LONDON (ShareCast) - Software Radio Technology (SRT) has signed a mutually exclusive agreement with Canadian firm exactEarth to develop and commercialise new technology, following on from the memorandum of understanding announced in May last year.

Since May, exactEarth and SRT have developed a new technology called ABSEA which enables their transmissions to be received by exactEarth satellites.

The two firms jointly own the technology and will co-operate to commercialise the tracking data.

SRT's Chief Executive Simon Tucker, said: "This is a significant strategic agreement for SRT, which provides our AIS Class B and Identifier type transceivers with additional value in many applications. exactEarth is the world's leading satellite AIS network operator and is therefore a natural partner for SRT."

The news lifted the share price 5.14% to 23p on Monday.

NR

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