Sky And Space Share Price Increased After Signing MOU With OECS

  • Sep 28, 2018 AEST
  • Team Kalkine
Sky And Space Share Price Increased After Signing MOU With OECS

SKY AND SPACE GLOBAL LTD (ASX: SAS) is in the business of developing and operating communications infrastructure through nano-satellite technology. The company made an announcement on 28 September 2018 that it has signed a binding Memorandum of Understanding (MoU) agreement with The Organization of Eastern Caribbean States OECS which will bring dependable connectivity to the people of the Eastern Caribbean. After the release of this news the share price of the company increased by 1.613% as on 28 September 2018.

The OECS is an international inter-governmental Organization with a goal of establishing a single financial and economic space within which goods, people and capital moves without any obstacle, monetary and fiscal policies are harmonized, and member states continue to adopt a common method to trade, health, education and the environment, as well as to the development of such critical sectors as agriculture, tourism and energy. Both the companies are planning to collaborate for the purpose of exploring how SAS’ connectivity platform can be applied into the communication infrastructure of OECS member states which could improve and enhance its reliability, accessibility and feasibility. This agreement is in line with the SAS business model of providing connectivity to equatorial locations and becoming a leading global player in the nano-satellite market.

This year the company achieved major operational milestones which involves development of a new ground-breaking Network Management and data compression software which was developed and tested by SAS team. The company has made major development in the making of proprietary software which uses unique network management and data compression to allow the company to be first one in the world to run an autonomous nano-satellite constellation. The company is currently managing many hardware and software projects which are contributing to the successful deployment of Commercial constellation of satellites. 

In FY 2018, the revenue of the company was $649 million and the loss after tax of the company decreased from $14.86 million in FY 2017 to $8.32 million. The total asset of the company increased from $15.50 million to $24.65 million. The net cash used in operating activities increased from $3.26 million in FY 2017 to $4.71 million in FY 2018.

SAS’s share traded at $0.063 with a market capitalization of $114.45 million as on 28 September 2018.

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