The Agreement is valued at a significant annual price increase as compared to the previous multi-year contract. The Agreement also contains options to extend the relationship for an additional three years which, if executed in full, would bring the five-year total value to $4.5 million. Service under the Agreement commenced in second quarter of the Company's fiscal 2017. All dollar amounts are in Canadian dollars.
"We are pleased to announce this renewal with one of our key commercial customers. Their commitment to a multi-year contract at a higher price demonstrates that they recognize the enhanced value proposition represented by our high-performance satellite vessel data service and value exactEarth as a long-term supplier partner for their critical data requirements.," said Peter Mabson, CEO of exactEarth.
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.
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