CAMBRIDGE, ON, Dec. 17, 2019 /CNW/ - exactEarth Ltd. ("exactEarth" or the "Company") (XCT:TSX), a leading provider of Satellite-AIS data services, announces that it has renewed its contract with Antrix Corporation Ltd., the commercial arm of the Indian Space Research Organization, to provide Satellite-AIS data services to the Indian Navy. The two-year subscription revenue contract is valued at USD $1.2 million in total.
Under the terms of the agreement, exactEarth will provide live and archived data from exactView RT, the Company's second-generation real-time Satellite-AIS data service, to, among other things, help the Indian Navy to monitor, in real-time, maritime activity along its 7,500 km of coastline and near its significant offshore resources.
"We are very pleased to renew our relationship with Antrix and the Indian Navy," said Peter Mabson, CEO of exactEarth. "Their commitment to a multi-year agreement and expanded service level demonstrates that they recognize the enhanced value of our real-time exactView RT service and that they value exactEarth as a long-term partner for their critical data needs. With its real-time data delivery, superior vessel detection and long-term reliability, we believe that exactView RT is increasingly being recognized as offering a measurable and sustainable competitive advantage in the market."
About Antrix Corporation Ltd.
Antrix Corporation Limited (Antrix), incorporated on 28 September 1992 (under the Companies Act, 1956), is a wholly owned Government of India Company under the administrative control of Department of Space (DOS). Antrix is the commercial arm of Indian Space Research Organisation (ISRO). Antrix promotes and commercially markets the products and services emanating from the Indian Space Programme. In the year 2008, the Company was awarded 'MINIRATNA' status. www.antrix.co.in
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, exactView 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 Harris Corporation under agreement with exactEarth and that are hosted onboard the Iridium NEXT constellation of satellites. www.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, our ability to continue as a going concern, 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, timing of the achievement of real-time global vessel tracking via our second-generation constellation, timing expectations with respect to launch of satellites, expectations of the exactView RT capabilities driving growth, growth opportunities for the Company in the maritime information services market and the cost and revenue share in connection with the Harris Agreement. 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.