Signs $180
million Authorization to Proceed contract as prime
contractor
BRAMPTON, ON, Nov. 17,
2023 /PRNewswire/ - MDA Ltd. (TSX: MDA), a leading
provider of advanced technology and services to the rapidly
expanding global space industry, announced today that it has
received an Authorization to Proceed (ATP) contract from an
undisclosed customer to start work on a new Non-Geostationary Orbit
(NGSO)* satellite constellation. The ATP, valued at approximately
$180 million, is to immediately
commence engineering and programmatic activities, including the
procurement of long-lead items.
The full constellation, valued at a minimum of $750 million, is expected to include a minimum of
36 MDA software-defined digital satellites, a new MDA product
recently introduced to the market. The definitive contract for the
full constellation, for which MDA would be the prime contractor, is
expected in 2024, subject to contract finalization.
The ATP contract will be added to MDA's backlog in the fourth
quarter of fiscal 2023.
*Non-Geostationary Orbit (NGSO) includes Low Earth Orbit (LEO)
and Medium Earth Orbit (MEO).
ABOUT MDA
Serving the world from its Canadian home and global offices, MDA
(TSX:MDA) is an international space mission partner and a robotics,
satellite systems and geointelligence pioneer with a 50-year story
of firsts on and above the Earth. With over 2,900 employees across
Canada, the US and the UK, MDA is
leading the charge towards viable Moon colonies, enhanced Earth
observation, communication in a hyper-connected world, and more.
With a track record of making space ambitions come true, MDA
enables highly skilled people to continually push boundaries,
tackle big challenges, and imagine solutions that inspire and
endure to change the world for the better, on the ground and in the
stars. Learn more by visiting mda.space.
FORWARD-LOOKING
STATEMENTS
This press release contains forward–looking information within
the meaning of applicable securities legislation, which reflects
the Company's current expectations regarding future events.
Forward–looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond the Company's control, which could cause actual results
and events to differ materially from those that are disclosed in or
implied by such forward–looking information. Such risks and
uncertainties include, but are not limited to, the factors
discussed under "Risk Factors" in MDA's Annual Information Form
available on SEDAR+ at www.sedarplus.ca. MDA does not
undertake any obligation to update such forward–looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
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SOURCE MDA Ltd.