AST SpaceMobile Announces Collaboration with TIM
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 TIM (BVFM: TIMS3), one of Brazil's leading mobile network operators, with the aim of increasing the scope of cellular connectivity and bringing space-based coverage to Brazil.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230207005867/en/
AST SpaceMobile, Inc. announced the memorandum of understanding signing with TIM. (Photo: Business Wire)
AST SpaceMobile's solution is being designed to get mobile devices online where cell tower coverage does not exist and without modifications to users' cellular devices such as software, hardware, or expensive add-ons like satellite dishes.
"Space-based cellular broadband is a part of our mission to eliminate connectivity gaps and bring broadband to the billions who remain unconnected," said Chris Ivory, Chief Commercial Officer of AST SpaceMobile. "We're excited to be working with TIM towards connecting the unconnected in Brazil's vast and diverse territory."
The MoU would also support testing of AST SpaceMobile's space-based technologies by TIM for providing 4G data and voice services in Brazil. TIM's first technical tests and initial evaluation of AST SpaceMobile's planned solution are expected to take place in Brazil's North and Northeastern regions, aiming for the first half of 2023, subject to various factors, including obtaining regulatory approval.
"TIM, the only operator to serve all municipalities in Brazil with mobile coverage, reinforces its commitment to expand its coverage area and improve the quality of communication so that customers can enjoy data and voice services anywhere in the country. The MoU with AST SpaceMobile complements important ongoing initiatives to promote more digital inclusion, as it may help position TIM to take 4G to isolated areas, districts, villages, roads, resorts and tourist spots that are currently not served by other operators," said Marco Di Costanzo, Director of Network Development at TIM Brazil.
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.
"Evolve together with courage, transforming technology into freedom" is TIM's purpose. The operator has the largest mobile coverage and 4G presence in Brazil and is leading the rollout of 5G in the country, in line with its leading attitude and signature: "Imagine the possibilities". Committed to the best environmental, social and governance practices, it is part of important portfolios on the Brazilian stock exchange, such as the Novo Mercado, S&P/B3 Brasil ESG and the Corporate Sustainability Index. It is listed in the Sustainability Yearbook 2022, which brings together the most sustainable companies in the world, and was the first operator to obtain ISO 37001 certification for combating bribery. It is also part of the Bloomberg Gender Equity Index and leads, among companies in Brazil and in the global telecom sector, the Refinitiv Diversity & Inclusion Index. For more information, visit www.tim.com.br.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005867/en/