Memorandum of Understanding Aims to Improve
Mobile Service Accessibility
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.
Forward-Looking Statements
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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version on businesswire.com: https://www.businesswire.com/news/home/20230313005794/en/
Investors: Scott Wisniewski investors@ast-science.com
Media: Brandyn Bissinger press@ast-science.com +1 866 845
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