VANCOUVER, July 16, 2014 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast"
or "the Company") today provided an update on the commissioning process
for its Medium-Resolution Camera ("MRC" or "Theia") and its Ultra HD,
High-Resolution Camera ("HRC" or "Iris"). The MRC has achieved Initial
Operational Capability ("IOC"), completing the MRC's commissioning
phase. Theia is now capable of commercial imaging and UrtheCast will
continue to refine the operational and processing systems required to
meet increased order volumes and produce value-added consumer products
"Successful completion of the MRC's commissioning phase is a significant
milestone for our team. We're extremely grateful for the hard work of
the engineering teams at UrtheCast, RSC Energia, and Roscosmos. This is
another testament to how well these teams continue to work together,"
commented UrtheCast's Chief Technology Officer, Dr. George Tyc.
UrtheCast is continuing commissioning and calibrating the HRC. The
Bi-axial Pointing Platform ("BPP"), which controls the pointing of the
HRC, is experiencing difficulties in achieving the pointing control
precision needed for the HRC to meet image quality specifications.
Our engineering team together with RSC Energia believes it has
developed a solution to this problem using existing gyroscopes on the
HRC to improve the BPP pointing control. This solution has been
successfully tested on the ground. The on-orbit implementation of this
solution requires software updates and the installation of additional
cabling inside the Zvezda module. These new cables need to be delivered
to the International Space Station (ISS). As a result, there will be a
several month delay in commissioning the HRC.
"We are very pleased with the solution developed by the team, and with
the results of the ground tests demonstrating the expected
performance. While there is never a 100% guarantee until the test
results are replicated on-orbit, we are very confident this solution
will enable us to capture high-resolution imagery and video with the
HRC," said UrtheCast's CEO, Scott Larson. "Operations in space are
complex and not always as predictable as many of us would like them to
be. Although the technical issues affecting the commissioning of the
HRC have delayed our previously disclosed commissioning schedule, we
believe these issues can be resolved and we do not expect that this
delay will affect the viability of our product offering."
UrtheCast has notified its insurers regarding the potential of a claim
against our in-orbit insurance policy for revenue interruption due to
the commissioning delay and costs related to implementing the proposed
The Company's recent announcement regarding the opportunity to install
and operate sensors on the NASA module of the ISS will result in
additional development costs. UrtheCast anticipates funding these
development costs over the next 3 years from a combination of
non-dilutive third party funding, available cash and internal cash
flow. UrtheCast is currently in an advanced stage of negotiation on a
long-term contract that, if successfully concluded, would provide a
substantial source of non-dilutive financing for the additional
UrtheCast will also host a conference call at 8:00 a.m. ET on July 17,
2014 — the details for which will be made available that morning, prior
to the call.
An archived version of the conference call will be made available on the
Company's website after the live conference call.
For further details related to UrtheCast imagery and products, our
Customer Experience Team is available, Monday through Friday, 6am to
6pm PT, by calling 1-800-669-3713 or emailing CX@urthecast.com.
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is
developing the world's first Ultra HD video feed of Earth, streamed
from space in full color. Working with renowned aerospace partners from
across the globe, UrtheCast has built, launched, installed, and will
soon operate two cameras on the Russian segment of the ISS. Video and
still image data captured by the cameras will be downlinked to ground
stations across the planet and displayed on the UrtheCast web platform,
or distributed directly to exclusive partners and customers.
UrtheCast's cameras will provide Ultra HD video and still imagery of
Earth that will allow for monitoring of the environment, humanitarian
relief, social events, agricultural land, etc. Common shares of
UrtheCast trade on the Toronto Stock Exchange as ticker 'UR'. For more
information visit our website at urthecast.com.
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 an action or event "will" be taken or occur
(or similar language) and includes statements about the plans to
operate camera components on the ISS, proposed image and video product
offerings, expected partners and customers to distribute such products
and proposed plans and timelines for commissioning of the HRC.
Forward-looking statements are subject to various known and unknown
risks, many of which are beyond the ability of UrtheCast to control or
predict, and which may cause UrtheCast's actual results to be
materially different from those expressed or implied thereby,
including, but not limited to, further delays in commissioning of the
HRC, damage which may have occurred to the cameras during launch or
installation, unexpected changes in Russian or Canadian government
policies as well as those factors discussed in the Company's annual
information form dated March 26, 2014, (the "AIF") and the Company's
short form base shelf prospectus dated April 7, 2014 (the "Prospectus")
which are 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 Prospectus, and as otherwise disclosed from time to time on
UrtheCast's SEDAR profile. UrtheCast undertakes no obligation to update
forward-looking statements except as may be required by applicable
Canadian securities laws. Readers are cautioned against attributing
undue certainty to forward-looking statements.
SOURCE: UrtheCast Corp.
For further information:
Scott Larson, CEO