Under the Symbol:
Geospatial Corporation Announces New Drone Mapping Project and Signs 2 Master Services Agreements
Monday, November 4, 2019 9:30 AM
HERNDON, VA / ACCESSWIRE / November 4, 2019 / Geospatial Corporation (OTCQB:GSPH) (the "Company" or "Geospatial") today announced that it has signed a contract to commence work on a 200 Mile Right of Way Project in South Central US for a Major Pipeline Construction Company. The Company will be providing daily progress reporting and mapping data using its drone technology.
"We're extremely excited to showcase our drone capabilities for the pipeline construction market and deliver accurate and actionable daily data for progress reporting and mapping," said David Truitt, Chief Executive Officer of Geospatial. "Tracking and monitoring construction activities over 200 miles can be challenging, especially when done manually. By utilizing our drone data capture capabilities and automated data analytics, construction companies and their clients can get near real-time intel to make pipeline construction safer, smarter and more efficient." Truitt added.
This new contract comes directly from one of two recently signed Master Service Agreements (MSA) with integrated oil and gas construction firms to provide joint customers with drone inspection and mapping capabilities throughout the U.S. with a focus on pipeline construction.
"With these new relationships, we've established a strong footprint throughout the U.S. in areas like the Permian Basin where new pipelines are being built to move massive quantities of oil and gas, allowing the U.S. to be energy independent and become a major supplier to the rest of the world," said Troy Taggart, President of Geospatial. "It's taken some time for major producers and pipeline companies to adopt this new technology, but it's clear that the data collected today will be useful as machine learning and new technologies like autonomous digging become mainstream. Our ability to cover large areas with less people is important, but the analytics and reporting we've automated in the cloud is what sets us apart from other data aggregation and mapping companies," added Taggart.
About Geospatial Corporation
Geospatial Corporation provides data solutions for the underground infrastructure needs of the energy industry, as well as municipal, industrial and commercial industries by utilizing integrated technologies to determine the accurate location and position of above ground structures and underground pipelines, conduits and other underground infrastructure allowing Geospatial to create accurate three-dimensional (3D) digital maps and models of important infrastructure. The Company leverages cloud-based infrastructure to provide its clients with actionable data making their assets smarter, safer, more sustainable and valuable. For more information visit the company's website at www.GeospatialCorporation.com.
Safe Harbor Statement
This press release may contain forward-looking statements about Geospatial Corporation's activities that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
SOURCE: Geospatial Corporation