Maritime Launch Receives Additional Infrastructure Reimbursement Approval for Over $10 Million from the Province of Nova Scotia for an Additional Small Launcher Launch Pad

Rhea-AI Summary

Maritime Launch Services (MAXQF) has secured approximately $10.5M in approval from Nova Scotia under the Capital Investment Tax Credit for constructing a dedicated small launch vehicle pad. This adds to previous CITC funding, bringing total authorized infrastructure support to $30.7M for Spaceport Nova Scotia. The new launch pad will include critical infrastructure like flame diverters, propellant systems, and power systems. The project is expected to create up to 30 local jobs and strengthen Canada's sovereign space capabilities. The CITC program offsets 25% of eligible capital expenditures, with a maximum benefit of $100M, aimed at driving economic growth in rural regions.

Positive

• Secured additional $10.5M in government funding through CITC program
• Total authorized infrastructure funding reaches $30.7M for qualified projects
• Project will create up to 30 new local technical and operational jobs
• Expansion enables serving more international launch providers
• Development strengthens Canada's sovereign space capabilities

Negative

• Heavy reliance on government funding and tax credits for infrastructure development
• Significant capital expenditure required for infrastructure completion

CANSO, NS, June 6, 2025 /PRNewswire/ - Today, Maritime Launch Services Inc. (Cboe CA: MAXQ) (OTCQB: MAXQF) announces that the Company has obtained approval from the Province of Nova Scotia for approximately $10.5M under the Capital Investment Tax Credit (CITC). This approval will support the construction of a dedicated launch pad for small launch vehicles, an essential addition to support the company's growing roster of global launch clients.

The CITC is a refundable corporate tax credit designed to encourage capital investment in Nova Scotia through approved projects. The approval awarded to Maritime Launch will facilitate the establishment of highly specialized commercial space infrastructure and enhance Canada's sovereign space capabilities. This approval builds upon prior support from the Province under the CITC program. Approximately $30.7 million in CITC funding has been authorized for qualified infrastructure projects at Spaceport Nova Scotia.

"This support from the Province sends a clear message to the global space industry that Nova Scotia is open for business," said Stephen Matier, President and CEO of Maritime Launch. "With the help of the CITC, we are building the foundation for Canada's commercial space sector, bringing jobs, innovation, and global investment to rural Nova Scotia and sovereign launch capability to Canada."

The dedicated launch pad is a separate, stand-alone launch platform designed to serve Maritime Launch's growing customer base of international launch providers. The project includes the full suite of specialized infrastructure required for safe and efficient orbital launch operations, including a flame diverter, gas and propellant system interfaces, electrical and power systems, civil works, and other mission-critical components tailored to support modern small launch vehicles.

"Nova Scotia is working to grow our economy, and we're happy to see companies investing in their future here," said Premier Tim Houston. "This tax credit will continue to support Maritime Launch Services in creating something truly exciting to be part of – a spaceport here in the Province. In the process, they'll create opportunities for Nova Scotians in rural areas."

Spaceport Nova Scotia: Driving Economic Growth and Innovation in Nova Scotia and Sovereign Launch Capability for Canada

The CITC-supported infrastructure will generate substantial benefits for the Municipality of the District of Guysborough and the Province as a whole:

• Job Creation: As the spaceport becomes operational, up to 30 jobs will be created in the local area, spanning technical, operational, and maintenance roles.
• Local Economic Activity: Infrastructure development and ongoing operations will drive demand across local construction, hospitality, and service sectors.
• Investment Attraction: Spaceport Nova Scotia will anchor a new high-tech sector in the region, helping to diversify the local economy and position Nova Scotia as a global destination for space and satellite companies.
• Resilience and Sovereignty: With robust infrastructure in place, Canada strengthens its domestic capability in satellite communications.

The CITC is a targeted incentive program offsets 25% of eligible capital expenditures on approved projects in Nova Scotia, with a maximum benefit of $100 million. The program enables transformative infrastructure projects to move forward in rural regions, attracting private-sector investment and high-quality jobs.

The support of the Nova Scotia Government's CITC program is essential to attract private-sector investment, stimulate innovation, and create the conditions for long-term economic growth.

For more information on this announcement and ongoing development at Spaceport Nova Scotia, please visit: www.maritimelaunch.com/news

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 to support 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.  The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: entering into binding definitive extension agreements with the holders of the debentures, consideration payable in connection with the extension of the debentures, and regulatory approval of the extension by the Cboe Exchange.

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".

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 come to mutually agreeable binding terms in definitive agreements with the holders of the debentures in a timely manner or at all; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the Company's ability to finance its operations until the extension can be secured and profitability of the Company 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.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

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.

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SOURCE Maritime Launch Services Inc.

FAQ

What is the total CITC funding approved for Maritime Launch Services (MAXQF)?

Maritime Launch Services has received total CITC funding approvals of approximately $30.7M, with the latest approval being $10.5M for a small launch vehicle pad.

How many jobs will the Spaceport Nova Scotia project create?

The spaceport is expected to create up to 30 jobs in the local area, including technical, operational, and maintenance roles.

What is the Capital Investment Tax Credit (CITC) percentage for Maritime Launch?

The CITC program offsets 25% of eligible capital expenditures on approved projects in Nova Scotia, with a maximum benefit of $100 million.

What infrastructure will be built with the new $10.5M CITC approval for MAXQF?

The funding will support construction of a dedicated small launch vehicle pad, including flame diverter, propellant systems, electrical systems, and other mission-critical components.

How will Spaceport Nova Scotia benefit the local economy?

The spaceport will create local jobs, drive demand in construction and service sectors, attract high-tech companies, and help diversify the local economy.