GomSpace enters agreement tp cancel spin-out project Aerial and Maritime

GomSpace (GS) and Aerial and Maritime (A and 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 and M was established as a spin-out project from GomSpace. The objective of A and 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 and 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 and 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 and 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.

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