VANCOUVER, Nov. 20, 2013 /CNW/ - UrtheCast Corp. (TSX:UR) ('UrtheCast' or 'the Company') has successfully obtained a comprehensive insurance policy from a leading space insurance broker for the launch, installation, commissioning, and business interruption of its two cameras aboard the International Space Station (ISS).
The insurance coverage provides risk indemnity in the event that the rocket fails to achieve orbit, or in the event that the space walk results in damaged or lost cameras. This coverage also includes full protection if camera performance metrics are not achieved post installation. Insuring the first repairable and maintainable camera system in space presented a unique opportunity for UrtheCast's brokers and the group of underwriters. Overall, the insurance coverage provided a few firsts for the insurance industry, including ISS failure coverage and coverage for the suitability of the Bi-axial Pointing Platform (BPP).
The coverage taken out by UrtheCast, approximately $35 million in case of a total loss of the cameras, will allow the Company to continue on its business plan. Under this scenario, UrtheCast would immediately initiate the construction of its second-generation cameras to be mounted on the ISS. These cameras would leverage the knowledge gained by our engineering staff during the construction of the first-generation cameras, allowing us to efficiently replace the cameras.
The cost of the insurance, based on industry benchmarking, is within the typical satellite industry rates for total loss failure, not only as a result of the rocket launch but also if the cameras fail to provide imaging. This cost is a competitive rate based on the benchmarking done for similar coverage for a typical launch into orbit and continuing business interruption coverage.
"Obtaining this insurance at typical industry rates shows the confidence in our engineering by the space industry underwriting community," stated UrtheCast's co-founder, President, and Chief Operating Officer, Wade Larson. "The placement of this insurance provides significant risk mitigation for our shareholders' investment. In the small chance that it will be required, we will return to the construction of our next-generation cameras and ensure that they are, again, space-ready."
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is developing the world's first near-live high-definition video feed of Earth, from space. Working with renowned aerospace partners from across the globe, UrtheCast is building, launching, installing, and will 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 high-resolution video and imagery of Earth that will allow for monitoring of the environment, humanitarian relief, social events, agricultural land, etc. UrtheCast has completed the assembly of two cameras that are expected to launch into space on November 25 2013. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker 'UR'.
For more information visit our website at www.urthecast.com.
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", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements about the launch schedule for our cameras to be delivered to the ISS and the timing and success of their mounting on the ISS and commissioning, insurance coverage of our cameras in the event of damage or loss during the launch and commissioning process, plans to operate camera components on, and stream video footage from, the ISS, proposed image and video product offerings and expected partners and customers to distribute such products. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of UrtheCast to control or predict, and which may cause the UrtheCast's actual results, performance or achievements to be materially different from those expressed or implied thereby, including, but not limited to, delays in launch schedules, damage to the cameras during launch or once mounted on the ISS, unexpected changes in Russian or Canadian government policies, technology changes, reliance on key personnel, the potential for conflicts of interest among certain officers, directors or promoters with certain other projects, competition, risks related to the business activities of Longford Energy Inc. prior to the Transaction, as well as those factors discussed in the Company's annual information form dated November 14, 2013, (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 otherwise disclosed from time to time on UrtheCast's SEDAR profile.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and UrtheCast undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, 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
+1 (604) 669-1788