CAMBRIDGE, ON, May 9, 2016 /CNW/ - exactEarth Ltd. (TSX: XCT) (the "Company"), the leading provider of Satellite AIS data services, has entered into a partnership agreement with EV Image Inc, a provider of GIS software and remote sensing data, to distribute exactEarth's advanced Satellite AIS solutions in China.
Under terms of the agreement, EV Image's wholly-owned maritime subsidiary, Marinfo Technology, will have exclusive rights in selected market segments to distribute exactEarth's advanced Satellite AIS services in China for a six-year period, beginning in May 2016. In return, EV Image will pay exactEarth a base amount of USD $8.5 million over the agreement's six-year term, with the potential for additional payments should business levels exceed target amounts.
EV Image is a recognized leader in the GIS software and remote sensing data collection segments with major government and commercial customers in China including the State Oceanic and Maritime Safety Administrations. exactEarth's leading portfolio of satellite AIS data services provide advanced capabilities in support of maritime safety, environmental monitoring, and improving the efficiency of maritime commerce.
"We are very pleased to enter the Chinese market with an established and well-connected partner like EV Image," said Peter Mabson, CEO of exactEarth. "The Asian region represents a significant opportunity for exactEarth and China is one of the largest maritime nations in the world. EV Image has made a strong commitment to exactEarth with this partnership agreement, which reflects the considerable opportunity that we both see in China."
"exactEarth has established itself as a recognized leader in the maritime solutions market and we are excited to market their advanced products and services to Chinese customers," stated Qiuhua Wu, President of EV Image.
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 ("S-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.
Image with caption: "exactEarth expands into Chinese market (CNW Group/exactEarth Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160509_C5216_PHOTO_EN_685048.jpg
For further information: Media: Nicole Schill, Marketing Communications Manager, Tel: +1 519-622-4445, Nicole.Schill@exactearth.com; Investors: Dave Mason, Investor Relations, Tel: +1 416-985-3647, firstname.lastname@example.org