Richmond, BC - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, today announced that it has signed a six year contract with a ceiling of CA$29 million with the European Space Agency. MDA will provide RADARSAT-2 satellite information to Copernicus, a program funded by the European Union. This contract is inclusive of an initial firm order of CA$14.6 million. MDA has been providing RADARSAT-2 information to Europe’s Copernicus program (previously known as Global Monitoring for Environment and Security) since July 2009.
The RADARSAT-2 information will be used to provide mission critical information on sea ice in the Baltic Sea and Antarctic Ocean throughout the ice seasons, support disaster relief, improve the safety of maritime navigation, monitor assets, and support various mapping applications. The Copernicus program was established to provide users in Europe with access to accurate and timely information to better manage the environment, understand and mitigate the effects of climate change, and ensure civil security.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."
The European Space Agency (ESA) provides Europe’s gateway to space. ESA is an intergovernmental organisation, created in 1975, with the mission to shape the development of Europe’s space capability and ensure that investment in space delivers benefits to the citizens of Europe and the world. ESA has 20 Member States: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland and the United Kingdom, of whom 18 are Member States of the EU. Two other Member States of the EU, Hungary and Estonia, have signed Accession Agreements to the ESA Convention and will soon become new ESA Member States.
This release contains forward-looking statements and information, which reflect the current view of the Company with respect to future events and financial performance. The forward-looking statements in this regard include statements regarding the award of a contract with an intergovernmental agency. 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 release include contracts with any government or intergovernmental 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, but are not limited to: risks associated with operating a satellite including in-orbit failures or impaired satellite performance; quality issues and failure of systems to meet performance requirements or to be accepted by a customer; changes in government or intergovernmental policies, priorities, mandates, funding levels, contracts or regulations; and failure of third parties or subcontractors.
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 Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
The views expressed herein can in no way be taken to reflect the official opinion of either the European Union or the European Space Agency.