The Latin American market consists of 64 million people with limited or no access to mobile connectivity services, representing 10% of the Latin American population and symbolising strong growth potential for SAS in this region.

Once the constellation deployment has begun and as a result of this agreement, SAS expects to generate revenues of US$5 million within the first 2 years based on the conservative GlobalSat Group estimate, with a significant growth potential, thanks to the extensive amount of current and upcoming GlobalSat clients across the energy, government, defence, mining and agriculture sectors.

Sales will commence immediately following the launch of the first batch of Pearls and the successful completion of in-orbit testing and designation as fully operational.

The signing of this agreement follows completion of commercial testing with GlobalSat Group and confirms the commercial potential of SAS' proprietary nano-satellite technology and the business model.

Additional material terms of the agreement are set out below: 1. The agreement has an initial two-year term from the date the SAS network is operational (with a possible option to extend).

2. Notwithstanding the fact that the agreement is binding, the parties have agreed to ne- gotiate and execute a more definitive agreement within 60 days, on terms consistent with the agreement signed.

3. Pricing for M2M and IoT services has been agreed.

4. The agreement may be terminated based on standard termination events (insolvency, breach etc.) or the SAS network does not achieve KPIs (to be agreed).

Sky and Space Global's Managing Director and CEO, Mr. Meir Moalem said: "We are pleased to have finally secured a definitive supply agreement with GlobalSat. This marks a huge milestone achieved for us on the pathway to commercialising our technology. We have been working very closely with GlobalSat for a while now and look forward to seeing how this agreement unfolds."

Managing Director of GlobalSat Group, Mr. Alberto Palacios, said: "We are excited to be moving forward with Sky and Space Global and believe that we have the opportunity to significantly improve our service offering with SAS' nano-satellite technology on board."

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