VANCOUVER, May 6, 2016 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announced the planned release of a Request for Information (RFI) to U.S. companies interested in a potential long-term strategic partnership with UrtheCast by being the direct channel for data services from UrtheCast's planned OptiSAR™ Constellation, as well as its proposed UrtheDaily™ Constellation concept, to U.S. Government customers. As this "reverse RFI" is expected to be issued in early Q3 of 2016, UrtheCast will be hosting a special information session, exclusively for employees of U.S. companies and the U.S. Government, during the 2016 United States Geospatial Intelligence Foundation Symposium (GEOINT 2016) in order to solicit input and ideas on how to optimally structure the RFI.
Having received strong interest in our satellite constellation capabilities roadmap from U.S. Government customers, UrtheCast has signed a five-year Cooperative Research And Development Agreement (CRADA) with the U.S. National Geospatial-Intelligence Agency (NGA), as announced on April 4, 2016. UrtheCast has also received expressions of interest from several U.S. companies. As a result, UrtheCast intends to solicit U.S. companies with strong U.S. Department of Defense (DoD) and Intelligence Community (IC) footprints for interest in establishing long-term partnership(s) for distribution rights of proposed OptiSAR™ and/or UrtheDaily™ products and services to U.S. defense and intelligence customers. Potential partners with standing product and services contracts with the U.S. Government which may benefit from imagery and services derived from UrtheCast's four currently operational sensors are also of interest to the Company. In effect, a U.S. partner of UrtheCast could serve as a prime contractor to offer these data services to U.S. Government agencies, departments, and end-user organizations, with UrtheCast serving as a sub-contractor.
UrtheCast is a Canadian-headquartered company with operations in the U.S. and Spain and is focused on the rapidly expanding Earth Observation and geoanalytics markets. UrtheCast currently operates four on-orbit sensors: Iris, the High Resolution Camera (HRC), and Theia, the Medium Resolution Camera (MRC), on the International Space Station (ISS); and through its new subsidiary Deimos Imaging, UrtheCast also operates the Deimos-1 and Deimos-2 satellites.
In June 2015, UrtheCast announced its plans to build, launch and operate the world's first fully-integrated, multi-spectral optical and Synthetic Aperture Radar (SAR) commercial constellation of Earth Observation satellites, which is now known as OptiSAR™. The OptiSAR™ Constellation is expected to comprise 16 satellites (8 optical and 8 SAR) flying in two orbital planes, with each plane consisting of four satellite pairs, equally-spaced around the orbital plane. Each pair of satellites will consist of a dual-mode, high-resolution optical satellite (video and pushbroom) and a dual-band high-resolution SAR satellite (X-band and L-band), flying in tandem. By employing two orbital planes, the Constellation will provide for maximum revisit rates in the mid-latitudes, while providing global coverage extending to the poles. OptiSAR™ will be deployed over multiple launches and is expected to begin operations in 2020. The Constellation will provide what the Company anticipates to be unmatched space-imaging capabilities, enhancing support to both commercial and government customers alike with advanced ConOps such as all-weather 24/7 imaging, cross-cueing, and optimized tasking and dissemination capabilities.
In March 2016, UrtheCast announced its UrtheDaily™ Constellation concept, consisting of eight additional electro-optical satellites equiphased in a sun synchronous orbit and designed to provide coverage of the Earth's entire landmasses in six-band multi-spectral imagery every single day. UrtheCast believes that, if realized, the 24 satellites of UrtheDaily™ and OptiSAR™ will represent an unprecedented capability for daily global collection, monitoring, change detection, and tipping-and-cueing.
Special Information Session during GEOINT 2016:
UrtheCast will be hosting an Information and Q&A Session on the OptiSAR™ and UrtheDaily™ constellation roadmap during GEOINT 2016 on the afternoon of Monday, May 16, 2016, at the Gaylord Palms Resort in Kissimmee, Florida. The exact time and location will be provided to those who register for the event. UrtheCast personnel will also be available for private, one-on-one meetings during GEOINT, as time allows.
Pre-registration for the Information Session is required by emailing Ms. Theras Wood (email@example.com) with your name, title, company/agency, and contact information.
Note: This is not an open event; attendance is only open to employees of U.S. companies and the U.S. Government. UrtheCast reserves the right to deny access to all others. Identification will be required at the time of check-in.
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 UrtheCast's cloud-based web platform, 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'.
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", "might", "could" or "will" be taken or occur, or other similar expressions and includes, but is not limited to; its plans to issue the reverse RFI, its plans for the OptiSAR Constellation or with respect to the proposed UrtheDaily concept, its expectations regarding reaching U.S. Government customers and anticipated partnerships with U.S. companies to provide products and services to U.S. Government users. 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™ Constellation or the failure of the UrtheDaily concept to develop beyond the conceptual phase; the Company being unable to convert the Memoranda of Understanding in respect of funding of the OptiSAR™ Constellation into binding, definitive agreements, 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: visit UrtheCast's website at www.urthecast.com or contact: Jeff Rath, EVP, Corporate Finance and Strategy, +1 (604) 669-1788