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.
