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Abonner Com Dev International Ltd. and exactEarth Ltd.

Com Dev International Ltd. and exactEarth Ltd.

COM DEV's exactEarth And Spain's HISDESAT Join Forces To Tackle The Space-Based AIS Market

Cambridge, Canada (ots/PRNewswire)

COM DEV
International Ltd. , a leading manufacturer of space  hardware
subsystems, today announced that its data services subsidiary,
exactEarth Ltd. ("the Company"), has added a strategic investor that
will  play an important role in delivering and growing the Company's
exactAIS(TM)  service in the marketplace. HISDESAT Servicios
Estrategicos S.A., a major  Madrid-based satellite operator and
service provider that sells data to more  than 25 government
customers around the world, has taken a 27% equity  interest in
exactEarth with a cash investment of CDN $15 million, which
represents an implied $55.5 million valuation of the exactEarth
business. The  cash investment will support exactEarth's on-going
business operations and  the deployment of additional space and
ground infrastructure.
"We are excited to have access to HISDESAT's data services
expertise and  global market reach," said Peter Mabson, President of
exactEarth Ltd. "These  strengths are complementary with COM DEV's
strengths in satellite technology  and are very well aligned with our
needs at exactEarth as we roll out AIS  data services into the
international marketplace. HISDESAT's investment  follows closely on
the heels of our successful service launch last month and  confirms
our commitment and ability to deliver a premium quality and highly
reliable space-based AIS data service to the global market."
In addition to its investment in exactEarth, HISDESAT will play a
strategic role in supporting the Company's operations and service
delivery.  HISDESAT will represent exactEarth as a reseller in a wide
range of market  territories where they have an established market
presence. In addition to  this, it is expected that HISDESAT will
operate a second data center in  Europe on behalf of the exactEarth
business, in a move that will further  improve the overall
reliability of the exactEarth global AIS system.
"We view our strategic investment in exactEarth as a long-term
commitment  to support our business interests in global
surveillance," said Roberto Lopez  Fernandez, Chief Executive Officer
of HISDESAT. "We have spent considerable  time evaluating the
exactEarth AIS technology and the Company's business  plan, and have
concluded that both are well aligned with our objectives. It  was a
logical next step to participate in this opportunity directly through
an equity investment. We are pleased to be strategically aligned with
COM DEV  in capitalizing on the Space-based Maritime Surveillance
opportunity this  technology represents. There is a lot of potential
for exactEarth, and we  believe in its future."
"The HISDESAT partnership is an ideal one for exactEarth," said
Michael  Pley, Interim CEO of COM DEV. "HISDESAT offers highly
complementary expertise  and customer relationships at a crucial time
for the Company, as it commences  commercial operations of its
space-based AIS data services business. The  extended market access
that HISDESAT brings to the Company is a significant  strategic
benefit, and augments the sales and marketing reach that exactEarth
has successfully achieved on its own. Attracting such a well known
and  experienced satellite operations and space data service company
as an  investor speaks volumes in support of the potential of
exactEarth's business.  We welcome HISDESAT as a strategic partner
and look forward to a very strong,  enduring, and successful
partnership with them."
The HISDESAT transaction, which closed today, implies a
post-money  valuation of approximately $55.5 million for exactEarth.
At the end of the  most recent fiscal quarter the Company was valued
at approximately $16  million on COM DEV's consolidated balance
sheet. COM DEV has committed to  funding $35 million of the Company's
capital and operating expenses, of which  approximately $24 million
has been provided to date. COM DEV retains  ownership of 73% of
exactEarth. (All amounts are stated in Canadian dollars.)
About exactEarth Ltd.
exactEarth Ltd. (http://www.exactEarth.com) is a data services
company  that leverages advanced microsatellite technology and
globally deployed  ground systems to deliver monitoring solutions
characterized by high  performance, reliability, security, and
simplicity. exactEarth's initial  service, exactAIS(TM), is a global
vessel tracking and monitoring system  based on world leading
space-based advanced AIS detection technology.
About HISDESAT
HISDESAT Servicios Estrategicos, S.A. (www.hisdesat.es) is a
supplier of  services based on space systems, to government clients
in Spain and other  allied, and friendly countries. The company is
specialized in the  acquisition, operation and commercialization of
systems orientated to space,  with the purpose of providing strategic
and communication services, for both  civil and military
applications. HISDESAT was established as the first  commercial
supplier in the world to provide satellite communication services  in
X and Ka Band for government applications exclusively.
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading
global  designer and manufacturer of space hardware subsystems. With
facilities in  Canada, the United Kingdom and the United States, COM
DEV manufactures  advanced products and subsystems that are sold to
major satellite prime  contractors for use in communications, space
science, remote sensing and  military satellites.
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.
COM DEV 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  COM DEV's new products,
the level of individual customer procurements and  competitive
product offerings and pricing, and general economic  circumstances,
COM DEV's business prospects may be materially different from
forward-looking statements made by COM DEV.
The triangular logo and the word COM DEV are each registered
trademarks  and the property of COM DEV Ltd. The exactEarth logos and
the words  exactEarth and exactAIS are trademarks and the property of
exactEarth Ltd.  All rights reserved.
For further information: Gary Calhoun, Chief Financial Officer,
Tel:  +1-519-622-2300 ext. 2826,  gary.calhoun@comdev.ca; Jeff
Codispodi, The  Equicom Group, Tel: +1-416-815-0700 ext. 261, 
jcodispodi@equicomgroup.com;  Peter Mabson, President, exactEarth
Ltd., Tel: +1-519-622-2300 ext. 4800,   peter.mabson@exactEarth.com

Contact:

CONTACT: For further information: Gary Calhoun, Chief Financial
Officer,Tel: +1-519-622-2300 ext. 2826, gary.calhoun@comdev.ca; Jeff
Codispodi,The Equicom Group, Tel: +1-416-815-0700 ext.
261,jcodispodi@equicomgroup.com; Peter Mabson, President, exactEarth
Ltd., Tel:+1-519-622-2300 ext. 4800, peter.mabson@exactEarth.com