Market Overview

eMARINE Global Announces Extension and Expansion of ROK Navy Contract

Share:

SEOUL, SOUTH KOREA, Aug. 30, 2018 (GLOBE NEWSWIRE) -- eMARINE Global, Inc. (OTC:EMRN), a leading provider of information and communications technology for the maritime industry, is pleased to announce the extension and expansion of its maintenance contract with the Republic of Korea Navy (ROK Navy) for work through 2019.

eMARINE Global has been servicing the ROK Navy continuously for nine years, providing routine, preventive and emergency maintenance, as well as chart updates for the electronic charts display and information systems (ECDIS) onboard Korean naval vessels. The latest contract extends this relationship and expands it to more than 213 vessels. The contract is valued at approximately US$1.4 million.

"The continuation of our work with the ROK Navy is a strong testament to the quality of our product and service offerings, and we take great pride in our contribution to the safety and security of the ROK," 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.

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.

Forward-Looking Statements

Statements preceded by, followed by, or that otherwise include the words "believe", "anticipate", "estimate", "expect", "intend", "plan", "project", "prospects", "outlook", and similar words or expressions, or future or conditional verbs such as "will", "should", "would", "may", and "could" are generally forward-looking in nature and not historical facts.

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.

Contact:

Dave Gentry
RedChip Companies
407-644-4256, ext. 104
dave@redchip.com

View Comments and Join the Discussion!