CAMBRIDGE, ON, Oct. 1, 2018 /CNW/ - exactEarth Ltd.
("exactEarth" of the "Company") (TSX:XCT), announces that the Company has agreed to terminate the $2.0
million line of credit agreement ("Agreement") provided by CIBC. The Agreement was initially entered into in September 2016 and was undrawn at the time of termination.
As previously disclosed, in January 2018, the Board of Directors of exactEarth commenced a
process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value, including a financing,
a sale of assets, a sale of the Company or a merger or other business combination or other strategic transactions that may be
available to the Company. In conjunction with the strategic review, the Board formed a special committee of independent directors
to oversee the strategic review process (the "Special Committee"). The Special Committee continues to review possible strategic
alternatives, including financing opportunities, however there can be no guarantee that the review will result in a financing or
other transaction or satisfy any liquidity concerns relating to the Company's ability to continue as a going concern. The Company
does not intend to provide announcements or updates on the strategic review process until it determines that further disclosure
is required by law.
About exactEarth Ltd (www.exactEarth.com)
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"). This service provides a comprehensive view of the location of AIS-equipped maritime vessels throughout
the world, as well as other vital vessel characteristics. Under its alliance with Harris Corporation, exactEarth has launched
exactView RT, which is the world's first S-AIS service designed to deliver real-time continuous global coverage of all maritime
vessels. This ground-breaking system will allow exactEarth to deliver real-time data and information services characterized by
rapid performance, reliability, security and simplicity to large international markets.
Forward-Looking Statement
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 availability of debt
or equity financing, the outcome of the review of strategic process and the ability of the Company to conintue as a going
concern. 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 impact the
ability of the Company to secure financing, secure a positive outcome of the strategic review process or continue as a going
concern. These factors include, without limitation: uncertainty in the global economic environment; fluctuations in currency
exchange rates; delays in the purchasing decisions of exactEarth's customers, the competition exactEarth faces in its industry
and/or marketplace; the possibility of technical, logistical or planning issues in connection with the deployment of exactEarth's
products of services and the ability of the Company to secure sources of capital.
SOURCE exactEarth Ltd.
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