exactEarth Ltd. (the “Company”) (TSX: XCT), a leading provider of Satellite AIS data services, announces an update on recent developments with its EV5 satellite. On February 3, 2017, communication was lost with the satellite and subsequent efforts to make contact were not successful. As a result, the Company filed a claim for the full insured value of the satellite, amounting to $3.5 million CAD, which has now been approved and paid to the Company.
This isolated satellite issue has not had, and is not expected to have, a material adverse effect on service levels. Additionally, in this regard, exactEarth is forecasting that the first four of its second-generation satellites will come into service by the end of next month to begin the roll-out of the 60-satellite exactView RT constellation being produced under the Company’s agreement with the Harris Corporation.
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
