CAMBRIDGE, ON, March 3, 2021 /CNW/ - exactEarth Ltd. ("the Company") (TSX: XCT), announces that it has signed an agreement with MDA to provide advanced Satellite-AIS data services as part of MDA's recently announced Dark Vessel Detection ("DVD") program for the Government of Canada. The DVD program is intended to detect and identify vessels that have switched off their AIS transponders and are engaged in illegal, unreported and unregulated ("IUU") fishing.
IUU fishing is a global problem that results in significant economic loss - estimated at $23 billion per year by the Department of Fisheries and Oceans Canada – and leads to considerable damage to the world's fishing population and habitat. exactEarth is part of the MDA-led project that is supporting the Government of Canada's commitment to help deter IUU fishing by using satellite technology to locate so-called "dark targets", those whose AIS transponders have been switched off. Under the terms of its agreement with MDA, exactEarth will provide advanced global Satellite-AIS data services to support pilot trials of the DVD program.
"exactEarth has been working with the global fisheries community for the last ten years and we are very pleased to expand our relationship with MDA and to be a part of this leading-edge project to help the Government of Canada in its important fight against IUU," said Peter Mabson, President and CEO of exactEarth. "IUU is a global issue and exactEarth's advanced Satellite-AIS and small vessel tracking capabilities provide an important and comprehensive real time information source in helping to detect and locate vessels that may be engaged in this type of illegal behaviour."
"MDA is pleased to play a critical role in helping the Government of Canada assert its leadership position in the prevention of IUU," said Minda Suchan, VP of Geointelligence, MDA. "Combining exactEarth's industry-leading Satellite-AIS data with imaging from satellites like RADARSAT-2 is an important part in identifying dark targets and tackling this global challenge. Thanks to the Government of Canada and our partners, these types of vessels are going to have much more difficulty avoiding detection in the future."
For more information on the DVD program see:
Government of Canada: https://www.canada.ca/en/fisheries-oceans/news/2021/02/government-of-canada-launches-international-program-to-track-illegal-fishing-using-satellite-technology.html
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 L3Harris Technologies, Inc. under agreement with exactEarth and that are hosted onboard the Iridium NEXT constellation of satellites. www.exactearth.com
Serving the world from its Canadian home and global offices, MDA is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50–year story of firsts on and above the Earth. With over 2,000 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyperconnected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars.
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, anticipated actions taken by holders of convertible debentures, 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 actions taken by holders of convertible debentures and the impact of the conversion on the Company's momentum, customer and partner relationships and growth of recurring subscription revenue. 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 anticipated benefits of the A&R SABA; 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.