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To: Davy Crockett who wrote (332)	11/8/2001 8:20:34 AM
From: Al Collard	Respond to of 4470

CDV-t...in the news. Globe says Richards sees Com Dev running out of cash Thu 8 Nov 2001 In the News The Globe and Mail reports in its Thursday, Nov. 8, edition that Com Dev International fell 16 per cent or 56 cents to $2.85 on the Toronto Stock Exchange Wednesday. The Globe's Market Movers column reports that the manufacturer of wireless networking equipment in satellites and ground-based towers sold $15-million of convertible debentures, which CIBC World Markets analyst Barry Richards said is not enough to prevent the company from running out of cash.

To: Davy Crockett who wrote (332)	11/8/2001 4:59:27 PM
From: Al Collard	Respond to of 4470

CDV-t...news out. Com Dev's CFO refutes Globe article Thu 8 Nov 2001 News Release Mr. Ron Holdway reports Responding to an article in today's edition of The Globe and Mail saying that the company is in danger of running out of cash, Tim Zahavich, Com Dev's chief financial officer, said: "I was totally astounded when I saw the story. This is a ridiculous article that is totally without merit." He continued "no one made any attempt to check the facts and the analyst quoted has confirmed to us that no one spoke to him either. The facts are: as of today, we have in excess of $5-million cash in the bank and $20-million available under our line of credit. The space division alone billed in excess of $30-million in our fourth quarter, which will be collected shortly. As a result, we fully expect to be cash flow positive this quarter. Given the additional proceeds coming from this week's debenture financing, which has been well received, and from the sale of the subsystems operation of our wireless division, I anticipate no further financing requirements in the foreseeable future." The company regrets the unnecessary distress caused to its customers, shareholders, suppliers and all other stakeholders. WARNING: The company relies upon litigation protection for "forward-looking" statements.