CAMBRIDGE, ON, April 2, 2015 /CNW/ - COM DEV International Ltd. (TSX:CDV) today announced that it has secured four orders totalling nearly CAD $10 million to supply microwave equipment for communication satellites for new customers from its recently expanded operations in the UK. Deliveries under these contracts will begin in fiscal 2016 and continue to 2018.
COM DEV has made a strategic decision to build on its long-standing UK presence as a means of further extending its global reach. To that end, the Company expanded its UK capacity and capabilities with the acquisition of MESL Microwave in December 2014. These are the first major orders won on the basis of that expansion, and the contracts will be serviced from both the Aylesbury and Edinburgh facilities.
"We are very well positioned to win significant further orders this year as we step up our capabilities in the UK," said Rob Spurrett, President of COM DEV's Systems Division. "We have invested significantly in the UK for decades, and particularly in the last six months, and I believe those investment decisions are validated by our strong pipeline of new business. I would like to acknowledge the support of the UK Space Agency, UKTI, and Scottish Enterprise in helping us with our export thrust."
The UK government has indicated strong support for the space sector, having set a target of growing exports to £25 billion by 2030, as detailed in its Space Innovation and Growth Strategy. COM DEV views the UK as an increasingly attractive environment for establishing long-term design and manufacturing capabilities.
Due to contractual restrictions, COM DEV is currently unable to provide further details on the customers or the contracts announced today.
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: Contact information: Rob Spurrett, President, COM DEV International Systems, Tel: + 44 1296 616 401, [email protected]; Jeff Codispodi, Director, Investor, Relations & Communications, Tel: (519) 622-2300 ext. 2844, [email protected]