BOSTON, Feb. 7, 2022 /PRNewswire/ -- Tomorrow.io,
developer of a leading platform for global weather and climate
security, has been awarded a $19.3
million contract from the U.S. Air Force (USAF) to develop a
constellation of weather satellites that will provide the USAF with
three-dimensional global weather and ocean data.
"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.
Media
Tomorrow.io
Media@tomorrow.io
ICR Inc
TomorrowPR@icrinc.com
Investors
ICR Inc
TomorrowIR@icrinc.com
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SOURCE Tomorrow.io