Sky and Space Global Ltd. announced that it has secured a new commercial wholesale contract for communications bandwidth from its initial 3 nano-satellites, the "3 Diamonds". The Company has entered into an agreement with the African-based mobile communications company, BeepTool LLC via a Letter of Intent for a portion of the bandwidth from the Company's "3 Diamonds" commencing in 2017. BeepTool is a mobile payments, messaging and voice app that is used by over 800,000 customers across the African region and globally. Since launching in 2014, the BeepTool's app continues to experience significant user growth and uptake and currently has a presence in over 50 countries across the globe. The app operates in Africa's rapidly growing mobile money transfers and payments market. This agreement represents Sky and Space Global's first entry into the mobile banking and financial services market which is expected to be a strong future demand driver for communications bandwidth. Under the terms of the agreement, BeepTool will collaborate with Sky and Space Global on a pilot program integrating the BeepTool app with Sky and Space Global's communication bandwidth software systems. Following a successful outcome of the pilot, BeepTool has agreed to purchase from SAS all the available communications bandwidth that is required by BeepTool to fill its bandwidth demand. The Letter of Intent is a preliminary commercial agreement, both parties will enter negotiation of key commercial and operational terms and thereafter the execution of a definitive agreement in due course. The Company's agreement with BeepTool signifies the further commercial validation and de-risking of Sky and Space Global's nano-satellite offering. BeepTool represents the Company's second customer for its communication bandwidth, following the signing of Sat-Space Africa Ltd, announced to the market in March and August 2016. In addition, the agreement demonstrates the potential for early stage revenue for the Company from its 3 demonstration nano-satellites. Following the successful commercial demonstration of the Company's initial 3 nano-satellites, the "3 Diamonds", SAS intends to launch an equatorial constellation of up to 200 nano-satellites from mid-2018. The quantum of bandwidth created from the full constellation of nano-satellites has the potential to generate revenues of circa $500 million to $1 billion per annum.