CAMBRIDGE, ON, March 26, 2018 /CNW/ - exactEarth Ltd.
("exactEarth" or the "Company") (TSX: XCT), a leading provider of Satellite AIS data services, announced today that its investee
company, Myriota Pty Ltd ("Myriota") of Adelaide, Australia, has raised USD$15.6 million in a Series A preference share financing.
The Series A round was led by Australian VC firms Main Sequence Ventures and Blue Sky Venture Capital and included Boeing
Horizon X Ventures, Right Click Capital and Singtel Innov8. It is globally the largest round to date for a tech startup using
'Space 2.0 for IoT'. It is the first investment outside the United States for Boeing Horizon X
Ventures.
"This is a great transaction for Myriota and we congratulate them on securing significant growth capital from investors that
are well-known and respected in our industry," said Peter Mabson, CEO of exactEarth. "Myriota are
at the forefront of the next generation satellite Internet of Things market, creating a disruptively low-cost solution for
tracking and monitoring a broad range of goods and assets. This 'up-round' of financing brings in growth capital from a
strong investment group and will allow Myriota to advance the development of this exciting business. From exactEarth's
perspective, in addition to our prior investment in Myriota, we continue to explore new ways to work together to help them bring
these innovative solutions to market."
In November 2015, exactEarth invested AUD$2.0 million of start-up funding in Myriota, and in
2016 provided AUD$400,000 of in-kind contributions. exactEarth did not participate in this Series A preference share round;
post-funding the Company will retain an 18% ownership position through its interest in ordinary shares, a seat on the six-person
board of directors, and an exclusive license to Myriota's advanced signal processing technology in the maritime vessel field.
exactEarth accounts for its investment in Myriota using the equity method on its balance sheet. As a result, even though the
Series A funding round indicates that the value of our ordinary shares has increased, it will not impact the carrying value of
the Company's investment in Myriota.
About exactEarth Ltd.
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") and has delivered to its clients a view of maritime behaviours across all regions of the world's oceans
unrestricted by terrestrial limitations. exactEarth has deployed an operational data processing supply chain involving a
constellation of satellites, receiving ground stations, patented decoding algorithms and advanced "big data" processing and
distribution facilities. This ground-breaking system provides a comprehensive picture of the location of AIS equipped maritime
vessels throughout the world and allows exactEarth to deliver data and information services characterized by high performance,
reliability, security and simplicity to large international markets. For more information, visit www.exactearth.com
Forward-Looking Statements
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 intentions of the
parties, the use of any intellectual property, further investments that may be made by exactEarth and new markets that may be
exploited by either party. 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 exactEarth's actual results, historical financial statements, or future events 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; the ability of Myriota to raise sufficient funds to fund continued growth; the ability of
Myriota to execute on its growth plan; fluctuations in currency exchange rates; delays in the purchasing decisions of
exactEarth's customers; the competition exactEarth faces in its industry and/or marketplace; and the possibility of technical,
logistical or planning issues in connection with the deployment of exactEarth's products or services.
SOURCE exactEarth Ltd.
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