Agreement marks exactEarth's return to the Australian government market
CAMBRIDGE, ON, Oct. 25, 2021 /CNW/ - exactEarth Ltd. ("exactEarth" or "the Company") (TSX: XCT), a leading provider of Satellite-AIS data services, announces a $1.5 million one-year Satellite-AIS services contract with Geospatial Intelligence Pty Ltd ("GI") of Barton, Australia. All financial figures are in Canadian dollars unless otherwise stated.
Under the terms of the agreement, exactEarth will provide GI with the Company's real-time exactAIS® Platinum Plus product, its Shipviewtm web-based analysis tool, certain historical Satellite-AIS data sets and its Position Anomaly analytics application. GI will deploy the services with its customer, an agency within the federal government of Australia. The term of the contract is one-year.
"We are very pleased to expand our channel partner relationship with GI and by extension, to once again be providing our Satellite-AIS services to the Australian government," said Peter Mabson, CEO of exactEarth. "This is a significant contract for the Company and one that builds on the momentum we have established over the past couple of years since the launch of exactViewtm RT, our second-generation satellite constellation, and exactAIS, our real-time subscription-based Satellite-AIS service."
Satellite-AIS is a navigational safety system by which ships relay information regarding their identity, position, speed and heading that is then captured by a satellite constellation, such as exactView RT. Leveraging the exactView RT constellation, exactAIS Platinum Plus and Shipview combine to give users a comprehensive view of vessel traffic at any point in the world at any time of the day. These products enhance maritime domain awareness for government authorities and commercial organizations, with superior vessel detection, real-time vessel updates, and unparalleled persistent coverage.
"exactEarth is a premier Satellite-AIS services provider with a broad suite of products and a reputation for quality, reliability and innovation," said Rob Coorey, CEO of Geospatial Intelligence. "exactEarth pioneered the development of the Satellite-AIS industry more than 10 years ago, and our relationship dates back to those early days. The Company has the world's largest database of vessel movements and more importantly, they continue to innovate and push into new areas of the market with analytics applications like its position anomaly service."
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
About Geospatial Intelligence Pty Ltd
Geospatial Intelligence Pty Ltd is an award-winning Australian company, headquartered in Canberra. GI has been providing innovative geospatial products and services to public and private sector customers since its inception in 2002. GI supplies clients with an integrated set of geospatial solutions across geospatial information systems (GIS), commercial satellite imagery and analysis, Maritime Domain Awareness (MDA), satellite Automatic Identification System (S-AIS) data, consulting, support and knowledge transfer services. www.geoint.com.au
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, expectations of the exactView RT capabilities driving growth, growth opportunities for the Company in the maritime information services market, expectations related to subscription revenue, the benefits expected from the Transaction, the requirement to obtain necessary regulatory and shareholder approvals in connection with the Transaction and the anticipated closing thereof. 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 impact of the COVID-19 pandemic on customers and the market generally, the reduced scope of significant existing contracts; the possibility of technical, logistical or planning issues in connection with the deployment of exactEarth's products or services; the ability to obtain necessary regulatory and shareholder approvals in connection with the Transaction; and the ability to close the Transaction. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described under the caption "Risk Factors" in exactEarth's filings on SEDAR, including its Annual Information Form for the year ended October 31, 2020 and financial statements and related Management's Discussion and Analysis for the year three and nine months ended July 31, 2021. The forward-looking statements in this communication are based on information available to exactEarth as of the date hereof, and exactEarth disclaims any obligation to update any forward-looking statements, except as required by law.
SOURCE exactEarth Ltd.
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