Announcement will strengthen Ontario's position as a world leader in micro-satellite technology
CAMBRIDGE, ON, Nov. 30 /CNW/ - COM DEV International Ltd. will benefit from an investment of $5.2 million to create world-class micro-satellite system technology, products and services. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, made the announcement at the company's headquarters in Cambridge today.
"Our government is committed to providing greater economic opportunities for the people, businesses and communities of southern Ontario," said Minister Goodyear. "This investment will create jobs and help reinforce COM DEV International's micro-satellite technology, which will strengthen Ontario's position as a world leader in this growing market."
This partnership is funded under the Southern Ontario Development Program (SODP), which will allow COM DEV to launch the first generation of its micro-satellites and establish Ontario as a world leader in this emerging industry.
"We are very pleased to obtain the direct support of the federal government as we build out the infrastructure to enable us to pursue an exciting new growth opportunity," said John Keating, Chief Executive Officer of COM DEV International Ltd. "We believe there is a significant market both in Canada and internationally for micro-satellites and the data they are uniquely capable of gathering."
For more information on COM DEV and its Micro-satellite Infrastructure Program, please see the backgrounder.
The Southern Ontario Development Program promotes economic development, economic diversification, job creation and sustainable communities in Southern Ontario. The SODP is just one in a series of initiatives introduced in the government's Economic Action Plan designed to address the short-term effects of the economic decline on communities across Canada, while preparing our communities for long-term growth. Overall funding for the SODP is $100 million in 2009-10.
For more information on the SODP and details regarding the intake processes, please visit the FedDev Ontario web site at www.southernontario.gc.ca. For more information on Canada's Economic Action Plan, visit www.actionplan.ca.
This news release is available online at: www.southernontario.gc.ca and www.actionplan.gc.ca.
COM DEV International Ltd. - Micro-satellite Infrastructure Program
COM DEV International Ltd. is a Cambridge-based designer and manufacturer of space hardware, satellite components and subsystems. The company is a leading producer of microwave equipment, specialized electronics and optical subsystems used on satellites. The company employs more than 1,300 people, mainly in Cambridge and Ottawa. It also has facilities in the United Kingdom and El Segundo, California.
COM DEV makes advanced products and computer subsystems that are sold to major satellite builders for use in communications, space science and remote sensing equipment. The company's technology has been deployed on more than 750 spacecraft including over 80 per cent of all the commercial communications satellites that have ever been launched. It is one of the world's top space industry manufacturers.
The company recently announced plans to design and build its own roster of micro-satellites. These satellites are dramatically less expensive to build and launch compared to more traditional geo-stationary earth orbit (GEO) satellites. An entire constellation of micro-satellites can be built for less than a single GEO satellite.
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is investing $5.2 million in COM DEV's micro-satellite initiative through its Southern Ontario Development Program.
COM DEV's Micro-satellite Infrastructure Program consists of key infrastructure elements to support the data operations, ground segment, satellite deployment and operations to deliver a new class of micro-satellite enabled data service companies.
The funding will be used to help commercialize COM DEV's first micro-satellite project, which is aimed at launching an Automatic Identification System (AIS) service to help track and monitor global marine traffic with a single space-based system. Today's tracking systems are mainly regionally focused and limited to monitoring traffic within 50 nautical miles of shore. COM DEV's exact AIS service will provide an unprecedented global view of marine activity and enhance capabilities in the areas of search and rescue, environmental monitoring, vessel traffic management and maritime security.
This initiative will enable a variety of much-needed security and environmental solutions for countries, worldwide, and will ensure COM DEV is well-positioned to attract new partners and outside investment to grow this sector.
Founded in 1974, COM DEV has been a leading developer of space technology for 35 years. The company has 238 patents and pending patents. COM DEV went public on the TSX (symbol: CDV) in 1996 and reported revenues of $210 million in 2008.
To learn more about COM DEV International Ltd., please visit the company's website at www.comdev.ca or call (519) 622 2300.
SOURCE FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
For further information: For further information: Gary Toft, Director of Communications, Office of the Honourable Gary Goodyear, (613) 943-7599; Media Relations, Industry Canada, (613) 943-2505