Maritime Launch Receives Conditional Term Sheet from Government of Canada for Contribution under the Strategic Innovation Fund
13 Mayo 2024 - 11:46AM
Business Wire
Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) (the
“Company” or “Maritime Launch”) has received a conditional term
sheet for a $12.9 million contribution administered under the
Strategic Innovation Fund (SIF). Funding would support Maritime
Launch in the ongoing development of Spaceport Nova Scotia, as the
company prepares for a first orbital launch from Nova Scotia,
Canada, in 2025.
The term sheet provided by the Government of Canada is proposing
$12.9 million in project cost reimbursements and would be
conditionally repayable, to support Maritime Launch’s Spaceport
Nova Scotia, which will develop and commercialize Canada’s first
commercial orbital spaceport near Canso, Nova Scotia. The term
sheet is non-binding, and the proposed contribution is subject to
operational and financial conditions that have not yet been met,
approvals, and execution of a Contribution Agreement.
Managed by Innovation, Science and Economic Development Canada
(ISED), the SIF plays a key role in providing support for
innovative projects in Canada. The funding program provides
transformative investments in all sectors of the economy to help
Canada prosper in a global, knowledge-based economy.
Last year, Maritime Launch announced an investment of $13.1M
from the Province of Nova Scotia under the Capital Investment Tax
Credit (CITC program). Pending approval of the conditional SIF term
sheet, total federal and provincial reimbursement funding would
total $26.0 million.
Funding from the SIF would position Maritime Launch to complete
the spaceport with a launch control center, a satellite integration
facility, and a launch pad. Spaceport Nova Scotia will focus on
supporting small class launch vehicles with total payloads not
exceeding 1,250 kilograms initially, while growing the site to
support medium class launchers.
About Maritime Launch Services Maritime Launch is a
Canadian-owned commercial space company based in Nova Scotia.
Maritime Launch is developing Spaceport Nova Scotia, a launch site
that will provide satellite delivery services to clients in support
of the growing commercial space transportation industry over a wide
range of inclinations. Spaceport Nova Scotia will allow launch
vehicles to place their satellites into low-earth orbit. Spaceport
Nova Scotia is Canada’s first commercial orbital launch
complex.
For more information about Maritime Launch and Spaceport Nova
Scotia, visit www.maritimelaunch.com
Forward Looking Statements This news release contains
"forward-looking statements" within the meaning of applicable
securities laws. All statements contained herein that are not
clearly historical in nature may constitute forward-looking
statements. The forward-looking information and forward-looking
statements contained herein include, but are not limited to,
statements regarding: entering into binding definitive Contribution
Agreement, the amount and timing of the contribution under such
agreement, the budget and timing for completion of Spaceport Nova
Scotia, timing of first orbital launch and the subsequent growth to
support medium class launchers, and regulatory approval of the
extension by the Cboe Exchange.
Generally, such forward-looking information or forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or may contain statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "will continue", "will occur" or "will
be achieved".
Forward-looking statements in this news release are based on
certain assumptions and expected future events, and involve known
and unknown risks, uncertainties and other factors, which may cause
actual results, performance or achievements to differ materially
from those expressed or implied by such statements, including:
negotiation of binding agreements; ; continued approval of the
Company’s activities by the relevant governmental and/or regulatory
authorities; construction schedules; economic conditions; the
Company’s ability to obtain the financing that is a condition of
the Strategic Innovation Fund and otherwise finance its operations
until profitability of the Company can be achieved and sustained;
and ability to continue as a going concern. For additional risks
see the risk factors discussed in the Company’s Annual Information
Form and Annual Management’s Discussion and Analysis filed on
SEDAR+.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions, or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect the
Company’s expectations as of the date hereof and are subject to
change thereafter. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, estimates or opinions, future events or results or
otherwise or to explain any material difference between subsequent
actual events and such forward-looking information, except as
required by applicable law.
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Maritime Launch Services Sarah McLean Vice President of
Communications and Corporate Affairs
sarah.mclean@maritimelaunch.com www.maritimelaunch.com
902.402.6947