VANCOUVER, July 29, 2016 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that it has signed a strategic partnership with OmniEarth, Inc. ("OmniEarth") in support of UrtheCast's planned UrtheDaily Constellation, expected to be capable of imaging 140 million square kilometers of the global landmass every day at 5 meters GSD. The UrtheCast-OmniEarth partnership includes collaborative system development, the sharing of intellectual property, and joint customer marketing activities.
Based in Arlington, VA, OmniEarth is a leading data analytics company and a large consumer of Earth imagery. The company specializes in image processing, data fusion, and predictive analytics, in essence turning big data into actionable intelligence. One of OmniEarth's leading products is a tool for water utilities that estimates water demand, but the company has also served the energy industry, the agricultural sector, and the US Federal Government.
"We are delighted to announce a strategic partnership with UrtheCast and to make a commitment to using the UrtheDaily system," stated Dr. Lars Dyrud, OmniEarth's CEO. "The OmniEarth team has long recognized the value of daily revisit, and we are thrilled to work with UrtheCast to help develop UrtheDaily, a mission designed from the ground-up to produce 'exquisite', analytics-ready, scientific quality data that is required to fully realize the potential for many large geoanalytics markets, and particularly for digital agriculture. UrtheDaily will bring machine learning and automated geoanalytics to whole new markets — and will do so at a scale never before achieved."
One of the key target market areas for UrtheDaily is the rapidly-growing demand for in-season precision agriculture. Daily revisit, combined with UrtheCast's scalable data distribution capabilities enabled by its cloud-based UrthePlatform, are anticipated to enable growers to proactively measure and manage crop health and identify pest infestation early enough to prevent major losses. Other domains that will benefit from daily coverage of the global landmass include asset monitoring, environmental monitoring, change detection for intelligence applications, and a host of financial prediction applications in areas such as retail and freight monitoring.
"We are really excited about this partnership," explained UrtheCast's President and Chief Executive Officer, Wade Larson. "Not only is this a significant endorsement of the UrtheDaily solution from a company that is an undisputed technology leader in geoanalytics, but it is also a major step forward for us commercially in bringing to fruition our UrtheDaily plans, which we believe will set the new gold standard — particularly in the digital agricultural sector — for many years to come. Partnering with OmniEarth in the final design stage will help to ensure that the constellation delivers the precise imagery products that digital agriculture and numerous other geoanalytics markets demand."
UrtheCast (and its subsidiary Deimos Imaging) will be exhibiting and meeting customers at the InfoAg Conference in St. Louis, Missouri, on August 2-4, 2016. The Company's representatives will be sharing further details on the planned market-leading capabilities of UrtheDaily for agriculture, as well as immediate opportunities today with UrtheCast's current sensor suite, including its Deimos-1 satellite.
UrtheCast To Host 2016 Second Quarter Conference Call On August 9, 2016
UrtheCast will also host a conference call regarding its 2016 second quarter financial results at 5:00 p.m. ET (2:00 p.m. PT) on Tuesday, August 9, 2016. The live conference call will be available by calling toll-free at 866-696-5910, or by toll at 416-340-2217. The participant pass code is 4686716.
An archived version of the conference call will be made available on the Company's investor website (investors.urthecast.com) following the live conference call.
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 currently operates four Earth Observation sensors in space, including two cameras aboard the International Space Station and two satellites, Deimos-1 and Deimos-2. Imagery and video data captured by these sensors is downlinked to ground stations across the planet and displayed on the UrthePlatform, or distributed directly to partners and customers. UrtheCast is also developing and anticipates launching the world's first fully-integrated constellation of multispectral optical and SAR satellites, called OptiSAR™, in addition to its proposed UrtheDaily™ constellation concept, which the Company believes will together revolutionize monitoring of our planet with high-quality, medium and high-resolution, and high-coverage and high-revisit imagery in all weather conditions, any time of day. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker 'UR'.
OmniEarth improves its subscribers' ability to visualize the world around them by enhancing their ability to see, analyze, and react to change in real time. Through a constant stream of geoinformatics, OmniEarth subscribers always have access to imagery and derived information products from any location on Earth – on demand and over time. OmniEarth's desire to investigate unanswered questions about our changing planet has led it to produce a reliable, constant data stream and enhanced decision-making tools for subscribers in the agriculture, energy, civil and military markets … and everyone else who wants to better understand Earth. www.omniearth.net
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", and "expect", statements that an action or event "may", "might", "could" or "will" be taken or occur, or other similar expressions and includes, but is not limited to; its plans for and timing of expansion of its product offering and value-added services; its future growth and operations plans; the success of the strategic partnership between UrtheCast and OmniEarth; the acceptance by its customers and the marketplace of new satellite imaging content, technologies and solutions; and the completion and operation of the proposed UrtheDaily Constellation. 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 UrtheDaily or OptiSAR™ constellations; the Company being unable to adequately finance the development, building, launch and commission of the UrtheDaily Constellation or to convert the existing 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 29, 2016, (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.
For further information: Jeff Rath, UrtheCast, EVP, Corporate Finance and Strategy, +1 (604) 669-1788; Marcie Steerman, OmniEarth, Director, Communications, (888) 838-6318 x717