CAMBRIDGE, ON, July 24, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that it has received an order to supply equipment for two commercial communications satellites. The initial Authorization to Proceed (ATP) is valued at approximately $11 million, and is expected to lead to a full contract in excess of $45 million. COM DEV is scheduled to complete its work at its facilities in Cambridge by the end of fiscal 2016. All figures in this release are stated in Canadian dollars.
The expected contract represents COM DEV's largest-ever commercial order with this long-standing customer, a major satellite prime contractor that cannot be identified for contractual reasons. COM DEV will supply multiplexers, switches and other microwave components designed for the customer's newest-generation satellite platform. Each satellite will fly in Geostationary Earth Orbit and include both traditional and High Throughput Satellite (HTS) payload equipments.
"This is a very exciting order for COM DEV that demonstrates our dominant position in being able to supply the full suite of equipments for HTS satellites," said Mike Williams, president of COM DEV's products division. "The trend towards HTS payloads creates an opportunity for us to provide up to three times the equipment we would for a traditional broadcast payload. On a per-satellite basis, this order ranks among our largest ever for a commercial communications satellite."
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 more than 1,250, annual revenues of over $200 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 950 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]