CAMBRIDGE, ON, March 9, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV) announced today that exactEarth Ltd. has presented its shareholders, COM DEV and Hisdesat Servicios Estrategicos S.A., with strategic growth plans that are expected to expand its existing vessel tracking business into the much larger maritime data services market.
Given the success of exactEarth in developing the satellite AIS (Automatic Identification System) data services market, COM DEV and Hisdesat are supportive of these strategic growth plans. Accordingly, exactEarth has retained Canaccord Genuity to advise its Board of Directors on implementation of private and public funding options as well as potential merger and acquisition opportunities.
"Our success in building out exactEarth's space- and ground-based infrastructure, achieving a position of market leadership, and reaching positive cash flow has opened up some exciting growth opportunities and new directions for the company," said Peter Mabson, President of exactEarth. "We strongly believe that exactEarth is poised to become an even more significant player in this expanding market."
In light of the central role of exactEarth in COM DEV's core strategic plan as well as successful progress on other strategic initiatives including its acquisitions and dividend policy, COM DEV is also taking steps to refresh and update its strategic plan. As part of this initiative COM DEV has retained Canaccord Genuity in a separate engagement.
"The strategic options under consideration for exactEarth will be instrumental in helping it reach its full potential, while at the same time unlocking significant value for COM DEV's shareholders," said Michael Pley, CEO of COM DEV.
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 $208 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. 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.
exactEarth, based in Cambridge, Ontario, is a data services company providing the most advanced information on global maritime traffic available today. Our premium service, exactAIS®, delivers an unrivalled view of the recognized maritime picture at a global scale. Offering fully secure data in a variety of industry standard formats and delivery methods, exactEarth's data provides real value for a wide range of operational maritime applications delivering operational efficiencies, enhancing security, safeguarding the environment, and assisting in saving lives. For more information, visit our website at www.exactearth.com.
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.
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SOURCE Com Dev International Ltd.
For further information: Gary Calhoun, Chief Financial Officer, Tel: (519) 622-2300 ext. 2826, [email protected]; Peter Mabson, President, exactEarth Ltd., Tel: +1 519-622-4445 ext.5870, [email protected]