COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, and majority owner in exactEarth(TM) Ltd, its maritime surveillance subsidiary, today announced that the Government of Canada has decided to not proceed with the planned Russian Soyuz launch of M3M, which was scheduled for June this year.
The M3M satellite was constructed by COM DEV under contract from the Canadian Space Agency/Public Works Government Services Canada, for the Department of National Defense and was also subject to a commercial data sharing license with exactEarth(TM). Both COM DEV and exactEarth(TM) made significant investments in the development of the satellite, and in upgrading its capabilities. COM DEV has received an indication that the Canadian Space Agency will support COM DEV's efforts to secure a new launch.
"Recognizing the current events in the Ukraine, we had been engaged in discussions with the Government of Canada with respect to a potential delay of the launch of M3M, and plans to mitigate the impact of any delay", said Mike Pley, CEO of COM DEV International. "We are confident that the mitigations will be in place prior to the originally planned M3M in-service date of September 2014."
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 $216 million, and facilities in Canada, the United Kingdom and the United States. 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.
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