CAMBRIDGE, ON, June 21, 2012 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, today announced that it has been awarded three significant contracts to deliver hardware for commercial and military communications satellites. The combined value of the contracts is in excess of $11 million. In addition, one of the contracts is initially structured as an Authorization to Proceed, and is expected to lead to a fully funded contract valued at a further $3 million, bringing the total expected value of the three contracts to more than $14 million. All figures are stated in Canadian dollars.
COM DEV will provide switches, multiplexer assemblies and other passive microwave equipment for the satellites. Work on the contracts will be carried out at the Company's facilities in Cambridge, Ontario and El Segundo, California over the next 18 months.
"These contract awards continue to validate our view that the market for our core equipment products is healthy," said said Michael Pley, CEO of COM DEV. "It also demonstrates the faith our repeat customers have in us to consistently deliver quality hardware on time to meet their needs."
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.
The triangular logo and the word COM DEV are each registered trademarks and the property of COM DEV Ltd. All rights reserved.
For further information:
Chief Financial Officer
Tel: (519) 622-2300 ext. 2826
The Equicom Group
Tel: (416) 815-0700 ext. 261