COM DEV Announces Management Changes

Published in Science and Technology on Wednesday, September 1st 2010 at 12:45 GMT by Market Wire
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CAMBRIDGE, ON, Sept. 1 /CNW/ - COM DEV International Ltd. (TSX:CDV) today announced that it has commenced the search for a new Chief Executive Officer following the decision by the Company to replace Mr. John Keating. Mr. Keating will be stepping down effective immediately and the board of directors has appointed Mike Pley as interim Chief Executive Officer during the search process. Mr. Keating has also resigned as a director of the company.

"COM DEV wishes to express its gratitude for the significant contribution that Mr. Keating has made to the Company and wishes him well in his future endeavours," said COM DEV's Chairman, Mr. Terry Reidel. Mr. Reidel went on to say that "The Company is moving on to the next phase of development in its business plan with a renewed focus on profitability and the Board of Directors was of the view a new vision was required at this time."

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 contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements may include financial and other projections, as well as statements regarding COM DEV's future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. COM DEV uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by COM DEV in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors COM DEV believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to COM DEV's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause COM DEV's actual results, historical financial statements, or future events to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: uncertainty in the global economic environment; fluctuations in currency exchange rates; delays in the purchasing decisions of COM DEV's customers; the competition COM DEV faces in its industry and/or marketplace; and the possibility of technical, logistical or planning issues in connection with the deployment of COM DEV's products or services.

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COM DEV Announces Management Changes