CAMBRIDGE, ON, April 30, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that it has received a funding release in excess of $10 million to deliver equipment for the second of several commercial communications satellites awarded in a single contract in 2013. The Company's work on the first satellite is largely complete, with all equipment now delivered or in the final testing stages. All figures are in Canadian dollars.
The satellites are among the most advanced ever built, utilizing multiple bands to deliver a range of high-throughput communications services to users worldwide. Each is being designed to unique specifications with a set of capabilities tailored to the applications the end customer will offer to the geographic regions covered.
"We are very pleased with how this program is progressing," said Mike Williams, president of COM DEV's products division. "We are applying the latest passive microwave technologies and working closely with our customer to help them deliver a high performance, next generation satellite platform."
In a news release dated October 13, 2013, COM DEV indicated that the multiple-satellite award was its largest ever commercial contract with a value in excess of $65 million, of which $38 million of funding was initially released and recorded as an order. Today's announcement will result in an additional $10 million order being recorded in the second quarter of fiscal 2015.
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.
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: Gary Calhoun, Chief Financial Officer, Tel: (519) 622-2300 ext. 2826,[email protected]; Jeff Codispodi, Director, Investor Relations & Communications, Tel: (519) 622-2300 ext. 2844, [email protected]