BOSTON, Jan. 10, 2022 /PRNewswire/ -- The Tomorrow
Companies Inc. ("Tomorrow.io"), developer of a leading platform for
global weather and climate security, the World Meteorological
Organization (WMO), and the Coordination Group for Meteorological
Satellites (CGMS) came together virtually on Dec. 14 for a robust discussion on the emerging
needs, recent advancement, and potential impacts of the space-based
observing system for precipitation.
In December, Tomorrow.io announced plans to list on Nasdaq
through a merger with Pine Technology Acquisition Corp. ("Pine
Technology") (Nasdaq: PTOC, PTOCW, PTOCU). Upon closing of the
transaction, Tomorrow.io's common stock and warrants are expected
to trade on Nasdaq under the new ticker symbols "TMW" and
"TMWW".
More than 100 participants heard Tomorrow.io present details on
its upcoming constellation of radar-equipped weather satellites and
learned about the importance of enhanced spaceborne radar coverage
from international meteorological satellite data experts. The
discussion took place as part of a WMO Open Consultative Platform
(OCP) Innovation Webinar. OCP serves as an open, constructive, and
participatory framework for addressing the grand challenges of the
global weather enterprise. Precipitation is ranked the top priority
out of 152 Earth observations by the intergovernmental Group on
Earth Observations. On average, 60 percent of WMO member
meteorological agencies lack the full capacity needed to provide
observations or climate services for water.
Radar provides vital observations of precipitation and storm
dynamics, informing our understanding of the global water cycle
that is critical for our survival. Yet more than 5 billion people
worldwide live outside of consistent radar coverage, with virtually
no coverage across the oceans. This limits the ability to generate
reliable weather forecasts and provide critical information about
hurricanes, typhoons, floods and other extreme weather events.
Tomorrow.io's constellation, with first launches planned for
late 2022, is expected to expand radar coverage worldwide—covering
each point on the globe once every hour on average, compared to the
2- to 3-day revisit rate of existing spaceborne radar missions.
This dramatically improved precipitation monitoring is expected to
enable better forecasts worldwide, especially in data-sparse areas
that currently lack reliable forecasts.
"Precipitation is a key variable and it's also one that is
incredibly under-observed," said Anthony
Rea, WMO Director of Infrastructure, in opening remarks to
the webinar. "If you look at the parts of the world where they have
perhaps the greatest vulnerability to severe precipitation events,
these are also areas where we also have a lack of in-situ
infrastructure, generally weather radars and rain gauges.
Precipitation observations ... are also key to our understanding of
the climate and of the water cycle. And right now it's a gap in our
knowledge."
Tomorrow.io recently announced it was awarded a $19.3 million contract from the U.S. Air Force to
support deployment of its first four satellites. Tomorrow.io will
offer data-as-a-service from its spaceborne radars to governmental
agencies worldwide, while also ingesting the data into its
proprietary modeling suite that powers its Weather and Climate
Security Platform, which is used by hundreds of organizations to
proactively manage weather-related challenges.
During the webinar, Tomorrow.io invited the global atmospheric
science, meteorology and remote-sensing community to engage in an
open-source collaboration to develop radar data assimilation
techniques using simulated data in advance of launching the
constellation.
"It was an honor to present our satellite constellation plans to
the WMO and its member agencies," said Rei Goffer, Co-founder and
Chief Strategy Officer for Tomorrow.io. "We're excited to partner
with the public sector and academia to prepare for the availability
of this important and impactful new global dataset."
A webcast of the event can be viewed at:
https://public.wmo.int/en/our-mandate/how-we-do-it/public-private-engagement-ppe/innovation-and-cutting-edge-activities-space
To become part of Tomorrow.io's weather science community
and learn more about our open-source collaboration for radar data
assimilation, please contact Thomas
Cavett at thomas.cavett@tomorrow.io.
About Tomorrow.io
Tomorrow.io is The World's Weather and Climate Security
Platform, helping countries, businesses, and individuals manage
their weather and 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 prepare for
the business impact of weather by automating decision-making and
enabling climate adaptation at scale.
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 in the insurance-related technology (InsurTech)
sector 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.
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
scale and grow its business, including the timing of the planned
satellite launches in late 2022, the expected expansion in radar
coverage to be provided by Tomorrow.io's satellites, the cash
position of the combined company following closing and the timing
of 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
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SOURCE Tomorrow.io
