Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that it has signed a long-term agreement regarding Home Information Packs (HIPs) with Spicerhaart Limited, one of the largest providers of real estate, surveying and conveyancing services in the United Kingdom.
The agreement achieves the following four strategic pillars:
"This arrangement is very strategic for both parties," commented Daniel Friedmann, President and CEO of MDA, "it provides our HIPs business with access to a solid supply of quality Home Condition Reports across England and Wales, and it supplies Spicerhaart with a high quality white-label HIPs solution they can market under their own brand." These same views were echoed by Paul Smith CEO of Spicerhaart who added "We are delighted with this partnership. MDA has a solid track record penetrating markets with advanced information solutions that work and is a natural fit with Spicerhaart. MDA has been among the very first to make significant investments in HIPs and they have already launched a precursor service."
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 2,700 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
Spicerhaart is an integrated property services business operating throughout the United Kingdom which, in addition to its significant retail estate agency network, operates one of the largest residential property surveying businesses in the United Kingdom. Existing surveying businesses are anticipated to be particularly well placed to benefit from HIPs compulsion.
Spicerhaart was established in the late 1980's and comprises a privately held group of companies employing more some 2,000 persons throughout the United Kingdom.
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and MDA's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect MDA's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.