CAMBRIDGE, ON, Aug. 16, 2016 /CNW/ - exactEarth Ltd. (TSX: XCT) (the "Company"), announces that it has been selected by the Fisheries Commission (West Africa Regional Fisheries Programme), an agency of the Ministry of Fisheries and Aquaculture Development (MOFAD) of the Government of Ghana, for the provision of Satellite AIS data services as well as a small vessel tracking solution. The contract value is in a range of $1.0-$2.0 million for a 12 month period and will enable Ghana to acquire the technology necessary to monitor its expansive coastlines and deter illegal fishing in its national waters.
Along with a comprehensive Satellite AIS data feed, exactEarth will provide MOFAD with 450 Class B AIS transceivers to be installed on inshore fishing vessels which will be tracked via satellite utilising exactEarth's exactTraxTM small vessel tracking technology. In order to address the rampant Illegal, Unregulated and Unreported (IUU) fishing around Ghana's Exclusive Economic Zone, MOFAD have provisioned this small vessel tracking solution to gain access to detailed fishing vessel positions and movement analysis services through the exactEarth ShipView™ platform. exactEarth ShipView will be upgraded to include a SOS alerting facility in an effort to support Ghana's government in their "safety of life at sea" initiative, which is intended to help its fishermen. exactEarth will be working with a local partner and academic institutions in Ghana to provide vessel movement analysis and reporting to help inform policy decision making and also to engage the next generation maritime professionals in coastal surveillance to protect and preserve Ghana`s fish stock for the future.
"This is an important strategic win and a major step forward for our small vessel tracking initiative," said Peter Mabson, exactEarth CEO. "MOFAD needs a high performance, reliable and compliant maritime monitoring solution to protect their critical fishing industry and our small vessel tracking capabilities will be an integral part of helping them achieve that objective. This reflects the growing opportunity for both our large and small vessel tracking solutions and our reputation for having the leading Satellite AIS solution on the market."
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.
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, the intentions of the parties, the use of any intellectual property, further investments that may be made by exactEarth and new markets that may be exploited by either party. 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 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.
Image with caption: "exactEarth Logo (CNW Group/exactEarth Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160816_C1264_PHOTO_EN_753761.jpg