VANCOUVER, Nov. 17, 2014 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") is very pleased to announce that it has now received a US$3-million payment from an Authorization to Proceed ("ATP") with work on the previously-announced, five-year contract valued at US$65 million. This funding allows UrtheCast to begin work on the program while we await the final signature on the contract.
"The signing of the ATP and receipt of US$3 million is a significant step forward for us as we continue to await the final signature on what is a very important contract," stated UrtheCast's President and Chief Operating Officer, Wade Larson. "This contract, with the engineering services and value-added services that we will be providing the customer, is a strong statement by the market, further validating UrtheCast's technology and business vision."
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 our 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 the plans to invest in highly-competitive value-added services, operate camera components on the ISS, the ability to downlink data from the ISS to ground stations, proposed image and video product offerings, expected partners and customers to distribute such products and proposed plans and timelines for commissioning of Iris.
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 the ability to downlink data from the ISS to ground stations, further delays in commissioning of Iris, damage which may have occurred to the cameras during launch or installation, the termination of contracts by third parties, 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: Issa Nakhleh, CFO, (778) 331-7827 Direct