CAMBRIDGE, ON, Aug. 4, 2020 /CNW/ - exactEarth Ltd. (TSX:
XCT) ("exactEarth" or the "Company"), a leading provider of
Satellite-AIS data services, announces that it has completed its
previously announced transaction to divest four satellites from its
first-generation constellation and its ground station assets to
Myriota Canada Inc. ("Myriota Canada"), a wholly-owned subsidiary
of Myriota PTY Ltd. ("Myriota"). The Company has received the
necessary Canadian regulatory approvals and met all closing
conditions to consummate the transaction. The agreement was
initially announced via press release on March 31, 2020. All financial figures are in
Canadian dollars unless otherwise stated.
"This transaction will further strengthen our financial position
by generating approximately $1.0
million per year in net cash savings while preserving our
access to the Satellite AIS data originated by the four satellites
for the duration of their lifespan," said Peter Mabson, President & CEO of exactEarth.
"It also extends our relationship with Myriota, which is an
exciting and up-and-coming company that exactEarth has invested in
and one that we have built a strong business relationship with over
the past several years."
"This transaction marks a pivotal moment for Myriota in the
acceleration of our North American expansion plans, including the
establishment of our new Ontario,
Canada office," said Alex
Grant, CEO of Myriota. "The addition of new satellites,
industry-experts, and a global network of ground stations will only
fast-track our timeline to bring low-cost, low-power IoT
connectivity to North American agriculture, defense, mining, and
transport and logistics industries."
About exactEarth Ltd.
exactEarth is a leading provider
of global maritime vessel data for ship tracking and maritime
situational awareness solutions. Since its formation in 2009,
exactEarth has pioneered a powerful new method of maritime
surveillance called Satellite AIS and has delivered to its clients
a view of maritime behaviours across all regions of the world's
oceans unrestricted by terrestrial limitations. exactEarth's
second-generation constellation, exactViewTM RT,
securely relays satellite-detected AIS vessel signals from any
location on the earth's surface to the ground in seconds – thus
enabling global real-time vessel tracking. This unique capability
consists of 58 advanced satellite payloads designed and built by
L3Harris Technologies, Inc. under agreement with exactEarth and
that are hosted onboard the Iridium NEXT constellation of
satellites. www.exactearth.com
Forward-Looking Statements
This news release
contains statements that, to the extent they are not recitations of
historical fact, may constitute "forward-looking statements" within
the meaning of applicable Canadian securities laws. Forward-looking
statements may include financial and other projections, as well as
statements regarding exactEarth's future plans, objectives or
economic performance, or the assumptions underlying any of the
foregoing, including statements regarding, among other things,
expectations of our exactView RT offering relative to competitors,
the anticipated benefits and financial impact of the Myriota
transaction, expectations of the exactView RT capabilities driving
growth, and growth opportunities for the Company in the
maritime information services market exactEarth uses words such as
"may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by exactEarth in light of its experience and its
perception of historical trends, current conditions and expected
future developments, as well as other factors exactEarth believes
are appropriate under the relevant circumstances. However, whether
actual results and developments will conform to exactEarth's
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause
exactEarth's actual results, historical financial statements, or
future events to differ materially from those expressed or implied
by the forward-looking statements contained in this news release.
These factors include, without limitation: uncertainty in the
global economic environment; fluctuations in currency exchange
rates; delays in the purchasing decisions of exactEarth's
customers; the competition exactEarth faces in its industry and/or
marketplace; the further delayed launch of satellites; the
financial impact of the Myriota transaction; the impact of the
COVID-19 pandemic on customers and the market generally, the
reduced scope of significant existing contracts; and the
possibility of technical, logistical or planning issues in
connection with the deployment of exactEarth's products or
services.
SOURCE exactEarth Ltd.
