VANCOUVER, Jan. 31, 2018 /CNW/ - UrtheCast Corp. (TSX: UR) ("UrtheCast" or the "Company") Further to the update provided on December 29, 2017, the Company confirms that it is continuing to work exclusively with the selected institutional investor to close the previously announced financing for the UrtheDailyTM Constellation. While the Company and the investor continue to work towards closing the financing in the near term, definitive documentation will not be completed by the targeted date of January 31, 2018.
"While we will require additional time to conclude the financing, we are pleased with the progress made to date and are working towards closing the financing in the near term. We continue to believe the financing will unlock substantial value for our shareholders, customers and partners," said Sai Chu UrtheCast's CFO.
UrtheCast Corp. is a Vancouver-based technology company that serves the rapidly evolving geospatial and geoanalytics markets with a wide range of information-rich products and services. The Company operates Earth Observation (EO) sensors in space, through its subsidiary Deimos Imaging, including two satellites, Deimos-1 and Deimos-2, to produce imagery data for partners and customers in multiple markets. UrtheCast processes and distributes imagery data and value-added products on behalf of the PanGeo Alliance, a network of seven satellite operators with a combined 13 medium- and high-resolution EO sensors. Additionally, UrtheCast is developing and expects to launch the world's first fully-integrated constellation of sixteen multispectral optical and SAR satellites, called OptiSAR™, and a satellite constellation designed to capture high-quality, medium- resolution optical imagery of the Earth's entire landmass (excluding Antarctica) every day, called UrtheDaily™. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker "UR".
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", "believe", "plan", "target", "estimate", "expect" and "guidance", statements that an action or event "may", "might", "could" or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements relating to: UrtheCast's expected completion of the UrtheDailyTM financing on the terms set forth in the exclusivity agreement or at all; any potential transaction or other strategic alternative being available to the Company as a result of the Special Committee's review; UrtheCast's expectations with respect to its current sensors and proposed OptiSAR™ and UrtheDailyTM constellations and precursor SAR satellite; the satisfaction of the financing and other conditions set out in the agreement for the purchase of the precursor SAR satellite; its plans for and timing of expansion of its product offering and value-added services; its future growth and operations plans; expectations regarding the award of major contracts; expectations regarding government contributions and reimbursement grants; and anticipated trends and challenges in its business and the markets in which the Company operates. Such statements reflect UrtheCast's current views with respect to future events. Such statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by UrtheCast, are inherently subject to significant uncertainties and contingencies. Many factors could cause UrtheCast's actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others: UrtheCast's inability to enter into definitive documentation for the UrtheDailyTM financing; UrtheCast's inability to close the UrtheDailyTM financing on the terms set forth in the exclusivity agreement or at all; UrtheCast's ability to satisfy the conditions precedent to certain contracts signed and announced; any delays or failures in the design, development, construction, launch and operational commissioning of the proposed OptiSAR™ or UrtheDailyTM constellations or precursor SAR satellite; the Company being unable to, adequately and on acceptable terms, finance the development, building, launch and commissioning of the UrtheDailyTM Constellation, to convert the remaining MOUs and other customer discussions in respect of the OptiSAR™ constellation into binding, definitive agreements in a timely manner or at all; any failure by any customer of UrtheDaily, the Government of Canada or one of UrtheCast's third-party lenders to comply with the terms of their respective contracts with UrtheCast, and UrtheCast's ability to comply with any of its covenants thereunder; the decline of key relationships in, or termination of, the PanGeo Alliance of EO satellite operators; failures aboard the ISS or the Deimos-1 or Deimos-2 satellites; failure to obtain, or loss of, regulatory approvals; as well as those factors and assumptions discussed in UrtheCast's annual information form dated March 27, 2017, (the "AIF"), which is available under UrtheCast's SEDAR profile at www.sedar.com. 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