U.S. markets close in 16 minutes

eMARINE Global Awarded $1.9 Million ECDIS Maintenance Contract from Korean Navy

SEOUL, SOUTH KOREA, March 18, 2020 (GLOBE NEWSWIRE) -- eMARINE Global, Inc. (EMRN), a leading provider of information and communications technology for the maritime industry, is pleased to announce that the Republic of Korea (ROK) Navy renewed its annual contract with eMARINE to maintain the electronic charts display and information systems (ECDIS) onboard 225 naval ships. The contract is valued at $1.9 million (2.4 billion Won).

“We have a remarkable record of providing excellent and professional service to our customers, and this latest renewal from the ROK Navy further strengthens that record,” stated Ung Gyu Kim, Chairman and CEO of eMARINE Global. “We were also recently awarded a contract renewal for the annual maintenance of the ROK Navy’s anti-submarine warfare team trainer (ASWTT), a project we helped to install and have maintained over the last three years.”

Overall, eMarine has been providing maintenance work on an annual contract basis for the ROK Navy since 2007, when the Company’s navigation technology was first installed. Since then, the volume or work and budget have increased each year. Today, eMarine's ECDIS technology is the primary navigation solution used by the ROK Navy fleet.

The ROK Navy increased the budget and number of ships serviced under the maintenance contract over the prior year’s contract.

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.

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