Addvalue Technologies: Obtains ‘significant’ contract for IDRS service

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Addvalue Technologies said on Tuesday that its wholly owned subsidiary, Addvalue Innovation, obtained another “significant breakthrough” hardware-cum-airtime service contract with a global Low Earth Orbit (LEO) satellite operator to use Addvalue’s Inter-satellite Data Relay System (IDRS) service.

The customer has committed to an initial order of IDRS terminals to support its launch program, starting in 2019, with a obligation to subscribe for at least three years of the IDRS service at a pre-agreed airtime pricing, it said in a filing to SGX after the market close on Tuesday.

Due to non-disclosure obligations, details about the customer can’t be disclosed at this time, it said.

The company said it has landed several significant IDRS contracts with various players in the “New Space Industry” since the commercial launch of of its IDRS service with Inmarsat in August 2017.

Addvalue said it expected “a few more” IDRS contracts to be signed in the current financial year, which ends 31 March 2019.

“The board is pleased with the progress made by Addvalue in the new IDRS business thus far,” the filing said. “The continuous line-up of partnerships since August 2017, through the forging of IDRS contracts, testified [to] the commercial traction for Addvalue’s IDRS products and services, which have not only gained momentum, but also in intensity, in recent months.”

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