CAMBRIDGE, ON, May 1, 2012 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that it has been awarded fully funded Authorization to Proceed to begin work on a contract valued in excess of $15 million. COM DEV will deliver coaxial and waveguide switches for use on two commercial satellites providing high-speed broadband service to rural and remote areas of Australia. It is expected that the contract will be fully executed by the end of this month. Work on the contract will be carried out at the Company's facility in Cambridge, Ontario with completion expected by July 2013.
"This is a record amount for a contract in our Switch Business Unit and it illustrates the sheer size of the new generation of high-throughput satellites," said Mike Williams, president of COM DEV International Products. "It has been won thanks to our history of providing exceptional value to our customer married with our ongoing investment in this exciting new business area. Furthermore, the scale of our production facility makes us one of the very few suppliers in the world with sufficient capacity to deliver on an order of this magnitude."
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global provider of space hardware and services. With facilities in Canada, the United Kingdom and the United States, COM DEV manufactures advanced 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 defense applications. COM DEV's majority-owned subsidiary, exactEarth Ltd., provides satellite data services.
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:
Chief Financial Officer
Tel: (519) 622-2300 ext. 2826
The Equicom Group
Tel: (416) 815-0700 ext. 261