CAMBRIDGE, ON, Nov. 2, 2020 /CNW/ - exactEarth Ltd. (TSX: XCT)
("exactEarth" or the "Company"), a leading provider of
Satellite-AIS data services, announces that, effective November 1, 2020, it has begun to provide
additional Space-Based AIS maritime data services to the Government
of Canada ("GoC"). All financial
terms are in Canadian dollars unless otherwise stated.
Under the terms of the new contract ("Contract"), exactEarth
will provide its data services for an initial term of one-year and
the Contract includes four six-month options that, if exercised by
the GoC, could extend the term by two more years. The Contract is
expected to generate revenue of $424,000 during the initial one-year period.
"We are pleased to have won this competitive tender, which we
believe reflects the high-performance capabilities and value of the
58 operational payloads supporting exactView RT, our real-time
Satellite AIS service," said Peter
Mabson, President and CEO of exactEarth. "This Contract
expands our existing Satellite AIS subscription services provided
to the GoC and we continue to explore opportunities to further grow
this valued relationship."
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.
