Memorandum of Understanding Aims to Improve Mobile Service Accessibility
MIDLAND, Texas, March 13, 2023--(BUSINESS WIRE)--AST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced the signing of a non-binding memorandum of understanding ("MoU") with Saudi Telcom Company ("stc"), a leading telecommunications provider in Saudi Arabia. The two companies signed the MoU during Mobile World Congress Barcelona, with the goal of developing innovative telecom solutions and satellite-based digital services that could improve mobile service accessibility.
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AST SpaceMobile signed MoU with Saudi Telcom Company (Photo: Business Wire)
"We are thrilled to announce our commitment to expanding our digital services and communications, with a goal to provide a truly inclusive ecosystem that connects every corner of Saudi Arabia with unparalleled service quality and reliability," said stc VP of Products & Solutions, Saud Alsheraihi. "As we forge ahead in our quest for a more connected and sustainable world, we are excited to collaborate with AST SpaceMobile to potentially revolutionize the telecom industry through Space in the Kingdom."
"Our collaboration with AST SpaceMobile aims to help us achieve our goal of providing the highest quality and reliable communication services in Saudi Arabia. Our commitment to expanding our digital services and communications is unwavering, and this relationship is a testament to our dedication to innovation and excellence.'"
AST SpaceMobile’s mission is to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. The company has entered into agreements and understandings with mobile network operators, who collectively have over 2 billion mobile subscribers.
"We believe mobile users should have access to broadband no matter where they live or work," said Chris Ivory, Chief Commercial Officer at AST SpaceMobile. "We’re excited to collaborate with stc towards realizing this aim in Saudi Arabia."
About AST SpaceMobile
AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, Twitter, LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.
This communication contains "forward-looking statements" that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "would," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing and level of deployment of satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile service that would supersede preliminary agreements and memoranda of understanding; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the SEC, including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 31, 2022.
The planned testing of the BlueWalker 3 ("BW3") test satellite may not be completed due to a variety of factors, which could include loss of satellite connectivity, destruction of the satellite, or other communication failures, and even if completed as planned, the BW3 testing may indicate adjustments that are needed or modifications that must be made, any of which could result in additional costs, which could be material, and delays in commercializing our service. The production and launch of our BlueBird satellites may not be completed as currently contemplated due to a variety of factors, which could include results of BW3 testing, challenges in completing our assembly and production facility, launch difficulties, or supply chain shortages, any of which could result in additional costs or delays, which could be material. If there are delays or issues with our testing of BW3 or production and launch of BlueBird satellites, it may become more costly to raise capital, if we are able to do so at all.
AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors incorporated by reference into AST SpaceMobile’s Form 10-K filed with the SEC on March 31, 2022. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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