GomSpace A/S and Aerial & Maritime Ltd. enters Settlement Agreement and cancel spin-out project 6/16/2020
GomSpace A/S and Aerial & Maritime Ltd. enters Settlement Agreement and cancel spin-out project
GomSpace (GS) and Aerial & Maritime (A&M) have agreed on a settlement and release of any potential claims and commitments of each party in connection with the original agreement from 2016.
A&M was established as a spin-out project from GomSpace. The objective of A&M was to own and operate a constellation of nanosatellites to be launched into a low-inclination Equatorial orbit for monitoring the whereabouts of civilian aircraft and vessels. The main shareholders of A&M were GomSpace Group and the Investment Fund for Developing Countries (IFU).
As a result of the settlement, the parties will start the process of solvent liquidation of A&M. GomSpace will have full ownership of the eight satellites, which have already been built.
The financial impact of the settlement will be a depreciation in equity interest in A&M of around 12 MSEK and a reduction in backlog of around 14 MSEK. The settlement will be reported in the Q2 interim report and it will have no effect on revenue outlook for 2020.
For more information, please contact:
Niels Buus (CEO, GomSpace)
Phone: +45 40 31 55 57
E-mail: nbu @ gomspace.com
About GomSpace Group AB
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB, email@example.com, +46-8-528 00 399 is the Company’s Certified Adviser. For more information, please visit our website on www.gomspace.com.
This information is information that GomSpace is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 11.45 a.m. CET on June 16, 2020.
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