014."
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 $216 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 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.
SOURCE: Com Dev International Ltd.
For further information:
Chief Financial Officer
Tel: (519) 622-2300 ext. 2826
Tel: (416) 815-0700 ext. 290