Maritime Launch Services Receives Infrastructure Reimbursement Program Approval from the Province of Nova Scotia for the Construction of a $30M Satellite Processing Facility at Spaceport Nova Scotia

Rhea-AI Summary

Maritime Launch Services has received approval from the Province of Nova Scotia for a $30M satellite processing facility at Spaceport Nova Scotia, qualifying for up to $7.5M in reimbursements under the Capital Investment Tax Credit (CITC) Program. The CITC aims to drive economic growth by supporting infrastructure investments. Construction is set to begin in late 2024. This facility will support satellite clients with logistics, frequency assignments, integration, and rigorous testing. The project adds to a previously approved $13.2M for other facilities at the spaceport, totaling $20.2M in qualified projects. The initiative is expected to generate high-paying jobs, enhance local supply chains, and attract international investment, boosting economic growth in rural Nova Scotia.

Positive

• Approval for $30M satellite processing facility at Spaceport Nova Scotia.
• Up to $7.5M in reimbursements approved under the CITC Program.
• Total $20.2M in qualified projects approved by Nova Scotia.
• Construction planned for late 2024.
• New facility to provide logistics, frequency assignments, integration, and testing services.
• Expected to create high-paying technical jobs.
• Enhances local supply chains and attracts international investment.

Negative

• None.

CANSO, Nova Scotia--(BUSINESS WIRE)-- Today, Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) announces that the Company has received approval from the Province of Nova Scotia for the development of a satellite processing facility, as an eligible project for reimbursement under the Capital Investment Tax Credit (CITC) Program.

The Nova Scotia CITC is an annualized reimbursement program designed by the Government of Nova Scotia to drive economic growth and incentivize development within Nova Scotia. The program provides significant financial advantages to eligible corporations that invest in infrastructure and capital equipment for approved projects located in Nova Scotia.

Maritime Launch has received approval for an initial qualification of up to $7.5M in reimbursements under the CITC for the satellite processing facility project. Reimbursement is eligible to begin at the start of the construction of the satellite processing facility, planned for late 2024 and follows approval of a separate application in September 2023 for a project at Spaceport Nova Scotia.

"Our vision is to build a world-class Spaceport,” said Stephen Matier, President and CEO, Maritime Launch Services. "This approval, coupled with the approval we received last year, underscores our shared commitment with the Province of Nova Scotia to foster economic development in rural areas like Canso, Hazel Hill and Little Dover. Spaceport Nova Scotia will establish Canada as a competitive player in the global space market."

In 2023, Maritime Launch was approved for an initial qualification of $13.2M for the development of Spaceport Nova Scotia’s launch vehicle integration facility on site, bringing the total to $20.2 million in qualified projects under the provincial program. These developments will drive Spaceport Nova Scotia’s competitive position allowing its launch clients to serve their satellite customers by offering on-site, state of the art, satellite testing and checkout capabilities.

The new satellite processing facility, which will be located adjacent to Spaceport Nova Scotia, will offer launch service support including logistics excellence, frequency assignment assistance, integration expertise, and rigorous testing and verification procedures. These services will streamline satellite operations, enhance mission efficiency, and provide world-class launch service support to the satellite clients as they prepare to launch from Spaceport Nova Scotia.

“The establishment of this facility is expected to generate substantial economic benefits for the region, including the creation of high-paying technical jobs and the development of a robust local supply chain,” added Matier. “Additionally, it will foster a dynamic ecosystem of innovation and entrepreneurship, attracting international investment and stimulating economic growth in rural Nova Scotia.”

Maritime Launch Services is committed to delivering excellence and enabling the success of its clients in the commercial space sector. This new approval is another significant milestone for Maritime Launch and signifies Nova Scotia's continued role as a key player in the growth of Canada’s space economy.

About Maritime Launch Services

Maritime Launch (Cboe CA: MAXQ, OTCQB: MAXQF) 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 from a single site. 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.

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". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the timing of spaceport construction and ability to launch medium class vehicles.

Forward-looking statements in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop revenue-generating applications; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company’s ability to finance its operations until profitability can be achieved and sustained.

These statements 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 but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; the inability of the Company to provide the enumerated services; and availability of launch vehicles.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240620883541/en/

Maritime Launch Services

Sarah McLean

Vice President of Communications and Corporate Affairs

sarah.mclean@maritimelaunch.com

www.maritimelaunch.com

902.402.6947

Source: Maritime Launch Services Inc.

FAQ

What recent approval did Maritime Launch Services receive for MAXQF?

Maritime Launch Services received approval for a $30M satellite processing facility, qualifying for up to $7.5M in reimbursements under Nova Scotia's CITC Program.

When is the construction of Maritime Launch Services' satellite processing facility expected to begin?

The construction of the satellite processing facility is planned to begin in late 2024.

How much total funding has Maritime Launch Services secured for projects under the CITC Program?

Maritime Launch Services has secured a total of $20.2M in qualified projects under Nova Scotia's CITC Program.

What services will the new satellite processing facility by Maritime Launch Services provide?

The facility will offer logistics, frequency assignment assistance, integration expertise, and rigorous testing and verification procedures.

What economic benefits are expected from the new Maritime Launch Services facility?

The facility is expected to create high-paying jobs, enhance local supply chains, attract international investment, and stimulate economic growth in rural Nova Scotia.