Multi-year revenue commitments support development of
disruptive, best-in-class UrtheDailyTM
Constellation
VANCOUVER, Dec. 5, 2017 /PRNewswire/ - UrtheCast Corp.
(TSX:UR) ("UrtheCast" or the "Company"), is pleased to announce it
has now signed binding data subscription agreements for the
UrtheDailyTM Constellation totalling in excess of
C$100M. Consisting of three anchor
customers and multiple incremental customers, these long-term
revenue commitments contribute to a consistent
UrtheDailyTM revenue stream over contract durations of
between four and seven years.
"These binding revenue commitments from a diverse group of
market leaders demonstrate a widespread recognition of the
UrtheDailyTM Constellation as a best-in-class technology
and a clear game-changer in the Earth Observation industry," stated
UrtheCast's President and CEO, Wade
Larson. "We have now grown the stable, highly predictable
revenue stream underlying the UrtheDailyTM business to a
total backlog of more than C$100
million. Having reached this important milestone, and with
our UrtheDailyTM financing package expected to close by
year end, we are in an excellent position to confidently move
forward with the development of the UrtheDailyTM
Constellation and our goal of becoming the pre-eminent provider for
the next generation of Earth Observation data and analytics
services."
About UrtheDailyTM
UrtheDaily™ is a planned global coverage constellation of
medium-resolution optical satellites aiming to acquire
high-quality, multispectral imagery, at 5-m GSD (Ground Sample
Distance), taken at the same time, from the same altitude, every
day. This robust, constantly updating data set will empower
customers in government, aerospace, agriculture, insurance,
infrastructure, and other sectors as they tackle the world's
biggest challenges. UrtheDaily™ is the most advanced
change-detection and monitoring system in the world, with
disruptive and problem-solving technology that stands to transform
the way we observe our planet.
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 customers of UrtheDailyTM; and
UrtheCast's expectations regarding such customers complying with
their payment obligations and other terms of their 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 the customers 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.