ExactEarth Announces Updated Terms to Satellite AIS Business Agreement with L3Harris Technologies
Streamlines Financial Structure and Provides Additional Growth Opportunities
CAMBRIDGE, ON, Jan. 21, 2020 /CNW/ - exactEarth Ltd. exactEarth Ltd. ("the Company") (TSX: XCT), a leading provider of Satellite-AIS ("SAIS") data services, announces that it has reached agreement on updated terms to the original Satellite-AIS Business Agreement ("SABA") with L3Harris Technologies, Inc. (NYSE: LHX) entered into in 2015 (such amended and restated agreement, the "A&R SABA").
In June 2015, exactEarth and L3Harris (then Harris Corporation) entered into the SABA to provide a new level of AIS data service that delivers real-time global coverage for maritime vessel tracking through the implementation of 58 advanced maritime payloads hosted on the Iridium® NEXT constellation. This industry leading real-time global SAIS service capability, branded as exactView RT powered by L3Harris, leverages the persistent global coverage and real-time connectivity of the Iridium NEXT constellation, and began full operational service in February of 2019.
"This amended agreement provides exactEarth with a reduced and simplified cost structure for our Satellite-AIS data services going forward," said Peter Mabson CEO of exactEarth. "The amended agreement also opens up additional growth opportunities for both parties and further strengthens our alliance with L3Harris in delivering advanced high-performance satellite maritime service capabilities to customers around the world."