exactEarth Announces $7.0 Million Expansion of Channel Partner Agreement
CAMBRIDGE, ON, July 6, 2020 /CNW/ - exactEarth Ltd. (TSX: XCT) ("exactEarth" or the "Company"), a leading provider of Satellite-AIS data services announces an expanded alliance agreement (the "Amended Agreement") with one of its existing channel partners (the "Partner"). All financial figures are in Canadian dollars unless otherwise stated.
The Amended Agreement extends the current agreement between the companies by three-and-a-half years through to December 2023. exactEarth estimates that this Amended Agreement will generate additional incremental revenues of approximately $7.0 million, or $2.0 million per year on an annualized basis. Under the terms of the Amended Agreement, the Partner is able to deploy exactEarth's exactViewTM RT advanced real-time Satellite-AIS data services into their full range of advanced maritime analytics products, derived services and international data customers. The agreement also provides both Parties with expanded reseller rights which enable further sales potential over the term of the agreement.
"We are pleased to significantly expand our relationship with this Partner, who is a leading information and data analytics provider," said Peter Mabson, President & CEO of exactEarth. "Expanding and building on key channel partner relationships is an important part of our growth strategy which we believe will help us increase our market leadership and achieve our key financial objectives such as continued revenue growth, positive Adjusted EBITDA and positive cash flow."
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, exactViewTM 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
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, 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 our exactView RT offering relative to competitors, financial impact of the Myriota transaction, expectations of the exactView RT capabilities driving growth, growth opportunities for the Company in the maritime information services market and the cost and revenue share in connection with the L3Harris Agreement. 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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