CAMBRIDGE, ON , Nov. 2, 2020 /CNW/ - exactEarth Ltd. (TSX: XCT) ("exactEarth" or the "Company"), a leading provider of Satellite-AIS data services, announces that, effective November 1, 2020 , it has begun to provide additional Space-Based AIS maritime data services to the Government of Canada ("GoC"). All financial terms are in Canadian dollars unless otherwise stated.
Under the terms of the new contract ("Contract"), exactEarth will provide its data services for an initial term of one-year and the Contract includes four six-month options that, if exercised by the GoC, could extend the term by two more years. The Contract is expected to generate revenue of $424,000 during the initial one-year period.
"We are pleased to have won this competitive tender, which we believe reflects the high-performance capabilities and value of the 58 operational payloads supporting exactView RT, our real-time Satellite AIS service," said Peter Mabson , President and CEO of exactEarth. "This Contract expands our existing Satellite AIS subscription services provided to the GoC and we continue to explore opportunities to further grow this valued relationship."
About exactEarth Ltd.
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its form