COM DEV International Ltd. (TSX:CDV) announced today that exactEarth Ltd. has presented its shareholders, COM DEV and Hisdesat Servicios Estrategicos S.A., with strategic growth plans that are expected to expand its existing vessel tracking business into the much larger maritime data services market.
Given the success of exactEarth in developing the satellite AIS (Automatic Identification System) data services market, COM DEV and Hisdesat are supportive of these strategic growth plans. Accordingly, exactEarth has retained Canaccord Genuity to advise its Board of Directors on implementation of private and public funding options as well as potential merger and acquisition opportunities.
“Our success in building out exactEarth’s space- and ground-based infrastructure, achieving a position of market leadership, and reaching positive cash flow has opened up some exciting growth opportunities and new directions for the company,” said Peter Mabson, President of exactEarth. “We strongly believe that exactEarth is poised to become an even more significant player in this expanding market.”
In light of the central role of exactEarth in COM DEV’s core strategic plan as well as successful progress on other strategic initiatives including its acquisitions and dividend policy, COM DEV is also taking steps to refresh and update its strategic plan. As part of this initiative COM DEV has retained Canaccord Genuity in a separate engagement.
“The strategic options under consideration for exactEarth will be instrumental in helping it reach its full potential, while at the same time unlocking significant value for COM DEV’s shareholders,” said Michael Pley, CEO of COM DEV.
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.
