PRESS RELEASES

Pedaso (FM), & Burlington (ON), January 30 2023 – Civitanavi Systems S.p.A. (EURONEXT MILAN, CNS) leading Italian manufacturers of inertial navigation, georeferencing and stabilization systems and PV-Labs Ltd, a privately held company based in Canada and a leader in the design and manufacture gyro-stabilized gimbals and advanced ISR&T (Intelligence Surveillance Reconnaissance and Targeting) imaging systems, have announced today the signing of a binding agreement for CNS to purchase a 30% minority ownership in PV-Labs Ltd for 2.5 million USD.

PV Labs has reached a monumental milestone. Today we delivered the first ever Fifth-generation Advanced Stabilization Technology (FAST) ISR system.

The ITAR-free PV1315 is now officially in the field and represents 1 of 6 variants using PV:ABS advanced FAST Stabilization platform.

For the first time, it also carries a PVLabs-designed payload — designed, integrated, and delivered by the same group of engineers and technicians responsible for the stabilization, controls, and overall system performance.

This delivery is the first of many systems shipping in the coming months. From the PV1012 through the PV1825, this platform represents a meaningful shift away from long-held assumptions about what ISR systems can deliver.

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Lockheed Martin announced it is investing $10 million U.S. dollars towards PVLABS, a Canadian leader in the design and development of turnkey aerial imaging solutions. This is one of Lockheed Martin’s largest investments made under Canada’s Industrial and Technological Benefits (ITB) Policy, in association with the In-Service Support Contract for the CC-130J.

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Hanwha Systems has signed a memorandum of understanding (MOU) with PV Labs, a Canadian specialist in aerial imaging systems, to collaborate in developing advanced capabilities for Electro-Optical Tactical Systems.

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Under the MOU, Hanwha Systems and PV Labs will collaborate to enhance EO/IR (Electro-Optical/Infra-Red) sensor capabilities for broader security applications. As part of the collaboration, Hanwha Systems plans to support local development, system integration, and production in Canada, including the transfer of related technologies to PV Labs. PV Labs is a Canadian leader in stabilised electro-optical technologies, with core strengths in high-resolution EO/IR sensor integration.

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The products will be marketed by both companies for export to global markets. This Partnership and Investment Framework is expected to create significant business opportunities for both Hanwha Systems and PV Labs.