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Sky and Space Global Ltd (ASX: SAS), a UK based innovative and disruptive âNew Spaceâ company, has announced the changes to the board of directors with immediate effect.
The company had noticed the increasing demand for Internet of Things (IoT) and Machine-to-Machine (M2M) services. Based on the increased demand, the company had announced this morning that it would be launching Global Coverage constellation as its initial step. The details related to this was shared by the company in the company update on 9 April 2019.
Investors have been notified in the announcement about the resignation of Michael Malone and Di Fulton from the board.
The company has started the process of appointing two new Australian resident non-executive Directors to the Board with the skillset and experience that will help the company while it progresses its operating strategy and business plan.
In the company update released today, the company announced that it had signed a Heads of Agreement (HoA) with GomSpace for delivering the newly designed 6U nanosatellites from the end of 2019 (â6U Agreementâ). Through this agreement, the company would be able to add a Global Coverage constellation to meet the growing demand in the IoT and M2M sectors. It supports new potential for revenues and will also strengthen the companyâs path towards a Real-time communications network.
Both the parties have even discussed the changes to the existing Pearls nanosatellites manufacturing agreement (âPearls Agreementâ). They have signed the HoA that covers some of the principle terms for the provision and manufacturing by GomSpace of an additional constellation of nanosatellites based on the 6U Agreement (new agreement) as well as some essential terms for changes to the existing Pearls Agreement which was signed by both the parties in 2017.
After the change of the first batch of nanosatellites to a Global Coverage constellation and the provision of IoT and M2M data coverage, sixteen existing customers of the company have expressed their interest to increase the value of their current agreements with SAS.
The US debt funding for the launch is underway. The company also notified that its operating expenses had gone down by more than 12%. The company also highlighted that the launch of the first batch of nanosatellites was expected to be during the mid of 2019, now extended to early 2020 with two memorandums signed to broaden launch opportunities as well as provide additional contingencies and options for launches.
The company also signed two reseller agreements: with a leading Telecommunications, Media and Technology company from Singapore, Streamcode and with the subsidiary company of Deutsche Telekom, T-Systems South Africa. These agreements will strengthen the companyâs progression to monetize its nanosatellites after it gets launched.
Today, the company also announced the extension of the voluntary suspension to enable the company to appoint two directors from Australia as declared in the board changes announcement.
On 5 March 2019, SAS entered into a trial agreement with MTN Nigeria, a Nigerian Telecom to examine the potential for collaborative projects using the advanced Internet of Things along with the narrow-band applications across various fields in the African market.
On 28 February 2019, the company entered into Network Reseller MoU with Cendrawasih Teknologi Nusantara (CTN) in order to expand its presence in the Indonesian market.
The stock traded last on 3 April 2019 with the closing price of A$0.028 and approximately 2.11 billion outstanding shares.
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