Burleson Energy Limited (BUR) is pleased to announce on behalf of nano-satellite communication technology company Sky and Space Global (UK) Ltd (SSG), that the construction of the three SSG nanosatellites has commenced with GomSpace, and the first major completion milestone is expected within eight weeks.
Working closely with leading European nano-satellites contractor GomSpace, SSG remains on track to complete the construction of the three nano-satellites for delivery and Launch Readiness Review (LRR), in time to meet the planned launch timeline of mid-2017.
SSG plans to launch the three Nano-Satellites to form a constellation and initial communication network which can provide a significantly cheaper platform for voice, data and instant messaging services.
In addition, SSG confirms that it has entered the final phase of its launch contract negotiations and expects to have the launch contract signed in the coming weeks to lock in the launch timeline by mid-2017.
The construction of the three nano-satellites and a ground station signals strong progress in the Company’s commercial pilot phase as well as its strategy to disrupt the multi-billion dollar global satellite communications market, a market currently worth over $5 billion and forecast to be worth $10 billion by 2021.
The Company will continue to provide regular operational updates as the project completes material milestones in the coming months, including the signing of the 2017 launch contract.
SSG’s CEO Mr. Meir Moalem said,
“We are delighted to report that strong progress has been achieved within the first few weeks of the construction of our three nano-satellites and that we remain on track to launch these nano-satellites under our pilot phase by mid 2017.
The launch forms a crucial step forward in our strategy to disrupt the multibillion dollar global satellite communications market by providing a significantly cheaper platform for voice, data and instant messaging services.”
BUR Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
