Geospatial imagery products and services specialist Spookfish Limited (ASX: SFI) has taken a significant step towards entering the valuable Chinese market with the signing of an evaluation agreement with Global Earth Ventures Limited.
Under the agreement, the two companies will to explore opportunities to develop the market for aerial imagery and data analytics in China.
Under a six-month exclusive evaluation period, Spookfish will provide Global Earth with its system performance data and output products to enable the Chinese company to evaluate the functionality and capabilities of the Spookfish system.
Spookfish Chairman, Jason Marinko, in Shanghai with Global Earth Ventures Group and Z Ventures Group Chairman, Dr Vincent Tao.
In return, Global Earth will identify corporate and market opportunities to enable both parties to determine the viability of entering into a commercial agreement. During the evaluation period, Spookfish and Global Earth may negotiate a final definitive agreement.
Global Earth is an entity associated with Dr Vincent Tao, an internationally recognised Geographic Information Systems (GIS) entrepreneur and global technology investor. Dr Tao has a Ph.D. in Geospatial Information Engineering from York University in Toronto, has authoured and co-authoured over 200 technical papers, holds a number of technical patents and in 2014 was included in the list of the top 100 most influential people in China.
Dr Tao is currently chairman of international investment group, Z Ventures Group, with offices in China and the US that invests in and builds globally innovative technology companies.
Spookfish Executive Chairman, Jason Marinko said the evaluation agreement with Global Earth validates the interest, demand and the global opportunity for the company’s technology and complements its existing partnership with EagleView Technologies in North America.
Spookfish is very fortunate to have been approached by someone of the calibre of Dr Tao to explore the commercial opportunities in China as part of our global technology licencing strategy. China represents an enormous opportunity for Spookfish and accessing that will only be possible with such a uniquely experienced local partner.
Dr Tao said the Spookfish technology provides a unique opportunity to take advantage of the change taking place in the large Chinese market.
“I’m excited the explore the possibilities with Spookfish,” Dr Tao said.