VANCOUVER, Jan. 10, 2017 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") is pleased to announce it has signed a contract to provide engineering services and space hardware for US$3.9 million.
"This contract highlights the continued success of our Engineering Services business and the market's confidence in our capabilities and expertise in spaceborne hardware," explained Wade Larson, UrtheCast's President and Chief Executive Officer. "UrtheCast is proud to continue delivering sophisticated products and services that meet the market's needs."
UrtheCast expects to deliver the related space hardware in the fourth quarter of 2017 and to receive 70 percent of the contract price in the first quarter of 2017. The contract is subject to customary covenants and conditions for supply agreements of this nature.
ABOUT URTHECAST CORP.
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 currently operates four Earth Observation sensors in space, including two cameras aboard the International Space Station and two satellites, Deimos-1 and Deimos-2. Imagery and video data captured by these sensors is downlinked to ground stations across the planet and displayed on the UrthePlatform, or distributed directly to partners and customers. UrtheCast is also developing and anticipates launching the world's first fully-integrated constellation of multispectral optical and SAR satellites, called OptiSAR™, in addition to its proposed UrtheDaily™ constellation, which the Company believes will together revolutionize monitoring of our planet with high-quality, medium and high-resolution, and high-coverage and high-revisit imagery in all weather conditions, any time of day. 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", and "expect", statements that an action or event "will" be taken or occur, or other similar expressions and includes, but is not limited to; the expected delivery of the services and hardware under the US$3.9 million contract referred to above, and corresponding payment by the customer; the proposed build, launch and operation of the OptiSAR and UrtheDaily Constellations; UrtheCast's plans for and timing of expansion of its product offering and value-added services; and its future growth and operations plans. 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, 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: any delays or failures by UrtheCast or its subcontractors in the design, development, construction or delivery of the services and hardware required by the US$3.9 million contract or any similar delays in the development, launch and operational commissioning of the proposed UrtheDaily or OptiSAR™ constellations; the Company being unable to adequately finance the development, building, launch and commission of the UrtheDaily Constellation or to convert the Memoranda of Understanding in respect of the OptiSAR™ constellation into binding, definitive agreements; the inability of the confidential customer described in this press release to make its payments or to otherwise comply with its obligations under the contract;; legal and regulatory changes or the prevention of the export of certain technologies related to the services or space hardware under the US$3.9 million contract, or the OptiSAR or UrtheDaily Constellations by government regulators with jurisdiction over UrtheCast, as well as those factors and assumptions discussed in UrtheCast's annual information form dated March 29, 2016, (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 disclosed from time to time on UrtheCast's SEDAR profile. 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: Jeff Rath, UrtheCast, EVP, Corporate Finance and Strategy, +1 (604) 669-1788