VANCOUVER, Nov. 23, 2018 /CNW/ - UrtheCast Corp.
(TSX:UR) ("UrtheCast" or the "Company") announced today that as an
update to its October 26, 2018
press release, the lenders (the "Lenders") under the credit
agreement (the "Credit Agreement") dated May
18, 2018 among UrtheCast, Deimos Imaging, S.L.U, the Lenders
and U.S. Bank National Association have agreed to extend the
forbearance agreement dated October 25,
2018 between UrtheCast and the Lenders until December 31, 2018.
The extension allows UrtheCast to continue discussions with the
Lenders regarding several solutions to remedy the event of default
under the Credit Agreement. In addition, UrtheCast is exploring
alternative transactions with other lenders.
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 planning to launch 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). Additionally, UrtheCast continues
to seek options to exploit its unique SAR technology. 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", "plan", "explore" and "expect", statements that an
action or event "may", "should" or "will" be taken or occur, or
other similar expressions and includes, but is not limited to,
statements relating to: UrtheCast's expectations with respect to
its ability to remedy the event of default under the Credit
Agreement; and UrtheCast's expectations with respect to any
alternative financing. 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 as at the date of this
press release, 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: UrtheCast's inability to remedy the event of default
under the Credit Agreement; and UrtheCast's inability to secure any
alternative financing on similar terms as the Credit Agreement or
at all; as well as those factors and assumptions discussed in
UrtheCast's annual information form dated April 2, 2018, 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.
SOURCE UrtheCast Corp.