Norsat International, Inc. (OTCBB: NSAT) announced that it has received a $5.97 million repayable investment from the Canadian government and will use it in research and development of new products.
Some of the future development objectives for Norsat include: components that operate in extreme hot and cold temperatures; flat antenna technology for improved portability of satellite systems; consoles easy for non-technical users to operate; as well as more products for the wireless communication market.
“The support we have received through the federal government is instrumental … as it enables us to cost-effectively complete the R&D necessary to further the technology leadership of our satellite systems and effectively expand into new industries such as terrestrial wireless communication,“ said Norsat President and CEO, Dr. Amiee Chan.
The investment came through Canada’s Strategic Aerospace and Defence Initiative (SADI). It represents a portion of the $17 million the company could be eligible for in the next five years. The terms indicate that the $5.97 million can be paid back over 15 years through a royalty formula based on Norsat’s revenue growth.
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