VANCOUVER, Jan. 10, 2017 /PRNewswire/ - UrtheCast Corp.
(TSX:UR) ("UrtheCast" or the "Company") is pleased to announce it
has signed a contract to provide engineering services and
space hardware for US$3.9
million.
"This contract highlights the continued success of our
Engineering Services business and the market's confidence in our
capabilities and expertise in spaceborne hardware," explained
Wade Larson, UrtheCast's President
and Chief Executive Officer. "UrtheCast is proud to continue
delivering sophisticated products and services that meet the
market's needs."
UrtheCast expects to deliver the related space hardware in the
fourth quarter of 2017 and to receive 70 percent of the contract
price in the first quarter of 2017. The contract is subject to
customary covenants and conditions for supply agreements of this
nature.
ABOUT URTHECAST CORP.
UrtheCast Corp. is a
Vancouver-based technology company
that serves the rapidly evolving geospatial and geoanalytics
markets with a wide range of information-rich products and
services. The Company currently operates four Earth Observation
sensors in space, including two cameras aboard the International
Space Station and two satellites, Deimos-1 and Deimos-2. Imagery
and video data captured by these sensors is downlinked to ground
stations across the planet and displayed on the UrthePlatform, or
distributed directly to partners and customers. UrtheCast is also
developing and anticipates launching the world's first
fully-integrated constellation of multispectral optical and SAR
satellites, called OptiSAR™, in addition to its proposed
UrtheDaily™ constellation, which the Company believes will together
revolutionize monitoring of our planet with high-quality, medium
and high-resolution, and high-coverage and high-revisit imagery in
all weather conditions, any time of day. Common shares of UrtheCast
trade on the Toronto Stock Exchange as ticker 'UR'.
For more information, visit UrtheCast's website
at www.urthecast.com.
Forward Looking Information
This release
contains certain information which, as presented, constitutes
"forward-looking information" or "forward-oriented financial
information" within the meaning of applicable Canadian securities
laws. Forward-looking information involves statements that relate
to future events and often addresses expected future business and
financial performance, containing words such as "anticipate",
"believe", and "expect", statements that an action or event "will"
be taken or occur, or other similar expressions and includes, but
is not limited to; the expected delivery of the services and
hardware under the US$3.9 million
contract referred to above, and corresponding payment by the
customer; the proposed build, launch and operation of the OptiSAR
and UrtheDaily Constellations; UrtheCast's plans for and timing of
expansion of its product offering and value-added services; and its
future growth and operations plans. Such statements reflect
UrtheCast's current views with respect to future events and are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by UrtheCast, are inherently subject to
significant uncertainties and contingencies. Many factors could
cause UrtheCast's actual results, performance or achievements to be
materially different from any future results, performance, or
achievements that may be expressed or implied by such
forward-looking statements, including, among others: any delays or
failures by UrtheCast or its subcontractors in the design,
development, construction or delivery of the services and hardware
required by the US$3.9 million
contract or any similar delays in the development, launch and
operational commissioning of the proposed UrtheDaily or OptiSAR™
constellations; the Company being unable to adequately finance the
development, building, launch and commission of the UrtheDaily
Constellation or to convert the Memoranda of Understanding in
respect of the OptiSAR™ constellation into binding, definitive
agreements; the inability of the confidential customer described in
this press release to make its payments or to otherwise comply with
its obligations under the contract;; legal and regulatory changes
or the prevention of the export of certain technologies related to
the services or space hardware under the US$3.9 million contract, or the OptiSAR or
UrtheDaily Constellations by government regulators with
jurisdiction over UrtheCast, as well as those factors and
assumptions discussed in UrtheCast's annual information form dated
March 29, 2016, (the "AIF"), which is
available under UrtheCast's SEDAR profile
at www.sedar.com. Forward-looking information is
developed based on assumptions about such risks, uncertainties and
other factors set out herein, in the AIF, and as disclosed from
time to time on UrtheCast's SEDAR profile. UrtheCast undertakes no
obligation to update forward-looking statements except as required
by Canadian securities laws. Readers are cautioned against
attributing undue certainty to forward-looking statements.
SOURCE UrtheCast Corp.