exactEarth Announces $6 Million Revolving Credit Facility from National Bank of Canada
CAMBRIDGE, ON, April 26, 2021 /CNW/ - exactEarth Ltd. ("the Company") (TSX: XCT), a leading provider of Satellite-AIS data services announces that it has entered into a new credit facility ("Credit Facility") that provides for a $6 million secured revolving operating line with National Bank of Canada's ("NBC") Technology and Innovation Banking Group. The Credit Facility is undrawn as of today's date.
"We are very pleased to partner with NBC on this important transaction and to further strengthen our financial foundation and flexibility," said Sean Maybee, CFO at exactEarth. "This agreement is an important milestone that reflects the achievements we have made recently to generate strong revenue growth and positive Adjusted EBITDA, as well as confidence in our overall strategic outlook and growth potential."
"National Bank's Technology and Innovation Group is excited to partner with exactEarth to support its continued growth and success. NBC is dedicated to supporting technology companies across Canada with a specialized team of experts to provide advisory and financial services at every stage," said David Looi, Senior Director, Technology and Innovation Banking Group at National Bank of Canada.
exactEarth 2021 Annual and Special Meeting of Shareholders
exactEarth would also like to remind its shareholders of the Company's upcoming annual and special meeting of shareholders ("AGM") to be held on Wednesday, April 28, 2021, at 10:00 a.m. Eastern Daylight Time. In accordance with the ongoing limitations on public gatherings related to the COVID-19 pandemic exactEarth will hold its AGM in a virtual-only format conducted by live audio webcast.
All shareholders will be able to listen to the AGM and view the Company's slide presentation as guests via audio webcast. To do so, login online at: https://web.lumiagm.com/?fromUrl=473843526, click "Guest" and then complete the online form. Please log in approximately ONE HOUR prior to the start time of the AGM on April 28, 2021.
About exactEarth Ltd.
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its formation in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite 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's second-generation constellation, exactView RT, securely relays satellite-detected AIS vessel signals from any location on the earth's surface to the ground in seconds – thus enabling global real-time vessel tracking. This unique capability consists of 58 advanced satellite payloads designed and built by L3Harris Technologies, Inc. under agreement with exactEarth and that are hosted onboard the Iridium NEXT constellation of satellites. www.exactearth.com
About National Bank of Canada
With $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such Facebook, LinkedIn and Twitter.
Forward-Looking Statements
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, anticipated actions taken by holders of convertible debentures, our ability to continue as a going concern, objectives or economic performance, or the assumptions underlying any of the foregoing, including statements regarding, among other things, expectations of actions taken by holders of convertible debentures and the impact of the conversion on the Company's momentum, customer and partner relationships and growth of recurring subscription 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 anticipated benefits of the A&R SABA; the financial impact of the Myriota transaction; the impact of the COVID-19 pandemic on customers and the market generally, 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.
INVESTORS, Dave Mason, Investor Relations, Tel: +1 416-247-9652, [email protected]
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