Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that it has signed an amendment to the $80 Million (CAD) contract with the Canadian Space Agency to continue this Phase of the RADARSAT Constellation Mission (RCM), which involves developing the detailed design of the RCM and all of its subsystems, and is the precursor to the Build Phase. MDA has been working on this contract under two previously announced Authorizations to Proceed, since March 17, 2010. Therefore, the new funding from this contract is $42 Million (CAD).
RCM represents a major enhancement of Canada's RADARSAT program, following the successes of RADARSAT-1 and RADARSAT-2. RCM will provide the Government of Canada with frequent surveillance and monitoring of Canada’s coastal zones, northern territories, Arctic waterways, maritime areas of strategic interest, and defence interests around the world. This is critical, given the challenges posed by Canada’s geographical size and its more than 240,000 kilometres of coastline.
Unlike RADARSAT-1 and RADARSAT-2, which are single satellites, RCM is a constellation of three satellites. This allows for more regular monitoring of the Canadian coast, thus greatly enhancing Canada’s coastal surveillance. While the initial mission includes three satellites, the Constellation is designed so that it can grow to include additional satellites.
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 information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
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. The forward-looking statements in this regard include statements regarding the award of a government contract. 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. 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. The factors and assumptions underlying the forward-looking statements in this release include contracts with any government agency not being terminated. 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. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ from current expectations include changes in government priorities, funding levels, contracts and regulations; failure of third parties and subcontractors; satellite failure; 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.
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 at www.sedar.com or on the www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.