exactEarth closes divestiture of four satellites to Myriota
(4 August 2020 - exactEarth) exactEarth has completed its previously announced transaction to divest four satellites from its first-generation constellation and its ground station assets to Myriota Canada, a wholly-owned subsidiary of Myriota PTY.
The Company has received the necessary Canadian regulatory approvals and met all closing conditions to consummate the transaction. The agreement was initially announced via press release on March 31, 2020. All financial figures are in Canadian dollars unless otherwise stated.
"This transaction will further strengthen our financial position by generating approximately $1.0 million per year in net cash savings while preserving our access to the Satellite AIS data originated by the four satellites for the duration of their lifespan," said Peter Mabson, President & CEO of exactEarth. "It also extends our relationship with Myriota, which is an exciting and up-and-coming company that exactEarth has invested in and one that we have built a strong business relationship with over the past several years."
"This transaction marks a pivotal moment for Myriota in the acceleration of our North American expansion plans, including the establishment of our new Ontario, Canada office," said Alex Grant, CEO of Myriota. "The addition of new satellites, industry-experts, and a global network of ground stations will only fast-track our timeline to bring low-cost, low-power IoT connectivity to North American agriculture, defense, mining, and transport and logistics industries."
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its formation in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite 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's second-generation constellation, exactViewTM RT, securely relays satellite-detected AIS vessel signals from any location on the earth's surface to the ground in seconds – thus enabling global real-time vessel tracking. This unique capability consists of 58 advanced satellite payloads designed and built by L3Harris Technologies, Inc. under agreement with exactEarth and that are hosted onboard the Iridium NEXT constellation of satellites.