Cambridge, ON – July 6, 2020 – 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
