VANCOUVER, July 16, 2014 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or "the Company") is very pleased to announce that pursuant to its agreement with NanoRacks, LLC it plans to dramatically expand its Earth Observation data stream by operating state-of-the-art sensors on the NASA segment of the International Space Station (ISS).
The installation of the sensors further enhances UrtheCast's market leadership for Space Station-based Earth Observation (EO). The Company intends to develop and supply the EO sensors, electronics and all related hardware. NanoRacks, working with the U.S. National Lab manager CASIS, will facilitate the launch, installation and onboard integration of the cameras and hardware in accordance with its Space Act Agreement with NASA.
UrtheCast intends to develop two Sensors, a high resolution dual-mode optical/video camera and a high resolution dual-band Synthetic Aperture Radar (SAR), which will complement its current sensors aboard the ISS. The co-location of these sensors will allow for new EO products that are not currently available to the market. The sensors and their components are scheduled to launch to the ISS in 2016, and it is anticipated that the data will be available in 2017.
"This is certainly a significant advancement of UrtheCast's business plan," explained UrtheCast CEO, Scott Larson. "Having additional sensors on the International Space Station not only mitigates our technology risk, but also adds to our current suite of cameras aboard the Station, improving upon the quality and quantity of data that we can offer our customers — for everything ranging from scientific research to resource monitoring." Added Larson, "this initiative reflects our belief in the International Space Station as an ideal platform for Earth Observation."
"It was envisioned that the National Lab would increase the utilization of the ISS by other Federal entities and the private sector through partnerships, cost-sharing agreements, and other arrangements that would supplement NASA funding of the ISS. Being both educational and scientifically focused, these sensors will help augment NASA's efforts to more fully utilize the International Space Station as a National Lab, while enabling more private sector participation. We're looking forward to working with both NanoRacks and UrtheCast as we see this project through to completion," stated Michael Read, NASA manager of the ISS National Lab Office.
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.
About NanoRacks, LLC
NanoRacks LLC was formed in 2009 to provide commercial hardware and services for the U.S. National Laboratory onboard the International Space Station via a Space Act Agreement with NASA. The Company is unique in owning and marketing its own family of research equipment, both inside and external to the Space Station and providing low-cost, high quality services to the Station customer. To date over 200 payloads have been deployed by the Company on Space Station and the current signed customer pipeline of over 150 payloads, including those from DLR, NASA, US Government Agencies, Planet Labs, Space Florida, NCESSE, pharmaceutical drug companies, and organizations in Vietnam, UK, Romania and Israel, has propelled NanoRacks into a leadership position in understanding the emerging commercial market for low-earth orbit utilization. For more information visit nanoracks.com and follow @nanoracks on Twitter.
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 an action or event "will" be taken or occur (or similar language) and includes statements about the plans to supply and operate sensor and camera components on the ISS, expected launch and commissioning timeframes, proposed image and video product offerings and expected partners and customers to distribute such products. 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, inability to access capital to finance planned projects, delays caused by third party manufacturers or partners, damage which may occur to the sensors or cameras during launch or installation, unexpected changes in Russian, Canadian or United States 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