VANCOUVER, May 28, 2019 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that it has been selected to receive $2.0 million from the Canadian Space Agency's ("CSA") Space Technology Development Program ("STDP"), in two separate agreements of $1.0 million each, for the development of new satellite technologies. The work is expected to start immediately and will be carried out over the next three years.
The first CSA STDP contribution agreement, "Automated Calibration and Validation of Optical Satellite Constellations," will aid UrtheCast in the development of ground-breaking technologies for its planned UrtheDaily™ Constellation, currently slated for deployment in 2021. The second CSA STDP contribution agreement, "A Novel Self-Cueing TCPED Cycle for High Resolution Wide Swath SAR Imaging," will support continued development of the next generation UrtheCast SAR-XL Synthetic Aperture Radar.
"We are extremely proud that the CSA has selected our innovative technology proposals through the highly competitive STDP program. This validation of our technology speaks to the Government of Canada's continued, active interest in our technologies and programs," explained UrtheCast's CEO Don Osborne.
UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geo-analytics markets with a wide range of information-rich products and services.
For more information, visit UrtheCast's website at www.urthecast.com.
Forward Looking Information
This release contains certain information which, as presented, constitutes "forward-looking information" or "forward-oriented financial 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", "plan", "explore" and "expect", statements that an action or event "may", "should" are "going" to occur or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements relating to: UrtheCast's ability to secure additional customer contracts for the planned UrtheDaily™ constellation in a timely manner or at all; and UrtheCast's ability to secure financing for the planned UrtheDaily™ constellation on acceptable terms, in a timely manner, or at all, and the related expectations regarding its build, launch and operations;. 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 as at the date of this press release, are inherently subject to significant uncertainties and contingencies.
Many factors could cause UrtheCast's actual results or performance to be materially different from expectations 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 UrtheDaily constellation as well as those factors and assumptions discussed in UrtheCast's Annual Information Form dated March 29, 2019, which is available under UrtheCast's SEDAR profile at www.sedar.com. UrtheCast cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual results, performance or achievements may vary significantly from those expected. There can be no assurance that the actual strategies, results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
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: Sai Chu, Chief Financial Officer, UrtheCast Corp., +1 (604) 669-1788