CAMBRIDGE, ON, May 5, 2016 /CNW/ - exactEarth Ltd. (TSX: XCT) ("the Company") announces that it has won a competitive procurement process for a contract (the "Contract") with the Government of Canada ("GoC") for the provision of AIS maritime data services. The initial length of the Contract covers the period to March 31, 2017, with two one-year options, which, if exercised by the GoC, extends the term to almost three years.
The Contract is a Complex Services contract under which certain services are ordered through task authorizations. For the initial contract period the GoC has issued task authorization for Global Service coverage of the contracted service. At the awarded contract value, this service represents a revenue level that is approximately $600,000 per month lower than the revenue level generated by exactEarth for satellite AIS data services that were provided to the GoC for their domestic use last year.
"While we are always pleased to win competitive tenders, our solution to the GoC requirements in this case required only a small fraction of our satellite AIS capabilities, which was below our expectations," said exactEarth CEO Peter Mabson. "With the procurement selection process complete we can now begin dialogue and implementation under this contract with the GoC end-users. We look forward to continuing to work with this longstanding customer to provide advanced maritime domain awareness capabilities that enable them to meet their objectives for maritime security, safety and arctic monitoring."
About exactEarth Ltd.
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its establishment in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite-AIS (“S-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 has deployed an operational data processing supply chain involving a constellation of satellites, receiving ground stations, patented decoding algorithms and advanced “big data” processing and distribution facilities. This ground-breaking system provides a comprehensive picture of the location of AIS equipped maritime vessels throughout the world and allows exactEarth to deliver data and information services characterized by high performance, reliability, security and simplicity to large international markets. For more information, visit exactearth.com.
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