Sep 9, 2023   SOURCE: BusinessWire

Province of Nova Scotia Invests in Maritime Launch Services Driving Space Sector Innovation in Canada

Today, Maritime Launch Services Inc. (NEO:MAXQ, OTCQB:MAXQF) announces Canada’s launch capabilities and Nova Scotia’s position as a global space sector innovator gains significant momentum as the Province of Nova Scotia approves Spaceport Nova Scotia – Canada’s first commercial spaceport – as an eligible project for the Nova Scotia Capital Investment Tax Credit Program (CITC).

Spaceport Nova Scotia, located near Canso, Nova Scotia, is currently being developed by Maritime Launch Services.

Stephen Matier, President and CEO, Maritime Launch Services, says Spaceport Nova Scotia’s CITC approval will accelerate benefits for the Province and Canada. “Companies around the world are racing to get their technology launched into space, and the CITC program will help us expedite our project to serve this global demand,” says Matier. “The Government of Nova Scotia understands the time is right, and we must work now to fully leverage this opportunity for Nova Scotia to become a global space sector destination.”

“We are proud that Nova Scotia is home to Canada’s first commercial spaceport and recognize the critical role Maritime Launch will play in offering a satellite launch facility to the global market,” said Tim Houston, Premier of Nova Scotia. “Our government is focused on nurturing innovation to grow our economy and increase local prosperity. Spaceport Nova Scotia is an exciting project that advances our province on both fronts.”

Spaceport Nova Scotia’s CITC Part A application approval provides a material financial commitment to the Province’s ongoing support for rural economic development and innovation. Specifically, this approval results in an initial qualification of more than $13 million for the project for the current phase of development through the CITC.

The CITC program’s threshold was recently increased to 25% for eligible capital equipment projects of up to $400 million with a maximum tax credit of $100 million per project. Maritime Launch intends to apply for the full scope of eligibility.

“The economic impact of a project like Spaceport Nova Scotia is clear, with the construction phase projected to add $143 million to the Nova Scotia economy, along with 750 year-round jobs,” said Susan Corkum-Greek, Minister of Economic Development. “Nova Scotia’s Capital Investment Tax Credit is designed to encourage businesses to invest and grow in our province. That’s why we’re pleased to see this project utilize the CITC, knowing it will continue to help Spaceport Nova Scotia be a significant driver of rural investment and innovation.”

Earlier this spring, a Conference Board of Canada (CBOC) study projected significant and lasting economic benefits of the Spaceport Nova Scotia project.

Once the project fully ramps up operations, the Conference Board of Canada projects it will add around $300 million to Canada’s GDP annually, boost revenue to governments by more than $100 million, and create close to 1,000 annual full-year jobs across Canada.

About Maritime Launch

Maritime Launch Services inc. (NEO: MAXQ, OTCQB: MAXQF) is a Canadian-owned commercial space company based in Nova Scotia. Maritime Launch is developing Spaceport Nova Scotia, a launch site that will provide satellite delivery services to clients in support of the growing commercial space transportation industry over a wide range of inclinations. Spaceport Nova Scotia will allow small and medium sized launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada’s first commercial orbital launch complex.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the timing of spaceport construction and ability to launch medium class vehicles.

Forward-looking statements in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop revenue-generating applications; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company’s ability to finance its operations until profitability can be achieved and sustained.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; the inability of the Company to provide the enumerated services; and availability of launch vehicles.

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Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.