MDA awarded $706 million contract to build three radar satellites
RICHMOND, BC, Jan. 9, 2013, 2013 (Canada NewsWire via COMTEX) --
MacDonald, Dettwiler and Associates
Ltd. (TSX: MDA), a provider of essential information solutions, today announced the
signing of a $706 million contract with the Canadian Space Agency to
build, launch and provide initial operations for the RADARSAT
Constellation Mission (RCM). The contract is expected to extend over a
period of seven years and brings MDA's current backlog to approximately
"This is exciting news," said Daniel Friedmann, MDA's president and CEO.
"RCM builds on the world-leading geospatial and radar surveillance
capabilities that MDA has developed through the RADARSAT-1 and
RADARSAT-2 missions. We are now greatly expanding these capabilities
with benefits for Canada and for MDA."
RCM is a constellation of three satellites providing around-the-clock
coverage. Information obtained from RCM can include repeat imaging of
the same area at different times of day, dramatically improving the
frequency of monitoring coastal zones, northern territories, Arctic
waterways and other areas of strategic and defence interest. RCM will
also incorporate automated identification system technology, which when
combined with the powerful radar images, supports the immediate
detection and identification of ships worldwide.
Already a leading supplier of radar-based surveillance and security,
MDA's service offering is expected to expand as it leverages RCM's
repeat imaging capabilities. The information provided by the RCM
satellites will enable MDA to meet a larger range of recurring
monitoring needs in growing market segments such as oil and gas,
mining, defence and security, well into the next decade. "Demands in
these operational segments are driven by the ability to provide
frequent, reliable information. RCM's all-weather, day-and-night
satellites will help us meet this demand," said Friedmann.
"This is a major step forward for MDA as a leader in the growing global
surveillance and intelligence market" said Friedmann. "With this
contract, MDA has a strong foundation for continued development of its
space missions, satellite ground systems, radar payload and geospatial
MDA is a unique global communications and information company providing
operational solutions to commercial and government organizations
MDA's business is focused on markets and customers with strong repeat
business potential. In addition, the Company conducts a significant
amount of advanced technology development.
MDA's well-established global customer base is served by more than 5,000
employees operating from 18 offices located in the United States,
Canada, and internationally.
The Company's common shares trade under the symbol TSX:MDA.
This news release contains forward-looking statements and information,
which reflect the current view of MacDonald, Dettwiler and Associates
Ltd. ("MDA" or the "Company") with respect to future events and
financial performance. The forward-looking statements in this regard
include statements related to the government contract for the RADARSAT
Constellation Mission (RCM) and its impact on the Company's operations.
Any such forward-looking statements are based on MDA's current
expectations, estimates, projections and assumptions in light of its
experience and its perception of historical trends. The factors and
assumptions underlying the forward-looking statements in this news
release include contracts with any government agency not being
terminated or not receiving adequate funding. Any such forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current
expectations. The risks that could cause actual results to differ from
current expectations include, but are not necessarily limited to:
changes in government priorities, funding levels, contracts and
regulations; failure of third parties and subcontractors; risks
associated with the design and operation of satellites and provision of
satellite services, including satellite construction or launch delays,
launch failures, in-orbit failures or impaired satellite performance;
failure to anticipate changes in technology, technical standards and
product offerings or comply with the requisite standards and failure of
systems to meet performance requirements; and other risks, including
litigation. The foregoing list of important factors is not exhaustive.
MDA cautions readers that should certain risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary significantly from those expected.
For additional information with respect to certain of these risks or
factors, plus additional risks or factors, reference should be made to
the Company's continuous disclosure materials filed from time to time
with Canadian securities regulatory authorities, which are available
online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form
or content of this release.
SOURCE: MacDonald, Dettwiler and Associates Ltd.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2013/09/c4782.html
SOURCE: MacDonald, Dettwiler and Associates Ltd.
Wendy Keyzer MDA External Relations (604) 231-2743 firstname.lastname@example.org
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