CAMBRIDGE, ON, Feb. 24, 2017 /CNW/ - exactEarth Ltd. ("the Company") (TSX: XCT) announces that the Government of Canada ("GoC") did not select the Company's Space Based AIS Data Services contract proposal to provide monitoring of Canadian and global maritime traffic. exactEarth is the incumbent provider of these services, under the GoC's current AIS Data Service contract, which runs through March 31, 2017. The current AIS Data Services contract generates approximately $10,000 per month in revenue for the Company.
"While the loss of revenue from the current contract with the GoC is not significant, we are disappointed with this outcome and are reviewing this decision," said Peter Mabson, CEO of exactEarth. "The GoC remains a customer of ours and we will continue to explore ways to work with them, such as we are doing on the Polar Epsilon 2 project, which we announced late last year. In our view, this development today does not impact what we believe is a significant long-term growth opportunity for exactEarth in the Maritime Information Services market."
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 GoC and the Company, the potential for additional work with the GoC, growth opportunities for the Company in the maritime information services market and the impact of the loss of 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 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.
For further information: INVESTORS: Dave Mason, Investor Relations, Tel: +1 416-247-9652, [email protected]; MEDIA: Nicole Schill, Marketing Communications Manager, Tel: +1 519-620-5890, [email protected]