Important Milestone in COM DEV’s Civil Space Strategy
COM DEV International Ltd. (TSX: CDV – News) today announced that it has received a contract from the European Space Agency (ESA) for the design and production of scientific instruments for its three-satellite Swarm mission. The contract is expected to generate $14 million (CDN) of revenues for COM DEV by the end of calendar year 2008.
The objective of the Swarm mission is to provide the best ever survey of the Earth’s magnetic field and its evolution over time, thereby furthering our understanding of climate and weather, ocean circulation, and conditions in space including radiation hazards. COM DEV will supply the Canadian Electric Field Instrument (CEFI), which is designed to measure variations in the magnetic field caused by the movement of charged particles in orbit. Production will occur at COM DEV’s Cambridge facilities.
“This project represents a very important milestone for us,” said John Keating, CEO of COM DEV. “It marks the first time a Canadian company has been chosen as a prime contractor of a scientific instrument supplied directly to the ESA, and also COM DEV’s first scientific instrument prime contract since the 1990s. Our participation in the Swarm mission is the latest example of our growing success in the civil space market.”
COM DEV’s success in this project is the product of a collaborative effort, which included other stakeholders in the Canadian space industry. The CEFI is based on instruments developed by Dr. David Knudsen of the University of Calgary and previously flown on suborbital rockets. COM DEV is applying its satellite systems experience to redesign the instruments for use in space in accordance with stringent ESA mission requirements. The Canadian Space Agency provided developmental funding for the early competitive phases of the bid process.
About COM DEV
COM DEV International Ltd. (www.comdev.ca) based in Cambridge, Ontario, is the largest Canadian-based designer and manufacturer of space hardware subsystems. COM DEV, with facilities in Canada and the United Kingdom, manufactures advanced products and subsystems that are sold to major satellite prime contractors for use in communications, space science, remote sensing and military satellites. COM DEV and COM DEV Space are registered trademarks of COM DEV International Ltd. 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.
For further information
Gary Calhoun, Chief Financial Officer, Tel: (519) 622-2300 ext. 2826, Fax: (519) 622-2158, gary.calhoun@comdev.ca
Jeff Codispodi, The Equicom Group, Tel: (416) 815-0700 ext. 261, Fax: (416) 815-0080, jcodispodi@equicomgroup.com
