OTTAWA, Ontario and BRAMPTON, Ontario, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world's largest and most innovative satellite operators, and MDA Space (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, today announced that they have concluded a key phase in the Telesat Lightspeed low Earth orbit (LEO) constellation program with the successful completion of the spacecraft Preliminary Design Review (PDR).
The PDR is a critical checkpoint in the program. Its successful completion demonstrates maturity in the design that meets the program's functional and performance requirements. As part of the process, the PDRs for multiple key subsystems have also been successfully completed.
The Telesat Lightspeed LEO satellite constellation is an innovative, advanced global network that will bring enterprise-class connectivity to customers worldwide. Telesat selected MDA Space as the prime satellite contractor for the constellation in 2023, awarding an initial order for 198 satellites powered by MDA AURORATM technology, the company's new digital satellite product line.
With PDRs completed, Telesat and MDA Space are now transitioning to the program's detailed engineering and manufacturing phase, including the Critical Design Review.
"Our teams have worked hard to reach this important milestone, which validated the capability of the satellite design to meet the Telesat Lightspeed performance requirements," said Dan Goldberg, Telesat's President and CEO. "We are excited to move forward with the next phase, confident in the advanced capabilities of the satellites."
"The Telesat and MDA Space program teams have been working closely together to advance the Telesat Lightspeed vision and to reach this important program milestone," said MDA Space CEO Mike Greenley. "With construction of our new high-volume satellite manufacturing facility in Montreal underway, we are focused on continuing to advance the next phase of the program."
Earlier this year, MDA Space began construction on a new facility to double the capacity of the company's high-volume satellite manufacturing facility in Quebec, Canada, where the Telesat Lightspeed satellites will be produced. Telesat plans to begin launching satellites in 2026.
ABOUT TELESAT
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (NASDAQ and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world's most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.
Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company's state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on X, LinkedIn, or visit www.telesat.com.
ABOUT MDA SPACE
Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,000 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission - bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we'll take you there. For more information, visit mda.space.
Telesat Forward-Looking Statements Safe Harbor
This news release contains statements that are not based on historical fact and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words "will," "plans" or similar expressions, are forward-looking statements. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties. All statements made in this press release are made only as of the date set forth at the beginning of this release. Telesat Corporation undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release.
These forward-looking statements are based on Telesat Corporation's current expectations and are subject to a number of risks, uncertainties and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Telesat Corporation's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. There are numerous risks and uncertainties associated with Telesat's business and the Telesat Lightspeed constellation. Known risks and uncertainties include but are not limited to: inflation and rising interest rates; Telesat's ability to meet the conditions for advance of the loans under the funding agreements for the constellation; technological hurdles, including our and our contractors' development and deployment of the new technologies required to complete the constellation in time to meet our schedule, or at all; the availability of services and components from our and our contractors' supply chains; competition; risks associated with domestic and foreign government regulation, including access to sufficient orbital spectrum to be able to deliver services effectively and access to sufficient geographic markets in which to sell those services; Telesat's ability to develop significant commercial and operational capabilities; risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; and volatility in exchange rates. The foregoing list of important factors is not exhaustive. Investors should review the other risk factors discussed in Telesat Corporation's annual report on Form 20-F for the year ended December 31, 2023, that was filed on March 28, 2024, and the Form 6-Ks filed thereafter with the United States Securities and Exchange Commission ("SEC") and the Canadian securities regulatory authorities at the System for Electronic Document Analysis and Retrieval ("SEDAR"), and may be accessed on the SEC's website at https://www.sec.gov/ and SEDAR's website at https://www.sedarplus.ca/.
MDA 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.
MEDIA CONTACTS
W2 Communications for Telesat
telesat@w2comm.com
Amy MacLeod
Vice President, Corporate Communications
613-796-6937
amy.macleod@mda.space
INVESTOR CONTACTS
James Ratcliffe
+1 613 748 8424
ir@telesat.com
Shereen Zahawi
Senior Director, Investor Relations
647-401-3230
shereen.zahawi@mda.space
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