Under the seven-year agreement, exactEarth's revenues could ramp up to an aggregate of US$37 million or more. exactEarth management expects that revenues from this contract will likely be small in the first two years of service as exactEarth begins to deliver its new capabilities and that they will escalate thereafter. The identity of the customer is being withheld at its request.
Peter Mabson, President of exactEarth, commented on the contract: "Our customer has clearly seen the value of space-based AIS, and our exactAIS™ service is ideally suited for their needs. They saw our Quality of Service as a key differentiator in selecting exactEarth. The exactEarth team is very excited about this new opportunity, which represents a significant milestone in the rollout of exactAIS™."
About exactEarth Ltd.
exactEarth Ltd. (www.exactEarth.com) is a data services company that leverages advanced microsatellite technology to deliver monitoring solutions characterized by high performance, reliability, security, and simplicity. exactEarth's initial service, exactAIS™, is a global vessel tracking and monitoring system based on world leading space-based advanced AIS detection technology. Based in Cambridge, ON,
This news release contains certain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from results indicated in these forward-looking statements. COM DEV cautions that the actual revenues generated by its exactEarth subsidiary under the contract described in this news release are dependent upon the customer's success in selling its own services.
The triangular logo and the word COM DEV are each registered trademarks and the property of COM DEV Ltd. The exactEarth logos and the words exactEarth and exactAIS are trademarks and the property of exactEarth Ltd. All rights reserved.