U.S. Air Force Awards $19.3 Million Contract to Tomorrow.io for Spaceborne Weather Data
Tomorrow.io has been awarded a $19.3 million contract from the U.S. Air Force to develop a satellite constellation for three-dimensional global weather data. This initiative aims to enhance mission planning and operational execution for air and ground operations by improving weather awareness. The contract is part of the AFVentures Strategic Funding Increase program, with the satellite launch expected in late 2022. The company is also preparing to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (PTOC, PTOCU), expected to trade under the new ticker symbols TMW and TMWW.
- Awarded a $19.3 million contract from the U.S. Air Force for satellite development.
- Expected to enhance operational efficiency for military weather forecasting.
- Preparing for Nasdaq listing through merger with Pine Technology Acquisition Corp.
- No specific financial projections or metrics provided regarding contract outcomes.
BOSTON, Feb. 7, 2022 /PRNewswire/ -- Tomorrow.io, developer of a leading platform for global weather and climate security, has been awarded a
"Global environmental data is essential to effective mission planning and execution of air and ground operations," said John Dreher, materiel leader, Weather Systems Branch. "This satellite constellation partnership with Tomorrow.io will give Air Force weather operators a vastly improved awareness of current and forecasted weather conditions."
The contract was awarded as part of the AFVentures Strategic Funding Increase (STRATFI) pilot program, which focuses on securing large-scale, strategic capabilities for the Department of Defence.
Tomorrow.io's constellation is expected to launch in late 2022.
Tomorrow.io previously announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. ("Pine Technology") (Nasdaq: PTOC, PTOCW, PTOCU). Upon closing, Tomorrow.io's common stock and warrants are expected to trade on Nasdaq under the new ticker symbols "TMW" and "TMWW".
About Tomorrow.io:
Tomorrow.io is the world's leading Weather Intelligence Platform™, helping countries, businesses and individuals manage their climate security challenges. Fully customizable to any industry impacted by the weather, customers around the world including Uber, Delta, Ford, National Grid and more use Tomorrow.io to dramatically improve operational efficiency. Tomorrow.io was built from the ground up to help teams predict the business impact of weather, streamline team communication and action plans, improve productivity, and optimize profit margins.
About Pine Technology Acquisition Corp.
Pine Technology Acquisition Corp. is a special purpose acquisition company (SPAC) formed for the purpose of targeting one or more businesses for its initial business combination. Pine Technology is led by CEO and Director Christopher Longo, the Founder and CEO of tech-focused commercial insurance managing general agent and brokerage, Novum Underwriting Partners, and the former CIO and COO of AmTrust Financial Services, Inc. (AmTrust) and non-Executive Chairman Adam Karkowsky, who currently serves as the President of AmTrust. Pine Technology Acquisition Corp. was founded in December 2020 and its Units, Class A common stock and warrants are listed on the Nasdaq under the symbols PTOCU, PTOC, and PTOCW, respectively. To learn more, please go to: www.pinetechnology.com
Forward-Looking Statements
This press release includes, and oral statement made from time to time by representatives of Pine Technology and Tomorrow.io may contain, statements that are not historical facts but are forward looking statements for purposes of the safe harbor provisions under applicable securities laws, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "target," "goal," "expect," "should," "would," "plan," "predict," "project," "forecast," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Tomorrow.io's ability to launch a satellite, the benefits of its technology, and the closing of the business combination. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You should carefully consider the risks and uncertainties described in the registration statement on Form S-4, including Pine Technology's prospectus and proxy statement (the "Proxy Statement/Prospectus"), filed by Pine Technology with the Securities and Exchange Commission (the "SEC") under the heading "Risk Factors" and other documents of Pine Technology filed, or to be filed, with the SEC. There may be additional risks that Pine Technology and Tomorrow.io presently do not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Pine Technology's and Tomorrow.io's expectations, plans or forecasts of future events and views as of the date of this press release. Pine Technology and Tomorrow.io anticipate that subsequent events and developments will cause their assessments to change. However, while Pine Technology and Tomorrow.io may elect to update these forward-looking statements at some point in the future, Pine Technology and Tomorrow.io specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Pine Technology's and Tomorrow.io's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Additional Information and Where to Find It
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and does not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, purchase, or exchange of securities or solicitation of any vote or approval in any jurisdiction in contravention of applicable law.
In connection with the proposed transaction between Pine Technology and Tomorrow.io, Pine Technology has filed the preliminary Proxy Statement/Prospectus. Pine Technology plans to mail the definitive Proxy Statement/Prospectus to its stockholders in connection with the transaction once available. INVESTORS AND SECURITYHOLDERS OF PINE TECHNOLOGY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PINE TECHNOLOGY, TOMORROW.IO, THE TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Pine Technology through the website maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of the documents filed with the SEC by contacting Pine Technology or Tomorrow.io using the contact information below.
Participants in the Solicitation
Pine Technology, Tomorrow.io and certain of their respective directors, executive officers and employees may be considered to be participants in the solicitation of proxies in connection with the transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Pine Technology in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above when it is filed with the SEC. Additional information regarding Pine Technology's directors and executive officers can also be found in the Pine Technology Final Prospectus. These documents are available free of charge as described above.
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SOURCE Tomorrow.io
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