VANCOUVER, Dec. 9, 2015 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that, effective immediately, Wade Larson has accepted the role as Chief Executive Officer in addition to his roles as President and COO. As a co-founder of UrtheCast five years ago, Wade developed the original vision behind the Company. He has over 20 years of space sector experience with the Canadian Space Agency, MacDonald, Dettwiler and Associates Ltd. (MDA), and most recently as President and COO of UrtheCast. He has extensive experience in space-related strategy formulation, business development, government relations, corporate development, and operations. Wade takes this expanded leadership role as UrtheCast has transitioned into a fully commercial and operational Earth Observation company, with four space-based sensors, a global sales force, a deep data archive and an emerging web delivery platform.
"I am humbled by the opportunity to lead UrtheCast during this next phase of growth", said Wade Larson. "I believe we have the team, the technology and the resources necessary to build out and grow the Company's EO platform."
"On behalf of the Board of Directors, we are pleased that Wade has accepted this additional leadership role. We have an exceptionally high level of confidence in his proven skill set, passion and leadership", said Tye Burt, Chairman of UrtheCast. "Wade will lead a strong and deep executive group going forward including the team members in our newly-acquired international subsidiary, Deimos Imaging."
Scott Larson is stepping down from his role as the CEO. "I am very proud to say that UrtheCast is no longer a start-up but is now a very operational company. This was a very difficult decision but I know it is the right time for me to step back and let the team take the vision that we have now, execute on it, and make the Company better and stronger. I remain a very supportive long term shareholder and am as excited as ever to see what the future holds for UrtheCast", said Scott Larson.
"On behalf of the Board of Directors and employees of the Company, we would like to thank Scott for his tireless efforts and leadership during these last five years in building and leading the Company and we truly wish him all the best", said Chairman Tye Burt.
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that has developed the world's first Ultra HD video feed of Earth, streamed from space in full color. Working with prominent aerospace partners from across the globe, UrtheCast has built, launched, installed, and is operating its Ultra HD video camera, Iris, on the ISS alongside its Medium Resolution Camera ("MRC"). Both Iris and the MRC have reached Initial Operation Capability ("IOC") in 2015 and 2014, respectively. UrtheCast also owns and operates the Deimos-1 and Deimos-2 satellites through its Spanish subsidiary, operating as Deimos Imaging. 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 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 UrtheCast's website at www.urthecast.com.
This release contains certain information about UrtheCast which constitutes "forward-looking information" within the meaning of Canadian securities laws. Forward-looking information involves statements that an action or event "will" occur (or similar language) and includes statements about plans to operate cameras on the ISS, display data on the web platform, proposed imagery products and expected partners and customers. These statements are subject to various 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, including, but not limited to, the cameras or Deimos satellites failing to operate as expected, as well as those factors discussed in the Company's prospectus supplement dated June 24, 2015 to its short form base shelf prospectus and amended and restated short form base shelf prospectus dated May 15, 2015, as each such shelf was amended on June 19, 2015 (together, 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 Prospectus, 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, EVP Corporate Finance and Strategy, Phone: +1 (604) 669-1788