VANCOUVER, April 2, 2018 /CNW/ - UrtheCast Corp. (TSX: UR) ("UrtheCast" or the "Company") announced today that the Company will cancel the live conference call previously scheduled for this afternoon. Later today, the Company will release its 2017 fourth quarter and full-year financial results after markets close via an additional announcement and provide an update at that time.
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 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, statements that an action or event "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 UrtheDaily™ financing on the terms currently being negotiated or at all; UrtheCast's expectations with respect to its ability to raise proceeds from a subordinated capital or equity offering sufficient to satisfy the related drawdown condition of the financing in a timely manner; management's current estimates regarding the sufficiency of the debt and subordinated capital financing described above to fund the final capital budget for the UrtheDaily™ Constellation; UrtheCast's expectations with respect to its ability to implement performance improvement and cost reduction options; any potential transaction or other strategic alternative being available to the Company as a result of the review process previously disclosed; UrtheCast's expectations with respect to its cost reduction initiatives and its future operations plans. 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 as at the date of this release, 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 UrtheDaily™ debt financing; UrtheCast's inability to close the UrtheDaily™ debt financing on the terms set forth in the exclusivity agreement or at all; Urthecast's inability to raise proceeds from a subordinated capital or equity offering sufficient to satisfy the related drawdown condition of the debt financing in a timely manner or at all; the Company's inability to generate sufficient cash flow from operations or obtain adequate financing to fund its capital expenditures and meet working capital needs or satisfy its obligations; the Company's inability to maintain relationships with creditors, suppliers, customers, employees, shareholders and other third parties in light of its liquidity situation; the Company's inability to effectively implement its cost reduction initiatives or refocus its business if necessary; the uncertainty inherent in the Company's exploration of strategic and performance improvement options; the Company being unable to, adequately and on acceptable terms, finance the development, building, launch and commissioning of the UrtheDaily™ Constellation; as well as those factors and assumptions discussed in UrtheCast's annual information form dated March 27, 2017, which is available under UrtheCast's SEDAR profile at www.sedar.com. UrtheCast cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual results, performance or achievements may vary significantly from those expected. There can be no assurance that the actual strategies, results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
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: please contact Jeff Rath, EVP Corporate Finance and Strategy, UrtheCast Corp., +1 (604) 669-1788