OTCPK:EXRTF - Post by User
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Blaser2on May 10, 2017 9:53am
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Multi-year agreement renewed at significantly higher pricing
Multi-year agreement renewed at significantly higher pricing CAMBRIDGE, ON, May 8, 2017 /CNW/ - exactEarth Ltd. ("exactEarth" or the "Company") (TSX: XCT), a leading provider of Satellite AIS data services, announces a two-year renewal agreement (the "Agreement") valued at a total of $1.45 million to provide vessel tracking data services to a major international commercial customer. The Agreement is valued at a significant annual price increase as compared to the previous multi-year contract. The Agreement also contains options to extend the relationship for an additional three years which, if executed in full, would bring the five-year total value to $4.5 million. Service under the Agreement commenced in second quarter of the Company's fiscal 2017. All dollar amounts are in Canadian dollars.
We are pleased to announce this renewal with one of our key commercial customers. Their commitment to a multi-year contract at a higher price demonstrates that they recognize the enhanced value proposition represented by our high-performance satellite vessel data service and value exactEarth as a long-term supplier partner for their critical data requirements," said Peter Mabson, CEO of exactEarth.