CAMBRIDGE, ON, Feb. 21, 2012 /CNW/ - COM DEV International Ltd. (TSX: CDV), a leading manufacturer of space hardware subsystems, announced that it has been awarded three satellite equipment contracts with a combined value in excess of $22 million. All figures are stated in Canadian dollars.
COM DEV's commercial division and its U.S. division each won a contract valued at approximately $10 million. In addition, the commercial group won an Authorization to Proceed (ATP) on a third contract, enabling engineering activity to begin and production to start. The ATP is initially valued at $2.7 million, and is expected to lead to a full contract with a total value in excess of $6 million. Work on all three contracts is expected to be completed over the next 12 months at the Company's facilities in Cambridge, Ontario and El Segundo, California.
"This is an exciting series of contract wins for us," said Michael Pley, CEO of COM DEV. "We are seeing solid demand for our products in both the commercial space market and the U.S. government market."
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