PALO ALTO, CA, Jan. 30, 2019 /PRNewswire/ - SSL, a Maxar Technologies company (NYSE:MAXR) (TSX:MAXR), and a leading provider of innovative satellites and spacecraft systems, today announced it has exercised its right to terminate participation in the Robotic Servicing of Geosynchronous Satellites (RSGS) program, a public-private partnership with the U.S. Defense Advanced Research Projects Agency (DARPA), citing a need to focus its resources on ensuring optimal returns when weighed against other capital priorities, such as WorldView Legion. SSL remains unwavering in its commitment to its customers on all existing contracts.
SSL has notified DARPA that it has decided to discontinue its participation in RSGS, an option available at this time under the terms of the Other Transaction Agreement between SSL and DARPA. This decision is consistent with Maxar's commitment to disciplined prioritization of capital. Maxar remains confident in the potential of the on-orbit servicing market and the value of public private partnerships. SSL will also be terminating its associated contract with Space Infrastructure Services LLC, which SSL was awarded in June 2017 to develop a servicing spacecraft vehicle for the RSGS program.
Signed in 2017, the Other Transaction Agreement called for DARPA to develop the dexterous robotic payload and provide a government-funded launch. SSL was responsible for funding the development of the spacecraft bus and integrating the resulting robotic servicing spacecraft with the launch vehicle, as well as providing operations staff over the full mission duration.
"While disappointed that we are unable to find an economically viable path to support RSGS and meet our return criteria, we are dedicated to partnering with the U.S. government to realize the full potential of in-space robotic servicing of spacecraft, as well as assembly and manufacturing in space," said Richard White, President of SSL Government Systems. "At Maxar, we are uniquely positioned to leverage technology and expertise from across our businesses to accelerate innovation for the new space economy. We are proud of our leadership in space robotics, including our pioneering work in NASA's Restore-L mission to refuel LANDSAT-7, and we will continue to pursue leading-edge opportunities."
SSL, based in Palo Alto, California, is a leading provider of advanced spacecraft systems, with broad expertise to support commercial and government satellite operators and innovative space missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband internet, mobile communications, in-orbit servicing, space exploration, and Earth observation. As a Silicon Valley innovator for 60 years, SSL's advanced product line includes state-of-the-art small satellites, and sophisticated robotics and autonomous solutions for remote operations. SSL is a Maxar Technologies company (NYSE: MAXR) (TSX: MAXR). For more information, visit www.sslmda.com.
About Maxar Technologies
As a global leader of advanced space technology solutions, Maxar Technologies is at the nexus of the new space economy, developing and sustaining the infrastructure and delivering the information, services, systems that unlock the promise of space for commercial and government markets. As a trusted partner, Maxar Technologies provides vertically integrated capabilities and expertise including satellites, Earth imagery, robotics, geospatial data and analytics to help customers anticipate and address their most complex mission-critical challenges with confidence. With more than 6,100 employees in over 30 global locations, the Maxar Technologies portfolio of commercial space brands includes MDA, SSL, DigitalGlobe and Radiant Solutions. Every day, billions of people rely on Maxar to communicate, share information and data, and deliver insights that Build a Better World. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.
Certain statements and other information included in this release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws. Statements including words such as "may", "will", "could", "should", "would", "plan", "potential", "intend", "anticipate", "believe", "estimate" or "expect" and other words, terms and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, as well as other statements referring to or including forward-looking information included in this presentation.
Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation. As a result, although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about the Company and its business included in the Company's continuous disclosure materials filed from time to time with Canadian and U.S. securities regulatory authorities, which are available online under the Company's EDGAR profile at www.sec.gov, under the Company's SEDAR profile at www.sedar.com or on the Company's website at www.maxar.com.
The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this presentation or other specified date and speak only as of such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable securities legislation.
Investor Relations Contact:
Maxar VP Investor Relations
Maxar Media Relations
SOURCE Maxar Technologies Ltd.