CAMBRIDGE, ON, Nov 2, 2016 - exactEarth Ltd. (TSX: XCT), the leading provider of Satellite AIS data services, announces that it has been awarded a four-year $2.7 million (including taxes) contract by MacDonald, Dettwiler and Associates Ltd. (MDA) to provide AIS data processing services for the Canadian Department of National Defence’s (DND) Polar Epsilon 2 (PE2) project. The PE2 project is a national initiative that will combine radar and AIS data from the RADARSAT Constellation Mission to provide enhanced maritime domain awareness that will identify, detect and track vessels in Canada’s maritime approaches and support Canadian Armed Forces at home and abroad.
Under terms of the contract, exactEarth will provide services to establish, test and validate the AIS processing service in accordance with the PE2 project requirements, which will then be followed by two years of service operations.
“We are pleased to have been selected by MDA for the PE2 project. This contract win is the result of a competitive bidding process where our industry-leading satellite AIS data processing detection technology has once again been recognized for its performance,” said Peter Mabson, CEO of exactEarth. This is a separate agreement from our existing contract with the Government of Canada, and we look forward to expanding the services that we provide to them.”
The PE2 project is part of the Canadian Government’s effort to maintain and expand the country’s access to a domestic source of space-based Earth observation data. According to the Department of National Defence, the Polar Epsilon 2 will use imagery from the three-satellite RADARSAT Constellation Mission (RCM) to deliver advanced surveillance capabilities for domestic and global Canadian Armed Forces operations. The RCM satellites are scheduled for launch in 2018.
For more information on the Polar Epsilon 2 Project, see:
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, statements relating to the PE2 Project, the testing/validation stage and the service stage of the contract and the provision of services going forward by exactEarth. 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; 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.