VANCOUVER, Aug. 21, 2018 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") announces that it has come to the Company's attention that a shareholder of the Company, William Holland, and his wholly-owned corporation, Eastwood Capital Corp., commenced a civil claim against the Company and certain of its current and former directors in the Supreme Court of British Columbia on August 9, 2018. The claim alleges that, among other things, the Company and certain of its current and former directors failed to disclose material changes and made misrepresentations in reconstituting the Company's board of directors. The plaintiffs seek to rescind or otherwise set aside their purchase of securities from the Company.
Mr. Holland previously attempted to nominate directors of his choosing to the UrtheCast board, and led a public campaign against the current directors. Notwithstanding Holland's public complaints, UrtheCast's shareholders voted to approve the current directors by an overwhelming margin at the Company's most recent annual general meeting.
The Company believes that the allegations in the claim are without merit, and intends to vigorously defend the claim.
UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geo-analytics markets with a wide range of information-rich products and services. The Company currently owns and operates two Earth Observation (EO) satellites, Deimos-1 and Deimos-2. Together with its exclusive partnerships, spanning an additional 20 satellites, UrtheCast processes and distributes imagery data and value-added products on a global scale to partners and customers in multiple markets. UrtheCast is also launching UrtheDaily™, a satellite constellation that will be the most advanced change detection system in the world, designed to capture daily, scientific grade, high-quality, medium resolution optical imagery of the Earth's entire landmass (excluding Antarctica). UrtheCast is also developing OptiSAR™, a constellation of SAR satellites which, together with UrtheDaily™, will form the world's first fully-integrated optical and SAR constellation. 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", "estimate", "expect" and "guidance", statements that an action or event "may", "might", "could" or "will" be taken or occur, or other similar expressions. 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, those factors and assumptions discussed in UrtheCast's annual information form dated April 2, 2018 (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, +1 (604) 669-1788