AYLESBURY, UK, April 19, 2012 /CNW/ - COM DEV Europe Ltd, a subsidiary of leading space hardware manufacturer COM DEV International (TSX: CDV), today expressed support for the British government's recently announced decision to invest in new space research. As part of its National Space Technology Programme, the UK Space Agency and the Technology Strategy Board will grant nearly £6 million to co-fund research that will develop commercial products and services using space technology and data from space-based systems.
"The UK government's funding announcement is recognition of the potential for space technology to stimulate economic growth," said Rob Spurrett, President of COM DEV Europe. "Our own company has doubled its UK staff in the past three years to keep pace with three years of record orders. Today 80% of our sales are to export markets, and we have ambitions to continue to grow."
"The support of the government makes the UK a very attractive place to do business," said Michael Pley, CEO of COM DEV International. "We continue to invest in our UK operations, due in large part to the government's willingness to provide matching funding and help drive product development."
The climate for space companies within the UK has never been better with the UK government being prepared to underwrite the industry's ambitious growth plan with investment in key research and development activities. It has been recognised that investment in emerging technologies can lead to very significant economic benefits, with the UK being one of the leading exporters of space technology. The economic multipliers on such investments make them a very attractive mechanism to fuel the growth of high technology industries that are required to lever the country out of recession.
About COM DEV Europe
COM DEV Europe (CDE) is subsidiary of COM DEV International (TSX: CDV), a leading global provider of space hardware and services. Formed in 1986 and based in Aylesbury, United Kingdom, CDE has produced equipment for over 85 satellite programmes and is part of a vibrant UK Space Industry which has been growing at 8% annually in recent years. CDE designs, builds and tests complex electronics and microwave equipment for Earth observation, telecommunications and navigation 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.
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For further information:
Business Development Director
COM DEV Europe
Tel: +44 1296 616420
Chief Financial Officer
COM DEV International
Tel: +1 519-622-2300 ext. 2826
The Equicom Group
Tel: +1 416-815-0700 ext. 261