Maritime Launch Services Secures Nova Scotia Approval for Satellite Processing Facility

Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) has announced they have received approval from the Province of Nova Scotia for the development of a satellite processing facility.

This project also deemed eligible for reimbursement under the Capital Investment Tax Credit (CITC) Program, a significant milestone for the company's growth and the region's economic development.

The Nova Scotia CITC is an annualized reimbursement initiative designed by the Government of Nova Scotia to stimulate economic growth and incentivize infrastructure and capital equipment investments within the province. The program offers substantial financial advantages to eligible corporations, promoting development and fostering economic prosperity in Nova Scotia.

Maritime Launch has secured approval for an initial qualification of up to $7.5 million in reimbursements under the CITC for its satellite processing facility project. Reimbursement eligibility will commence with the start of construction, slated for late 2024. This approval follows a separate application granted in September 2023 for a project at Spaceport Nova Scotia.

"Our vision is to build a world-class Spaceport. 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." - Stephen Matier, President and CEO of Maritime Launch Services

In 2023, Maritime Launch received approval for an initial qualification of $13.2 million for the development of Spaceport Nova Scotia’s launch vehicle integration facility on site. With the addition of the new satellite processing facility, the total amount qualified under the provincial program now reaches $20.2 million.

These advancements will bolster Spaceport Nova Scotia’s competitive edge, enabling its launch clients to provide comprehensive on-site satellite testing and checkout capabilities.

The new satellite processing facility, situated adjacent to Spaceport Nova Scotia, will offer an array of launch service support features. These include logistics excellence, frequency assignment assistance, integration expertise, and rigorous testing and verification procedures. Such services aim to streamline satellite operations, enhance mission efficiency, and provide top-tier launch service support to clients preparing for launches 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. Additionally, it will foster a dynamic ecosystem of innovation and entrepreneurship, attracting international investment and stimulating economic growth in rural Nova Scotia." - Stephen Matier, President and CEO of Maritime Launch Services

Maritime Launch Services remains committed to delivering excellence and enabling the success of its clients in the commercial space sector. This new approval marks another significant milestone for the company and signifies Nova Scotia's growing importance in Canada's expanding space economy.