UrtheCast Announces the Signing of new US$30M Contract for UrtheDailytm Data Services

VANCOUVER, Oct 18, 2018 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that it has signed a binding contract for US$30 million to provide data from the Company's planned UrtheDaily satellite Constellation.

The contract is with Moscow-based TerraTech JSC, a commercial provider of Earth observation and geoinformation services and a subsidiary of the Russian Space Agency, Roscosmos.  The contract is for US$10 million annually over the first three years of UrtheDaily^tm operations, with an option for an additional two years (US$20 million above the initial contract).

This contract brings UrtheDaily's annual binding contractual commitments to US$34 million and total revenue backlog to US$255 million. 

About UrtheCast

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 UrtheDailytm, 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 OptiSARtm, a constellation of SAR satellites which, together with UrtheDailytm, 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".

Forward looking information

This release contains certain information which, as presented, constitutes "forward-looking 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", and "expect", statements that an action or event "may" or "will" be taken or occur, or other similar expressions and includes, but is not limited to: UrtheCast's future growth and constellation operations plans; plans regarding the financing, build, launch and operation of the planned UrtheDailytm Constellation, and the delivery of imagery produced by the UrtheDailytm Constellation to the customer mentioned above; UrtheCast's expectations regarding the customer mentioned above complying with its payment obligations and other terms of the agreement with UrtheCast; UrtheCast's expected completion of the Geosys transaction on the terms set out in the August 14, 2018 press release, the definitive documentation related thereto, or at all; UrtheCast's expectations with respect to its ability to pay the aggregate purchase price for Geosys; and UrtheCast's expectations with respect to the revenue to be generated by the service agreement for Geosys' services post-closing. 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 in the financing, design, development, construction, launch and operational commissioning of the proposed UrtheDailytm or OptiSAR constellations; the Company being unable to deliver imagery products meeting the minimum specifications required by the agreement with the customerdescribed above; the Company being unable to finance the build, launch and commissioning of the UrtheDailytm Constellation; the Company being unable to convert the Memoranda of Understanding in respect of funding of the OptiSAR constellation into binding, definitive agreements; interruptions to or failures of UrtheCast's infrastructure; legal and regulatory changes; UrtheCast's inability to enter into definitive documentation for the Geosys transaction, including the service agreement, or satisfy any of the other conditions to the completion of the transaction; UrtheCast's inability to fund the purchase price for Geosys; UrtheCast's inability to generate the expected revenue from the service agreement for Geosys' services post-closing; UrtheCast's inability to raise proceeds from a subordinated debt or equity offering, achieve the required leverage and contracted revenue ratios or otherwise satisfy the first drawdown conditions or the final drawdown conditions under the credit agreement described in its May 23, 2018 press release in a timely manner or at all; as well as well as 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. 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.