Funding is the first tranche of a $7.2 million investment to be made over three-years
CAMBRIDGE, ON, Nov. 1, 2018 /CNW/ - exactEarth Ltd. ("exactEarth" of the "Company") (TSX:XCT), a leading provider of Satellite-AIS data services announces that it has received the first tranche of funding from the Government of Canada's Strategic Innovation Fund program, which promotes Canadian innovation and economic growth. exactEarth received $1.4 million, which is a reimbursement of eligible expenses incurred between February 13, 2018 and September 30, 2018 that were related to the development and enhancement of exactView RT, the only global real-time Satellite-AIS service in world.
exactEarth expects, subject to project timelines and applied resources, to claim a further reimbursement of approximately $1.6 million in the first year of the funding, and approximately $2.2 million and $2.0 million in the second and third years of funding, respectively. Further details regarding this initiative can be found at the Company's website in the press release titled "Government of Canada to Invest $7.2 Million in exactEarth" that was released on October 19, 2018.
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 anticipated impact of the SIF investment on exactEarth's financial position, the amounts to be invested in the first, second and third year of the investment and repayment terms. 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 the impact of SIF investment 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 reduced scope of significant existing contracts, the possibility of technical, logistical or planning issues in connection with the deployment of exactEarth's products of services; the availability of reimbursable expenses; and the ability of exactEarth to repay the investment.
SOURCE exactEarth Ltd.