C-COM Satellite Systems Inc.
TSX VENTURE : CMI

C-COM Satellite Systems Inc.

March 24, 2009 12:36 ET

C-COM Reports Record Sales and Profits in Fiscal 2008

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

OTTAWA, ONTARIO--(Marketwire - March 24, 2009) -

2008 revenues increase by 22.5% to $9,006,416;

Operating Profit increases 72.9% to $1,489,728;

Net Profit increases 88.4% to $2,491,948 or 8 cents per share

C-COM Satellite Systems Inc. (TSX VENTURE:CMI) the leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for the fiscal year ended November 30, 2008.

"We have closed our fiscal 2008 with record sales and profits" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "Revenues have increased by 22.5% to $9,006,416 and we generated a net profit of $2,491,948 or 8 cents per share representing an increase of 88.4% compared with results from last year when total revenues were $7,349,598 and there was a net profit of $1,322,922 or 4 cents per share."

C-COM is recording a decrease in its future income tax asset of $155,890 and a corresponding income tax charge of the same amount on the Statements of Income and Comprehensive Income in the fiscal year ending November 30, 2008. C-COM is also recording Investment tax credits recoverable of $ 681,260 and minimum taxes paid of $108,260.

The fourth quarter of fiscal year 2008 was the 19th consecutive profitable quarter for the Company.

The working capital of the Company increased by 66.7% to $5,854,943 at fiscal year end of November 30, 2008 as compared to $3,511,554 at November 30, 2007.

The Company continues to remain free of long term debt.

"The growth and profitability during fiscal year 2008 are directly attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu Mobile auto-deploying antenna systems. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth.

These proprietary antenna systems, combined with additional new products and services to be deployed in the new fiscal year, will differentiate C-COM from other satellite-based Internet technology providers and have a potential to significantly increase our capability to generate additional revenues in 2009" said Leslie Klein, President and CEO of C-COM Satellite System Inc.

C-COM is continuing to expand its worldwide reseller network for its proprietary iNetVu Mobile technology products and establishing new partnerships with companies interested in combining the capabilities of the iNetVu with the products and services they offer.

About C-COM Satellite Systems Inc.

C-COM Satellite Systems Inc. is a leader in the development and deployment of mobile satellite-based technology for the delivery of two-way high-speed Internet services into vehicles and mobile structures. The C-COM developed proprietary auto-deploy (iNetVu™) Antenna Systems deliver satellite broadband Internet services into mobile environments, while stationary; virtually anywhere where one can drive. The iNetVu Mobile antennas can also be deployed from flyaway and transportable platforms.

The iNetVu Mobile uses a standard 12 Volt DC power source. It can be activated with a simple push of a button or with a click of the mouse, deploys automatically, locks on to the selected satellite in a few minutes and delivers 2 way broadband Internet access, VoIP and Video services virtually anywhere in the world. For additional information please visit www.c-comsat.com

iNetVu™ is a registered trademark of C-COM Satellite Systems Inc.

Forward Looking Statements

This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. New orders anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. New products and services released may not gain market acceptance. Any of those events could have an effect on future performance and C-COM Satellite Systems Inc.'s ability to achieve the results mentioned above. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances.

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