Posted: Tuesday, August 11, 2015
UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company"), a technology company that is developing the world's first interactive Earth Observation platform, today announces financial results for the three and six months ended June 30, 2015. The Company reported revenues of $5 million and $8.2 million for the three and six month periods ending June 30, 2015, respectively compared to nil revenues for the same periods in 2014. Net cash flow from operations for the six-month period ending June 30, 2015, was approximately $15 million, helping the Company's cash position increase to $37.8 million at June 30, 2015, up from $11.4 million at June 30, 2014.
Recent highlights include:
UrtheCast HRC Achieves First Light
The Company released videos of London, Boston, and Barcelona at a media event held in New York City. These videos, which can be viewed on our website, showcase daily life, reveal the diverse nature of our remarkable planet, and display the unique utility of UrtheCast's unprecedented technology.
High-Resolution Camera ("HRC") Initial Operating Capability ("IOC") Achieved
Commissioning work on the HRC reached IOC in late July, which includes both data quality and processing capacity. Going forward, this allows us to begin delivering limited quantities of videos to a select group of customers. Our engineering team will continue to work to improve the HRC's processing speed, to achieve Full Operating Capability ("FOC").
Closing the Acquisition of Deimos Imaging
UrtheCast closed its acquisition of Deimos Imaging for an aggregate price of €76.4 million. Of that amount, €71.2 million was paid at closing with an additional €5.2 million to be paid over the next five years.
In addition to being financially accretive, Deimos Imaging is also expected to materially expand UrtheCast's core Earth Observation capabilities and scale, as well as accelerate the Company's ongoing web platform development, and the build-out of UrtheCast's recently-announced constellation.
Raised $100 Million in Equity to Finance the Deimos Imaging Acquisition
Concurrently with the Deimos Imaging acquisition, UrtheCast also issued 24,868,750 common shares of the Company at $4.00 per share, raising gross proceeds of approximately $100 million.
Announced the World's First Commercial SAR and Optical 16-Satellite Constellation
The Company also disclosed its plans to build, launch and operate the world's first fully-integrated, multispectral optical and Synthetic Aperture Radar (SAR) commercial constellation of Earth Observation satellites (the "Constellation"), to be deployed over multiple launches expected in 2019 and 2020. UrtheCast also announced that it has entered into multiple non-binding memoranda of understanding ("MOUs") with commercial partners, including an anchor MOU worth US$195 million, to assist in funding the Constellation during the build phase.
// end //