VANCOUVER, Dec. 5, 2017 /CNW/ - UrtheCast Corp.
(TSX:UR) ("UrtheCast" or the "Company"), and Twenty First
Century Aerospace Technology Co. Ltd ("21AT"), China's largest independent commercial
satellite operator and non-governmental investor in remote sensing
satellite systems, today announced a long-term strategic
partnership to acquire geospatial data from the
UrtheDailyTM Constellation, UrtheCast's planned
constellation of Earth observation satellites which will deliver
daily, medium resolution imagery of the entire planet's landmass,
excluding Antarctica.
By entering into this agreement, 21AT becomes a key anchor
partner for the UrtheDailyTM Constellation and
UrtheCast's strategic partner for UrtheDailyTM
Constellation data within the large Chinese market. 21AT, already
one of the world's leading providers of satellite imagery and
services, will use the data to build an applications service
platform to improve the decision-making services for users across
China and beyond.
"With several years of experience in the industry, 21AT views
this flow of data as a highly innovative technical and commercial
differentiator for Earth Observation. Delivering daily
coverage of the Earth as geo-analytic ready imagery, directly into
the hands of our users, will be a great asset to significantly grow
applications," says Mr Wang, 21AT's Vice President. "International
cooperation has always been a very important part of our success
and the UrtheDailyTM Constellation is one of the best
solutions we have seen clearly designed to meet our future growth
strategy and application demands in China. This will
significantly increase the value of decision support tools made
available to our customers. As a result, we are committed to
this deep partnership with UrtheCast."
"This commitment in UrtheDailyTM from 21AT is a major
endorsement for our best-in-class Constellation from a recognized
leader in the Earth observation industry," stated UrtheCast's
President and CEO, Wade Larson. "We
are dedicated to ensure the success of our strategic partnership
with 21AT together benefiting from the huge market potential in
China and across the globe.
With our UrtheDailyTM financing package expected to
close by year end, we are more confident than ever in UrtheCast's
ability to become the pre-eminent provider for the next generation
of Earth observation data and analytics services."
The Agreement is subject to UrtheCast arranging its financing
for the build and launch of the UrtheDailyTM
Constellation, and other customary conditions for agreements of
this nature.
About 21AT
Twenty First Century Aerospace Technology Co. Ltd (21AT) was the
first independent commercial satellite operator and
non-governmental investor in remote sensing satellite system in
China. It is the first commercial
company that vertically integrated Earth Observation (EO) satellite
operator and services businesses. It owns several low cost EO
satellites, including the sub-metric TripleSat constellation, and
satellite operating & image tasking and receiving stations.
21AT is capable of providing products and services for the entire
space geo-information value chain from satellite operation,
tasking, data acquisition, image processing, hosting/archiving,
data management/distribution, multiple satellite source integration
through its web portal, sophisticated geo-information services, to
application software development and integrated solutions.
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
operates Earth Observation (EO) sensors in space, through its
subsidiary Deimos Imaging, including two satellites, Deimos-1 and
Deimos-2, to produce imagery data for partners and customers in
multiple markets. UrtheCast processes and distributes imagery data
and value-added products on behalf of the PanGeo Alliance, a
network of seven satellite operators with a combined 13 medium- and
high-resolution EO sensors. Additionally, UrtheCast is developing
and expects to launch the world's first fully-integrated
constellation of sixteen multispectral optical and SAR satellites,
called OptiSAR™, and a satellite constellation designed to capture
high-quality, medium-resolution optical imagery of the Earth's
entire landmass (excluding Antarctica) every day, called UrtheDaily™.
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" 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", "plan", and
"expect", statements that an action or event "may" or "will" be
taken or occur, or other similar expressions and includes, but is
not limited to: UrtheCast's future growth and constellation
operations plans; plans regarding the financing, build, launch and
operation of the planned UrtheDailyTM Constellation, and
the delivery of imagery produced by the UrtheDailyTM
Constellation to 21AT; and UrtheCast's expectations regarding 21AT
complying with its payment obligations and other terms of the
agreement with UrtheCast. 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 in the design, development, construction, launch and
operational commissioning of the proposed OptiSAR or
UrtheDailyTM constellations; the Company being unable to
deliver imagery products meeting the minimum specifications
required by the agreement with 21AT described above; the Company
being unable to finance the build, launch and commissioning of the
UrtheDailyTM Constellation; the Company being unable to
convert the Memoranda of Understanding in respect of funding of the
OptiSAR constellation into binding, definitive agreements;
interruptions to or failures of UrtheCast's infrastructure; legal
and regulatory changes, as well as those factors and assumptions
discussed in UrtheCast's annual information form dated March
28, 2017, (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.