eMARINE Global Announces Extension and Expansion of Contract with Korean Navy
SEOUL, South Korea, Oct. 03, 2017 (GLOBE NEWSWIRE) — eMARINE Global, Inc. (OTC:EMRN), a leading provider of information and communications technology for the maritime industry, is pleased to announce it was awarded a maintenance contract from the Republic of Korea Navy (ROK Navy) for work through 2018.
eMARINE Global has been servicing the ROK Navy continuously since 2012, providing routine maintenance and chart updates for the electronic charts display and information systems (ECDIS) onboard 200 Korean naval vessels. The latest contract extends this relationship and expands it to more than 215 vessels. The contract is valued at approximately US$720,000.
“The continuation of our work with the ROK Navy is a strong testament to the quality of our product and service offerings,” stated Ung Gyu Kim, Chairman and CEO of eMARINE Global. “We currently maintain 90% market share of the Electronic Chart Display and Information System (ECDIS) business from the Korean Navy and Coast Guard and plan to leverage this success as we seek to expand regionally and globally.”
Founded in 2001 and based in South Korea, eMARINE Global is working with a growing base of marquee customers to achieve maritime ICT convergence through fully integrated products and services, offering state-of-the-art e-navigation, marine Internet of Things (IoT), and marine big data solutions, primarily in Korea with near-term expansion into U.S. and Chinese markets.
In addition to the ROK Navy, eMARINE Global’s customer base includes Hyundai Heavy Industries, Samsung Heavy Industries, and the Korea Coast Guard.
eMARINE Global became a publicly-traded company in July 2017 through a reverse merger with Pollex Inc. and officially changed its name and ticker symbol in September 2017.
Ung Gyu Kim stated, “Becoming a publicly-traded company in the US is a major milestone for our company. We believe it greatly improves our positioning as we seek to replicate the track record of success we’ve generated in Korea, in the US and beyond. I look forward to sharing our future successes with you as we seek to grow shareholder value in the quarters and years ahead.”
About eMARINE Global, Inc.
eMARINE is a provider of information and communications technology in the maritime industry. Specifically, eMARINE provides solutions for collection, integration and display of maritime information abroad and ashore by electronic means to enhance berth to berth navigation and related services. These solutions provide the most efficient means to secure the safety of life at sea and to protect the marine environment. All products and services are offered through subscription, installation, updates and/or maintenance contracts.
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These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance, or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
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