COM DEV International Ltd. (TSX: CDV) today announced that it has been awarded an Authorization to Proceed (ATP) from an Asian customer for work on a major subsystem of an instrument that will fly on a future Earth observation satellite. The amount of the ATP is in excess of $11.3 million, which COM DEV believes approximates the expected full value of this contract. Over the next 18 months, COM DEV will design, build and deliver an Engineering Model at the Company’s facilities in Cambridge, Ontario. Upon completion of the Engineering Model, COM DEV anticipates securing an additional contract to build the Flight Model that will be used on the satellite.
“This Earth observation mission provides us with a significant opportunity to move up the value chain in the civil space market,” said John Keating, CEO of COM DEV International. “For the first time, we are delivering a high-power transmitter in addition to a receiver system. We are also performing system integration work for one of the satellite’s four instruments. In taking on this larger role, we are broadening the range of our customized civil space solutions and demonstrating our ability to meet the unique needs of our customers.”
From low earth orbit, the earth observation mission will provide researchers with a better understanding of the interactions between key processes that play a role in climate regulation. COM DEV will develop the instrument’s receiver, control and monitoring, and low and high-power transmitter modules.
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global designer and manufacturer of space hardware subsystems. With facilities in Canada, the United Kingdom and the United States, COM DEV 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.
