VANCOUVER, April 6, 2015 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") is pleased to announce the signing of a contract, valued at approximately US$9-million, to provide a range of engineering services and related space hardware to an international customer.
"This contract further demonstrates the success of the UrtheCast team, expanding UrtheCast's market footprint," explained UrtheCast's President and Chief Operating Officer, Wade Larson. "Adding to a growing international customer base, the signing of this contract typifies our customers' confidence in our team and capabilities."
Under the terms of the contract, the hardware will be delivered in 2017 and work will commence immediately. Among other benefits, this system will help improve communications throughput and data acquisition latency of UrtheCast's Earth Observation products and services.
UrtheCast also announces today that Peter W. Roberts has resigned from the Board of Directors for personal reasons. "We would like to thank Peter for his valuable contributions to the Company, and wish him the very best in his future endeavors," stated UrtheCast Chief Executive Officer, Scott Larson.
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 its Ultra HD video camera, Iris, on the ISS alongside its Medium-Resolution Camera ("MRC") which reached Initial Operation Capability ("IOC") in 2014. 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 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 UrtheCast's ability to deliver the engineering services, the ability of UrtheCast's partners to deliver the necessary hardware and maintain appropriate export permits and the customer's ability to pay for the services rendered.,.
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 continued commercial relationships with UrtheCast's International Space Station partners, the ability of UrtheCast's International Space Station assets to continue functioning properly unexpected changes in international 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 and Co-founder, (778) 331-7823 Direct