CAMBRIDGE, ON, May 29, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV) today announced that it has been awarded $3.2 million of government funding to contribute to the cost of seven early-stage research and development projects that are expected to play a role in the Company's next generation of space equipment products. The funding has been granted under the Canadian Space Agency's Space Technology Development Program (STDP) following a detailed selection process.
"Ongoing investment in research and development is absolutely essential for us to remain leaders in the rapidly evolving global space industry," said Michael Pley, CEO of COM DEV. "We appreciate the Canadian Government's support, which increases our capacity to invest in innovation."
The seven R&D projects funded under the STDP program are targeted at the following outcomes:
- Develop the next generation of remote sensing and image processing technologies needed to protect space assets from the ever increasing amount of orbital space debris
- Demonstrate the suitability of additive manufacturing, including "3D printing", for space applications
- Develop a wide field-of-view space-based hyperspectral imaging system to enable monitoring of coastal and inland water ecosystems as well as agricultural and forested areas
- Combine two of our ancillary microwave products into a single unit with less than 50% of the mass
- Develop new tools to improve our capabilities and project lead times in designing multiplexers
- Make our switches compatible with "CAN bus" technology commonly used in the automotive industry, to meet our customers' needs for standardization on their spacecraft
- Develop a highly compact spectrometer that uses integrated optics on a waveguide chip and is capable of performing precision remote sensing of greenhouse gases or other gas species
COM DEV spent over $9 million on research and development activities in fiscal 2014, and recovered $6 million of these costs in the form of investment tax credits and other government funding. R&D activities help support the ongoing employment of approximately 900 people at COM DEV's three facilities in Canada.
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]