SatixFy Communications Ltd. (“SatixFy”) (NYSE
AMERICAN: SATX), a leader in next-generation satellite
communication systems based on in-house-developed chipsets, today
announced a $60 million transaction with MDA Ltd. (“MDA”) (TSX:
MDA), a leading provider of advanced technology and services to
the rapidly expanding global space industry.
The strategic transaction establishes cooperation between the
companies, to utilize SatixFy’s revolutionary digital payload chip
based technology to advanced digital satellite payloads, which the
parties believe to be unparalleled in today’s market, and is
expected to open up SatixFy’s solutions to broader markets as well
as new customers. SatixFy has decided strategically to focus its
space business on being a technology provider to satellite payload
design companies offering its unique digital multi beam forming and
beam-hopping on-board-processing radiation hardening chipsets.
The transaction is a combination of a $40 million share purchase
agreement, selling SatixFy’s holdings in its SatixFy Space Systems
UK Ltd, one of SatixFy’s UK based subsidiaries, to MDA as well as
an additional $20 million in advanced payments under new commercial
agreements which includes the previous $10 million advanced payment
made in June to be applied to future orders of space grade chips.
SatixFy Space Systems is SatixFy’s satellite payload subsidiary
expert in the development of digital satellite payloads systems and
subsystems, including digital beam forming antennas and on-board
processing. SatixFy will continue to retain all its related ASIC
intellectual property and new chips’ development to support the
growing market and customers building satellite digital
payloads.
The transaction is subject to customary closing conditions,
including regulatory, lender and other third party and shareholder
approvals and is expected to occur in the fourth quarter of
2023.
Nir Barkan, Acting CEO of SatixFy, commented, “This
landmark agreement for SatixFy with MDA, a leading provider of
advanced satellite technology, is a major achievement for SatixFy.
We recently took the strategic decision to focus our satellite
business on our core competencies of development of groundbreaking
chipsets supporting multi beam digital antennas and on board
processing for the space industry and advanced ground
terminals.
Today’s announcement is an integral part of that strategy and
brings SatixFy’s cutting-edge space chipsets into MDA’s digital
payloads, representing a strong step forward in the
commercialization of our technology. It demonstrates our market
leadership in providing space-grade chips technologies for
next-generation satellites and positions SatixFy as a leading
innovator in the satellite communications industry and strengthens
our competitive positioning. Furthermore, we expect that this
transaction will increase our chipset sale into satellite digital
payloads and will lead to increased collaboration between MDA and
SatixFy in new areas. MDA has been a steadfast SatixFy customer,
and we are thrilled to fortify this relationship further. In
addition, we will continue to expand our ground terminals and
chipset offering to the satellite communication markets.“
“The acquisition of SatixFy’s digital payload division advances
MDA’s satellite systems strategy as we continue to invest and
expand in next generation satellite technology and talent to meet
growing customer demand,” said Mike Greenley, CEO of MDA.
“MDA and SatixFy have worked together to advance our digital
satellite technology solutions and our teams are well acquainted,
highly complementary and collaborative. This acquisition is a
natural next step in solidifying and strengthening our market
position and addressing customer demand as we continue to
capitalize on the growth in the Low Earth Orbit (LEO) satellite
communication market.”
About SatixFy
SatixFy develops end-to-end next-generation satellite
communications systems, including satellite payloads, user
terminals and modems, based on powerful chipsets that it develops
in house.
SatixFy’s products include modems that feature Software Defined
Radio (SDR) and Fully Electronically Steered Multi Beam Antennas
(ESMA) that support the advanced communications standard DVB-S2X.
SatixFy’s innovative ASICs improve the overall performance of
satellite communications systems, reduce the weight and power
requirements of terminals and payloads, and save real estate for
gateway equipment. SatixFy’s advanced VSATs and multi-beam fully
electronically steered antenna arrays are optimized for a variety
of mobile applications and services, using LEO, MEO and GEO
satellite communications systems, for aero/in-flight connectivity
systems, high-end communications-on-the-move applications, and
more.
SatixFy is headquartered in Rehovot, Israel with additional
offices in the UK, US and Bulgaria.
For more information, please refer to www.SatixFy.com.
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 2,800 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 includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters.
Forward-looking statements are based on our management’s beliefs
and assumptions and on information currently available to our
management. Such statements are subject to substantial risks and
uncertainties, and actual results may differ materially from those
expressed or implied in the forward-looking statements due to a
variety of factors, including, but not limited to, those identified
under the section titled “Item 3. Key Information — D. Risk
Factors” in our Annual Report on Form 20-F, filed with the
Securities and Exchange Commission (the “SEC”) on May 1, 2023 (the
“20-F”), and SatixFy’s other filings with the SEC from time to
time. These risks and uncertainties include, but are not limited
to, the following: SatixFy has limited capital currently available
and will need to raise additional capital in the immediate future
to fund its operations and develop its technology and chips and
satellite communications systems; SatixFy may be unable to raise
sufficient capital on favorable or acceptable terms, if at all, and
make the necessary investments in technology development; the risk
that the transaction with MDA, for the sale of all of the
outstanding ordinary shares of SatixFy Space Systems UK Ltd.
(“SatixFy Space Systems”) will not close or that some or all of the
expected benefits of the transaction to SatixFy will not be
achieved, including, but not limited to, as a result of conditions
placed by regulators, lenders or other third parties on the
transaction; the risks associated with the potential loss of
revenue resulting from the sale of SatixFy Space Systems; the risk
that, upon the consummation of the sale of SatixFy Space Systems
and the commercial agreements with MDA and its affiliates, SatixFy
will be unable to perform its contractual commitments to MDA and
its affiliates, which could result in, among other things,
limitations on its ability to use or dispose of its intellectual
property related to its Prime2 and Sx4000 space grade chips and/or
the obligation to repay to MDA significant amounts advanced by MDA;
the risk that the transaction will not give SatixFy a significant
competitive advantage or open up its products to broader markets,
as well as new customers; the risk that the transaction will not to
lead to increased collaboration between MDA and SatixFy; the risk
that the transaction will not represent a strong step forward in
the commercialization of SatixFy’s technology or increase SatixFy’s
chipset sale into satellite digital payloads and the risk that
SatixFy will not expand its ground terminals and chipset offering
to the satellite communication markets; SatixFy is an early stage
company with a history of losses, has generated less revenues than
its prior projections, and has not demonstrated a sustained ability
to generate predictable revenues or cash flows and may not generate
revenue as expected.
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.sedar.com. 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.
SAT-COM
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version on businesswire.com: https://www.businesswire.com/news/home/20230831141936/en/
Investor Contact: Kenny Green & Ehud Helft, EK Global IR,
satixfy@ekglobal.com
Media Contact: Helena Itzhak / Aviv Sax Nahamoni,
info@satixfy.com
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