CAMBRIDGE, ON, Dec 21, 2016 - exactEarth Ltd. (TSX: XCT), announces that it has signed a contract with Antrix Corporation Ltd., the commercial arm of the Indian Space Research Organization, to provide Satellite-AIS data services to the Indian Navy. The three-year subscription revenue contract is valued at USD $1.75 million in total.
With more than 7,500 km of coastline and significant off-shore resources, keeping track of maritime activity is paramount to maintaining India’s security and economic activity. exactEarth’s Satellite AIS technology will help our client to identify, detect and track vessels of interest and to secure the country’s maritime borders.
“We are very pleased to have won this competitive bid, which has resulted in our first data services agreement for this client,” said Peter Mabson, CEO of exactEarth. “During the course of the agreement, we believe there will be an opportunity to expand our relationship with Antrix Corporation, especially as our second generation constellation comes on-line, and with it the potential for real-time updates.”
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.