CAMBRIDGE, ON, Oct. 1, 2018 /CNW/ - exactEarth Ltd. ("exactEarth" of the "Company") (TSX:XCT), announces that the Company has agreed to terminate the $2.0 million line of credit agreement ("Agreement") provided by CIBC. The Agreement was initially entered into in September 2016 and was undrawn at the time of termination.
As previously disclosed, in January 2018, the Board of Directors of exactEarth commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value, including a financing, a sale of assets, a sale of the Company or a merger or other business combination or other strategic transactions that may be available to the Company. In conjunction with the strategic review, the Board formed a special committee of independent directors to oversee the strategic review process (the "Special Committee"). The Special Committee continues to review possible strategic alternatives, including financing opportunities, however there can be no guarantee that the review will result in a financing or other transaction or satisfy any liquidity concerns relating to the Company's ability to continue as a going concern. The Company does not intend to provide announcements or updates on the strategic review process until it determines that further disclosure is required by law.
About exactEarth Ltd (www.exactEarth.com)
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"). This service provides a comprehensive view of the location of AIS-equipped maritime vessels throughout the world, as well as other vital vessel characteristics. Under its alliance with Harris Corporation, exactEarth has launched exactView RT, which is the world's first S-AIS service designed to deliver real-time continuous global coverage of all maritime vessels. This ground-breaking system will allow exactEarth to deliver real-time data and information services characterized by rapid performance, reliability, security and simplicity to large international markets.
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 availability of debt or equity financing, the outcome of the review of strategic process and the ability of the Company to conintue as a going concern. 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 impact the ability of the Company to secure financing, secure a positive outcome of the strategic review process or continue as a going concern. 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 possibility of technical, logistical or planning issues in connection with the deployment of exactEarth's products of services and the ability of the Company to secure sources of capital.
SOURCE exactEarth Ltd.