exactEarth Announces Update on its Government of Canada Contract
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.
