VANCOUVER, May 28, 2019 /PRNewswire/ - UrtheCast Corp.
(TSX:UR) ("UrtheCast" or the "Company") today announces that it has
been selected to receive $2.0 million
from the Canadian Space Agency's ("CSA") Space Technology
Development Program ("STDP"), in two separate agreements of
$1.0 million each, for the
development of new satellite technologies. The work is expected to
start immediately and will be carried out over the next three
years.
The first CSA STDP contribution agreement, "Automated
Calibration and Validation of Optical Satellite Constellations,"
will aid UrtheCast in the development of ground-breaking
technologies for its planned UrtheDaily™ Constellation, currently
slated for deployment in 2021. The second CSA STDP contribution
agreement, "A Novel Self-Cueing TCPED Cycle for High Resolution
Wide Swath SAR Imaging," will support continued development of the
next generation UrtheCast SAR-XL Synthetic Aperture Radar.
"We are extremely proud that the CSA has selected our innovative
technology proposals through the highly competitive STDP program.
This validation of our technology speaks to the Government of
Canada's continued, active
interest in our technologies and programs," explained UrtheCast's
CEO Don Osborne.
About UrtheCast
UrtheCast Corp. is a Vancouver-based company that serves the
rapidly growing and evolving geospatial and geo-analytics markets
with a wide range of information-rich products and services.
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", "plan", "explore" and
"expect", statements that an action or event "may", "should" are
"going" to occur or "will" be taken or occur, or other similar
expressions and includes, but is not limited to, statements
relating to: UrtheCast's ability to secure additional customer
contracts for the planned UrtheDaily™ constellation in a timely
manner or at all; and UrtheCast's ability to secure financing for
the planned UrtheDaily™ constellation on acceptable terms, in a
timely manner, or at all, and the related expectations regarding
its build, launch and operations;. 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 as at the date of this
press release, are inherently subject to significant uncertainties
and contingencies.
Many factors could cause UrtheCast's actual results or
performance to be materially different from expectations that may
be expressed or implied by such forward-looking statements,
including, among others: any delays or failures in the design,
development, construction, launch and operational commissioning of
the UrtheDaily constellation as well as those factors and
assumptions discussed in UrtheCast's Annual Information Form dated
March 29, 2019, which is available
under UrtheCast's SEDAR profile
at www.sedar.com. UrtheCast cautions readers
that such factors and uncertainties are not exhaustive and that
should certain risks or uncertainties materialize, or should
underlying estimates or assumptions prove incorrect, actual
results, performance or achievements may vary significantly from
those expected. There can be no assurance that the actual
strategies, results, performance, events or activities anticipated
by the Company will be realized or, even if substantially realized,
that they will have the expected consequences to, or effects on,
the Company.
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.
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SOURCE UrtheCast Corp.