09:21 AM EDT, 10/23/2024 (MT Newswires) -- SatixFy Communications Ltd. , a player in next-generation satellite communication systems based on in-house-developed chipsets, on Wednesday signed new agreements in aggregate valued at $5 million, alongside an immediate prepayment of a previously announced $5 million associated with an amendment to an existing contract with MDA Space Ltd. ( MDALF ) , a provider of advanced technology and services to the rapidly expanding global space industry.

A statement noted the agreements signed today further collaboration between the two companies initiated in October 2023.

Under an amendment to the original Master Purchase Agreement, signed in October 2023, a total of $3 million was added to the scope of the original agreement, alongside an immediate prepayment of $5 million that was previously announced but not yet paid. Additionally, an Authorization to Proceed agreement was signed between SatixFy and MDA Space ( MDALF ), which is structured around two milestone payments totaling $2 million in the aggregate and setting out the terms for future purchase orders.

For his part Nir Barkan, Chief Executive Officer of SatixFy, said, "These new agreements could allow us to present significant double digit revenue growth rates next year."

MDA closed down $0.01 at $21.81 yesterday, having recorded a fresh 52 week high of $21.86.