CAMBRIDGE, ON, April 17, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that it has signed a contract to provide payload equipment for a commercial satellite that will offer a range of communications services to a portion of the Asian market. COM DEV will supply switches, multiplexers and other passive microwave equipment valued in excess of $5 million.
"Emerging markets such as Asia continue to be a strong driver of overall demand for commercial communications satellites," said Mike Williams, president of COM DEV's products division. "This satellite will help the operator expand its business by addressing demand for additional capacity in its local market."
Work on the contract is being carried out at COM DEV's facility in Cambridge, Ontario throughout the current calendar year. A portion of the contract amount was included in the new orders the Company reported for the first quarter of fiscal 2015, during which it received an initial Authority to Proceed (ATP) on the program, with the balance to be reported among second quarter orders.
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]