Multi-year agreement renewed at significantly higher pricing
CAMBRIDGE, ON, May 8, 2017 /CNW/ - exactEarth Ltd. ("exactEarth" or the "Company") (TSX: XCT), a leading provider of Satellite AIS data services, announces a two-year renewal agreement (the "Agreement") valued at a total of $1.45 million to provide vessel tracking data services to a major international commercial customer. The Agreement is valued at a significant annual price increase as compared to the previous multi-year contract. The Agreement also contains options to extend the relationship for an additional three years which, if executed in full, would bring the five-year total value to $4.5 million. Service under the Agreement commenced in second quarter of the Company's fiscal 2017. All dollar amounts are in Canadian dollars.
"We are pleased to announce this renewal with one of our key commercial customers. Their commitment to a multi-year contract at a higher price demonstrates that they recognize the enhanced value proposition represented by our high-performance satellite vessel data service and value exactEarth as a long-term supplier partner for their critical data requirements," said Peter Mabson, CEO of exactEarth.
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 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.