From: exactEarth Ltd
Posted: Thursday, November 1, 2018
exactEarth Ltd. ("exactEarth" of the "Company") (TSX:XCT), a leading provider of Satellite-AIS data services announces that it has received the first tranche of funding from the Government of Canada's Strategic Innovation Fund program, which promotes Canadian innovation and economic growth. exactEarth received $1.4 million, which is a reimbursement of eligible expenses incurred between February 13, 2018 and September 30, 2018 that were related to the development and enhancement of exactView RT, the only global real-time Satellite-AIS service in world.
exactEarth expects, subject to project timelines and applied resources, to claim a further reimbursement of approximately $1.6 million in the first year of the funding, and approximately $2.2 million and $2.0 million in the second and third years of funding, respectively. Further details regarding this initiative can be found at the Company's website in the press release titled "Government of Canada to Invest $7.2 Million in exactEarth" that was released on October 19, 2018.
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.
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