NewSat Announces $2.8 Million in New Contracts (Australia)

Leading independent satellite communications company NewSat Limited has announced $2.8 million worth of new contract wins.

This positive result continues the strong end to 2010 with the previously announced $3 million worth of contracts closed in late 2010.

These results were an extremely strong way to finish 2010 for NewSat, a year in which the company announced its maiden EBITDA of $1.6 million, and 25% revenue growth from the previous year.

NewSat Chief Executive Officer Adrian Ballintine said that 2011 is shaping up to continue this exciting period for NewSat.

“Such a positive end to the 2010 calendar year, coupled with these recent contract wins, sets us up well for 2011,” Mr Ballintine said.

“The Jabiru Satellite program, as announced at the 2010 Annual General Meeting, combined with our strong results makes this an exciting period of opportunity and growth for NewSat.”

The combined $2.8 million worth of new contract wins include the recent $2 million contract with Nixon Communications, providing services to four major camps along the new liquefied natural gas pipeline being built between Chinchilla and Gladstone in Queensland.

$800,000 of additional contract revenue will come from multiple Australian and international resource projects.

With the $3 million of new contracts from late 2010, NewSat’s combined contract wins are closing in on $6 million over the last couple of months.

“While these new contract wins are fantastic for NewSat, the opportunity to provide services to projects of such a varying nature also gives us the opportunity to demonstrate our flexibility and our industry-leading level of expertise,” Mr Ballintine said.

“This expertise and experience, combined with our continual growth, leaves us well placed to make the transition from successful satellite solutions provider to satellite operator, Australia’s first, with the launch of Jabiru-1, in the coming years.”

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Source: NewSat, January 17, 2010;