VANCOUVER, Aug. 21, 2018 /CNW/ - UrtheCast Corp. (TSX:UR)
("UrtheCast" or the "Company") announces that it has come to the
Company's attention that a shareholder of the Company, William Holland, and his wholly-owned
corporation, Eastwood Capital Corp., commenced a civil claim
against the Company and certain of its current and former directors
in the Supreme Court of British
Columbia on August 9, 2018.
The claim alleges that, among other things, the Company and certain
of its current and former directors failed to disclose material
changes and made misrepresentations in reconstituting the Company's
board of directors. The plaintiffs seek to rescind or otherwise set
aside their purchase of securities from the Company.
Mr. Holland previously attempted to nominate directors of his
choosing to the UrtheCast board, and led a public campaign against
the current directors. Notwithstanding Holland's public
complaints, UrtheCast's shareholders voted to approve the current
directors by an overwhelming margin at the Company's most recent
annual general meeting.
The Company believes that the allegations in the claim are
without merit, and intends to vigorously defend the claim.
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. The
Company currently owns and operates two Earth Observation (EO)
satellites, Deimos-1 and Deimos-2. Together with its exclusive
partnerships, spanning an additional 20 satellites, UrtheCast
processes and distributes imagery data and value-added products on
a global scale to partners and customers in multiple markets.
UrtheCast is also launching UrtheDaily™, a satellite constellation
that will be the most advanced change detection system in the
world, designed to capture daily, scientific grade, high-quality,
medium resolution optical imagery of the Earth's entire landmass
(excluding Antarctica). UrtheCast
is also developing OptiSAR™, a constellation of SAR satellites
which, together with UrtheDaily™, will form the world's first
fully-integrated optical and SAR constellation. 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", "plan",
"estimate", "expect" and "guidance", statements that an action or
event "may", "might", "could" or "will" be taken or occur, or other
similar expressions. Such statements reflect UrtheCast's current
views with respect to future events. Such statements 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, those factors and assumptions discussed in UrtheCast's
annual information form dated April 2,
2018 (the "AIF"), which is available under UrtheCast's SEDAR
profile at www.sedar.com. 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.