Posted: Thursday, April 28, 2016
UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that it has reached an agreement with its customer on the previously announced US$65 million contract to re-allocate all of the funds previously earmarked for future data purchases, to engineering services. With the amendment, the entire US$65 million contract is now for engineering services. This amendment will increase the monthly revenues of the Company beginning in mid-2016 to early-2018.
"This amendment confirms both our previously announced guidance and the main aspects of UrtheCast's story today," explains UrtheCast President and Chief Executive Officer, Wade Larson. "We have a solid, rapidly growing, and profitable core business in Earth Observation and Engineering Services, with a strong cash position. Also, as this contract is with an OptiSAR Constellation MOU partner, we feel that it signifies strong customer validation for the future of the technology that we are developing and, we strongly believe, the global commercial potential of the Constellation itself."
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 UrtheCast's cloud-based web platform, 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 UrtheDaily™ and OptiSAR™, which the Company believes will 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.
// end //