Summary by Moomoo AI
InterContinental Aerospace Technology Group Limited (“InterContinental Technologies”) announced on 23 May 2024 that it has signed a non-legally binding strategic cooperation agreement with the Egyptian Space Agency (EGSA). The agreement aims to promote cooperation between the two sides in the fields of satellite manufacturing, testing, launch, education and training. The scope of cooperation includes the joint development of a 6U cube satellite and ATC to provide technical support and ground control station services for eGSA. In addition, the two sides will jointly host international seminars and forums. The Strategic Cooperation Agreement is valid for five years and can be extended for one year. InterContinental said the partnership will strengthen its technological capabilities in satellite manufacturing, testing and launch, and expand its influence in the Middle East and Africa markets. Shareholders and potential investors should note that formal cooperation agreements are still pending and the actual implementation of the cooperation remains uncertain.