COM DEV Announces Completion of $23 Million Bought Deal Financing

    CAMBRIDGE, ON, Feb. 26 /CNW/ - COM DEV International Ltd. (TSX:CDV) (the
"Company"), a leading manufacturer of space hardware subsystems, wishes to
announce that further to its press releases dated February 5, 2009 and
February 11, 2009, the Company has completed its offering (the "Offering") of
6,780,000 common shares together with the issue of an additional 1,017,000
common shares further to the exercise in full by the Underwriters of their
over-allotment option, all priced at $2.95 per share for a total of 7,797,000
common shares with gross proceeds of $23,001,150. The Offering was completed
pursuant to an underwriting agreement dated February 11, 2009 between the
Company and a syndicate of underwriters led by Genuity Capital Markets and
including GMP Securities L.P. and Paradigm Capital Inc. (collectively, the
"Underwriters") and pursuant to a final short form prospectus dated February
19, 2009. The proceeds of the Offering will be used principally for
progressing the commercialization of the Company's Automatic Identification
System (AIS) technology.

    About COM DEV

    COM DEV International Ltd. ( 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.

    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.

    %SEDAR: 00003673E

For further information:

For further information: Gary Calhoun, Chief Financial Officer, Tel:
(519) 622-2300 ext. 2826, Fax: (519) 622-2158,; Jeff
Codispodi, The Equicom Group, Tel: (416) 815-0700 ext. 261, Fax: (416)

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