Contribution marks a 'decisive step' toward fully financing Ottawa-based company's $6.5-billion project aimed at delivering high-speed internet service to remote areas, CEO says.
Telesat has signed a $109-million contract with the Ontario government that will see the Ottawa-based satellite equipment manufacturer help deliver high-speed internet service to rural areas of the…
But company sees brighter days ahead as it continues to refine antenna technology for next-generation satellites poised to deliver high-speed internet to the most remote parts of the planet.
Big-box behemoth, whose Canadian subsidiary is headquartered on Hunt Club Road, posted revenues of $30.2 billion in 2020, up 6.6 per cent from a year earlier.
Ottawa-based company reported revenues of $190 million for the three-month period ending March 31, down from $208.7 million a year earlier.
Ottawa-based firm says proceeds from the offering will help finance its multibillion-dollar low-Earth orbit satellite program.
Company said it lost a contract with a major North American direct-to-home broadcast customer and saw revenues from clients in the aeronautical and maritime industries dip during the pandemic.
The Quebec government will receive a $200-million equity stake in the cutting-edge satellite network and will also provide Telesat with a $200-million loan.
Project will pave the way for the Ottawa firm’s customers to deliver high-speed internet to the farthest reaches of the globe.
Downtown firm says trading on U.S. exchange will help fund its multibillion-dollar low-Earth orbit satellite program.