Canadian Government Invests in Norsat
[Satellite Today 09-11-08] Norsat International Inc. will use a new repayable investment from the Canadian government to invest in research and development activities to accelerate its product development timeline, the company announced Sept. 11.
Under the terms of the agreement, Norsat said the $5.97 million repayable investment it received through the Strategic Aerospace and Defence Initiative (SADI) would represent a portion of the company’s funding research and development expenses over the next five years, which Norsat anticipates will total approximately $17.0 million. The repayment term is over a maximum period of 15 years and uses a royalty formula based on Norsat’s revenue growth.
“One of our fundamental objectives is to drive organic growth by expanding our product portfolio,” said Dr. Amiee Chan, President and CEO of Norsat. “The support we have received through the federal government is instrumental in this initiative, as it enables us to cost-effectively complete the research and development necessary to further the technology leadership of our satellite systems and effectively expand into new industries such as terrestrial wireless communication.”