UrtheCast Signs Contract For $65 Million To Provide Value-Added Services and Data
VANCOUVER, Nov. 24, 2014 /CNW/ – UrtheCast Corp. (TSX:UR) (“UrtheCast” or the “Company”) is extremely pleased to announce that it has received the final signature on a five-year contract with a confidential customer, valued at US$65 million, for the provision of engineering services, value-added services, and Earth imagery data.
A significant proportion of the contract’s value will be allocated for engineering and value-added services, to be provided by UrtheCast over the first three years of the contract term. As previously disclosed in the Company’s 2014 Q2 results, the conditions of the contract provide for the payment of a cash advance in the amount of 20% of the total contract value, in addition to a letter of credit for the balance of payments.
“The signing of this contract is a great accomplishment for the UrtheCast team, and a testament to the quality of work we continue to achieve,” stated UrtheCast’s Chief Executive Officer, Scott Larson. “We’re looking forward to beginning work on what we expect will be remarkable, innovative services.”
“As a startup, making the transition into the revenue stage of operations is a critical landmark, and the value of this contract provides yet another key indicator of the market’s confidence in our capabilities,” explained Wade Larson, UrtheCast President and Chief Operating Officer.
UrtheCast is also pleased to report that there has been a delivery of cables to the International Space Station (ISS), allowing for the in-orbit implementation of a solution for its Bi-axial Pointing Platform — which will enable the High-Resolution Camera to point in the direction of its targets and keep its field of view stable. These cables were launched and delivered to the ISS yesterday, November 23, 2014, aboard a manned Russian Soyuz mission.
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is developing the world’s first Ultra HD video feed of Earth, streamed from space in full color. Working with renowned aerospace partners from across the globe, UrtheCast has built, launched, installed, and will soon operate two cameras on the ISS. Video and still image data captured by the cameras will be downlinked to ground stations across the planet and displayed on the UrtheCast web platform, or distributed directly to partners and customers. UrtheCast’s cameras will provide Ultra HD video and still imagery of Earth that will allow for monitoring of the environment, humanitarian relief, social events, agricultural land, etc. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker ‘UR’.
For more information visit our website at www.urthecast.com.