Telecom vendor World Reach (ASX:WRR) has announced that its subsidiary, Beam Communications, has reached the first milestones in its deal with satellite vendor Inmarsat.
Beam is developing and providing the docking units for Inmarsat’s new satellite phone, the IsatPhone Pro.
Beam said that with the it was on track to commence commercial delivery of the units in Q3.
As part of the deal, Inmarsat will loan Beam up to $3.2 million to fund product development and working capital costs, to be repaid in stallments representing a percentage of the first sales of the products.
Reaching the milestones has allowed Beam to access $1.2 million worth of these funds, Beam added.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.