VANCOUVER, Nov. 24, 2014 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") is extremely pleased to announce that it has received the final signature on a five-year contract with a confidential customer, valued at US$65 million, for the provision of engineering services, value-added services, and Earth imagery data.
A significant proportion of the contract's value will be allocated for engineering and value-added services, to be provided by UrtheCast over the first three years of the contract term. As previously disclosed in the Company's 2014 Q2 results, the conditions of the contract provide for the payment of a cash advance in the amount of 20% of the total contract value, in addition to a letter of credit for the balance of payments.
"The signing of this contract is a great accomplishment for the UrtheCast team, and a testament to the quality of work we continue to achieve," stated UrtheCast's Chief Executive Officer, Scott Larson. "We're looking forward to beginning work on what we expect will be remarkable, innovative services."
"As a startup, making the transition into the revenue stage of operations is a critical landmark, and the value of this contract provides yet another key indicator of the market's confidence in our capabilities," explained Wade Larson, UrtheCast President and Chief Operating Officer.
UrtheCast is also pleased to report that there has been a delivery of cables to the International Space Station (ISS), allowing for the in-orbit implementation of a solution for its Bi-axial Pointing Platform — which will enable the High-Resolution Camera to point in the direction of its targets and keep its field of view stable. These cables were launched and delivered to the ISS yesterday, November 23, 2014, aboard a manned Russian Soyuz mission.
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 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 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 UrtheCast's ability to augment data collection and delivery to current and future customers with TDRSS, UrtheCast's timing for implementation of TDRSS, UrtheCast's planned timing for data delivery via TDRSS, UrtheCast's ability to delivery data with TDRSS from both the Medium Resolution Camera and Hi Resolution Ultra HD Video Camera, the plans to operate camera components on the ISS, proposed image and video product offerings, expected partners and customers to distribute such products and proposed plans and timelines for commissioning of the HRC.
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 continued commercial relationships among UrtheCast and NanoRacks LLC, compatibility of UrtheCast technology with TDRSS, the Space Act Agreement among NASA and NanoRacks LLC remaining in force, the continued existence and maintenance of TDRSS, the ability to deliver UrtheCast data through TDRSS, further delays in commissioning of the HRC, damage which may have occurred to the cameras during launch or installation, 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