|By Marketwired .||
|September 4, 2013 07:21 AM EDT||
DARTMOUTH, NOVA SCOTIA -- (Marketwired) -- 09/04/13 -- Ultra Electronics Maritime Systems Inc. (Maritime Systems) (LSE:ULE) is pleased to announce the award of funding from Industry Canada's Strategic Aerospace and Defence Initiative (SADI). This long-term funding will allow Maritime Systems to undertake a six-year $27.4m internal research and development (R&D) programme that will provide competitive advantage against international competition in the fast-growing, military towed, low-frequency, active-passive market. To supplement its internal skill set, Maritime Systems is partnering with Canadian community colleges and universities such as NSCC, Dalhousie, Simon Fraser, and UNB. "Our government is committed to promoting economic growth and prosperity across the country," said Minister MacKay. "We will continue to work with innovative firms, such as Ultra Electronics, who create high -quality jobs and foster partnerships between sectors to ensure Canada remains a global leader in aerospace and defence." The products developed under this internal R&D project will introduce next-generation acoustic sensing, data transport, and acoustic projector technologies, culminating with an in-field demonstration capability that Maritime Systems can use to showcase this Canadian technology to its international customers. Maritime Systems' President, Mr. Ken Walker, notes, "The largest and arguably most prestigious source of R&D funding for companies like Maritime Systems is Industry Canada's Strategic Aerospace and Defence Initiative, also known as SADI. Today we are very happy to become the latest recipient, and first Atlantic Canadian Company, to be awarded SADI funding from Industry Canada."
ABOUT ULTRA ELECTRONICS MARITIME SYSTEMS INC.
Ultra Electronics Maritime Systems Inc. (UEMS) is an international leader in the development of equipment and systems for undersea surveillance and anti-submarine warfare (ASW). Established in Dartmouth, Nova Scotia, Canada in 1947, UEMS delivers sophisticated sonar systems to navies around the world including Multi-static Active Passive Sonar for the Dutch Navy, an Integrated Sonar Suite for the Royal Australian Navy, and the UK Surface Ship Torpedo Defence System for the Royal Navy. UEMS provides unique engineering, development, manufacturing, test, evaluation, and management capabilities to develop and deliver advanced electronic, electromechanical, and underwater sensor systems. For more information on Ultra Electronics, please visit www.ultra-ms.com.
ABOUT INDUSTRY CANADA
Industry Canada works with Canadians in all areas of the economy and in all parts of the country to improve conditions for investment, enhance Canada's innovation performance, increase Canada's share of global trade and build a fair, efficient and competitive marketplace. For more information on Industry Canada, please visit http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home
Ultra Electronics Maritime Systems