SSG Signs Agreement to Secure “Ready to Launch” Nano-Satellites...

SSG Signs Agreement to Secure “Ready to Launch” Nano-Satellites
Key Highlights:
 SSG signs Heads of Agreement with leading EU contractor for the supply of 3 NanoSatellites
 Nano-Satellites specifically designed for SSG’s highly sophisticated and developed communications technology
 Nano-Satellites to be delivered “Ready to Launch” to execute the commercial pilot phase of 2-3 satellites to form a constellation and an initial communication network
 Execution of the construction contract is a key third party endorsement of the SSG team’s satellite and aerospace credentials
 Represents a major milestone on the path to providing a significantly cheaper platform for voice, data and instant messaging services – a market currently worth > $5 billion

Burleson Energy Limited (BUR) is pleased to announce that Israeli based Nano-Satellite technology Company Sky and Space Global (UK) Ltd (SSG) has entered into a Heads of Agreement (HOA) with a leading EU Nano-Satellite contractor for the manufacture of Nano-Satellites.
The Nano-Satellites will be manufactured according to the design and technical specifications provided by SSG in order to meet SSG's business requirements.
The HOA covers the delivery of 3 Nano-Satellites which will be "Ready to Launch" and according to a tight schedule which meets the program's time frame requirement of launch in 2017.
The agreement to secure the Nano-Satellites is a significant step forward in SSG’s commercial pilot phase and strategy to disrupt the multi-billion dollar global satellite communications market.
SSG plans to launch the 3 Nano-Satellites to form a constellation and initial communication network which can provide a significantly cheaper platform for voice, data and instant messaging services.
Alongside the operational fast track achievement, SSG’s executive management team attended and presented at the 11th Ilan Ramon International Space Conference “Space for Mankind’s Future” in Israel.
Mr. Meir Moalem (SSG CEO) former Israeli's astronaut project manager took part in organizing the conference committee, together with Meidad Pariente (SSG CTO) and Maya Glickman (SSG COO) who are leaders in Israel’s space community.
Mr. Moalem said, “Execution of the HOA for the construction of our first 3 Nano-Satellites demonstrates a vote of confidence by a leading European Nano-Satellites system manufacturer and is an important milestone in SSG's R&D program towards a successful demonstration in space.

SSG expects executing the full contract based on the HOA within 21 days and will update the market accordingly at that time." Waiver of condition precedent in Acquisition Agreement with SSG BUR is also pleased to advise that SSG has confirmed it has waived the condition precedent in the acquisition agreement entered into between BUR and the SSG shareholders that requires BUR to sell its existing oil and gas assets for a minimum sale price of $500,000.

SSG is fully aware and commercially understanding that the recent significant down turn in oil prices has hampered the ability to realise the initial price contemplated for the disposal of the BUR oil and gas assets in the USA.
Mr Peter Wall (Proposed BUR Chairman) said, “The BUR Board is extremely happy that the SSG team has waived the condition precedent relating to the sale of BUR’s existing oil assets. Removal of this hurdle is another tick in the box as we progress towards transaction completion.”