BOSTON, Feb. 25, 2022 /PRNewswire/ -- The Tomorrow
Companies Inc. ("Tomorrow.io"), developer of a leading platform for
global weather and climate security, today announced it has entered
into a Cooperative Research and Development Agreement ("CRADA")
with the National Oceanic and Atmospheric Administration ("NOAA")
to analyze data to be provided by Tomorrow.io weather satellites,
assess its impact on NOAA forecasts, and evaluate use of the data
in NOAA's weather models. Tomorrow.io plans to launch its
first satellites starting in late 2022, with a full constellation
expected to be in orbit by 2024.
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,
Tomorrow.io's common stock and warrants are expected to trade on
Nasdaq under the new ticker symbols "TMW" and "TMWWW".
Tomorrow.io will conduct the CRADA activities with scientists
from four of the five NOAA line offices: the National Weather
Service; National Ocean Service; National Environmental Satellite
Data and Information Service; and the Office of Oceanic and
Atmospheric Research ("OAR"). Participating laboratories within OAR
include the Physical Sciences Laboratory, Global Systems
Laboratory, National Severe Storms Laboratory, and the Atlantic
Oceanographic and Meteorological Laboratory.
Radar provides vital observations of precipitation for weather
forecasts, yet much of the world lacks ground-based radar coverage,
with virtually no coverage across the oceans. Tomorrow.io's
proprietary weather satellites are expected to expand coverage
dramatically—revisiting each point on the globe as frequently as
once every hour or less, compared with the 2- to 3-day revisit rate
of existing spaceborne radar constellations.
Tomorrow.io's work with NOAA is aligned with a broader
initiative, Tomorrow.io's Earth Science Research Collaborative. The
goal of the initiative is to gather together professionals in
atmospheric science, meteorology and remote-sensing to collaborate
on scientific research projects, building new open-source tools for
data assimilation, and working on operational forecasting
applications. Initial members of the Collaborative include Dr.
Pavlos Kollias, Professor of
Atmospheric Sciences at Stony Brook University, and Dr.
Alessandro Battaglia, Associate
Professor at the Politecnico of Turin, both of whom will be collaborating with
Tomorrow.io on data validation and impact studies.
"Tomorrow.io is proud to partner with distinguished NOAA
scientists and other leading global academics in preparation for
the launch of our constellation in order to advance numerous
potential applications of our satellite data to Earth science
including numerical weather prediction, hydrological models, soil
moisture, and sea ice monitoring, among others," said Thomas Cavett, Vice President of Strategy and
Operations at Tomorrow.io.
Tomorrow.io will offer data-as-a-service to NOAA and other
governmental agencies worldwide while ingesting its own data into a
proprietary modeling suite that powers its Weather and Climate
Security Platform. Hundreds of organizations already use
Tomorrow.io's platform to proactively manage weather-related
challenges.
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. The platform is
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. To learn
more, please go to: www.tomorrow.io
About Pine Technology Acquisition Corp.
Pine Technology Acquisition Corp. is a special purpose
acquisition company (SPAC) 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
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
benefits of the partnership with Big Sky, 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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Investors
ICR Inc
TomorrowIR@icrinc.com
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SOURCE Tomorrow.io
