CAMBRIDGE, ON, Nov. 2, 2020 /CNW/ - exactEarth Ltd. (TSX: XCT) ("exactEarth" or the "Company"), a leading provider of Satellite-AIS data services, announces that, effective November 1, 2020, it has begun to provide additional Space-Based AIS maritime data services to the Government of Canada ("GoC"). All financial terms are in Canadian dollars unless otherwise stated.
Under the terms of the new contract ("Contract"), exactEarth will provide its data services for an initial term of one-year and the Contract includes four six-month options that, if exercised by the GoC, could extend the term by two more years. The Contract is expected to generate revenue of $424,000 during the initial one-year period.
"We are pleased to have won this competitive tender, which we believe reflects the high-performance capabilities and value of the 58 operational payloads supporting exactView RT, our real-time Satellite AIS service," said Peter Mabson, President and CEO of exactEarth. "This Contract expands our existing Satellite AIS subscription services provided to the GoC and we continue to explore opportunities to further grow this valued relationship."
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, exactViewTM 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 L3Harris Technologies, Inc. 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, 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, the anticipated benefits and financial impact of the Myriota transaction, expectations of the exactView RT capabilities driving growth, and growth opportunities for the Company in the maritime information services market 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 financial impact of the Myriota transaction; the impact of the COVID-19 pandemic on customers and the market generally, 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.