Satellite Investment

IOSAT Inc., a Nova Scotia technology company, is getting a boost with the announcement today of a $1 million financing agreement
by InNOVAcorp, for the development of a mobile satellite receiving station.

The system, called the Sentry, gives field personnel the ability to acquire data and process images in real time, from anywhere on the planet.

"IOSAT is a great example of what Nova Scotia companies can achieve," said Ross McCurdy, chief executive officer of InNOVAcorp. "Industries involved in the development of cutting-edge technology are the future for Nova Scotia. We want to do all we can to ensure their success."

IOSAT Inc. is a Canadian system engineering company with partners in Halifax, Montreal and France. IOSAT is responsible for the development of the Sentry system, a multi-satellite receiving and processing mobile station.

This is an advanced form of satellite technology, right here in our own backyard. This compact system can perform a number of duties, from keeping an eye on the country as a whole, to watching a small boat attempt to evade radar detection as it unloads an illegal cargo in a small hidden cove. The system can operate in any environment, from the desert to the rain forest. In any weather, day or night, the Sentry provides rapid assessment of satellite data for users requiring real time access to the information.

"The funding will assist with product design, development, manufacture and sales of Sentry, providing jobs in the process," said Marlon Lewis, president of IOSAT. "The Sentry's performance during recent naval exercises clearly demonstrates the value of the system for maritime surveillance, it is the most advanced satellite ground system in civilian use worldwide."

"IOSAT's transportable ground-station technology will enhance the capacity of Canada's RADARSAT, along with other satellite systems, to respond with the flexibility, reliability, efficiency and cost-effectiveness that the international user community demands," said Mac Evans, president of the Canadian Space Agency. "The ensuing market demand and revenues expected to be generated by RADARSAT data sales and the Sentry system signifies a win-win situation for the Canadian economy and the space industry of Atlantic Canada."

InNOVAcorp is a unique organization committed to assisting Nova Scotia-based technology companies to compete anywhere in the world.

As a provincial Crown corporation, InNOVAcorp targets promising business opportunities in the growing knowledge economy. The financing is part of InNOVAcorp's commitment to help Nova Scotia technology companies grow, compete, and export.

The funding for the IOSAT project was provided by the Nova Scotia First Fund, a provincial fund managed by InNOVAcorp.