VANCOUVER, Dec. 5, 2017 /PRNewswire/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company"), and Twenty First Century Aerospace Technology Co. Ltd ("21AT"), China's largest independent commercial satellite operator and non-governmental investor in remote sensing satellite systems, today announced a long-term strategic partnership to acquire geospatial data from the UrtheDailyTM Constellation, UrtheCast's planned constellation of Earth observation satellites which will deliver daily, medium resolution imagery of the entire planet's landmass, excluding Antarctica.
By entering into this agreement, 21AT becomes a key anchor partner for the UrtheDailyTM Constellation and UrtheCast's strategic partner for UrtheDailyTM Constellation data within the large Chinese market. 21AT, already one of the world's leading providers of satellite imagery and services, will use the data to build an applications service platform to improve the decision-making services for users across China and beyond.
"With several years of experience in the industry, 21AT views this flow of data as a highly innovative technical and commercial differentiator for Earth Observation. Delivering daily coverage of the Earth as geo-analytic ready imagery, directly into the hands of our users, will be a great asset to significantly grow applications," says Mr Wang, 21AT's Vice President. "International cooperation has always been a very important part of our success and the UrtheDailyTM Constellation is one of the best solutions we have seen clearly designed to meet our future growth strategy and application demands in China. This will significantly increase the value of decision support tools made available to our customers. As a result, we are committed to this deep partnership with UrtheCast."
"This commitment in UrtheDailyTM from 21AT is a major endorsement for our best-in-class Constellation from a recognized leader in the Earth observation industry," stated UrtheCast's President and CEO, Wade Larson. "We are dedicated to ensure the success of our strategic partnership with 21AT together benefiting from the huge market potential in China and across the globe. With our UrtheDailyTM financing package expected to close by year end, we are more confident than ever in UrtheCast's ability to become the pre-eminent provider for the next generation of Earth observation data and analytics services."
The Agreement is subject to UrtheCast arranging its financing for the build and launch of the UrtheDailyTM Constellation, and other customary conditions for agreements of this nature.
Twenty First Century Aerospace Technology Co. Ltd (21AT) was the first independent commercial satellite operator and non-governmental investor in remote sensing satellite system in China. It is the first commercial company that vertically integrated Earth Observation (EO) satellite operator and services businesses. It owns several low cost EO satellites, including the sub-metric TripleSat constellation, and satellite operating & image tasking and receiving stations. 21AT is capable of providing products and services for the entire space geo-information value chain from satellite operation, tasking, data acquisition, image processing, hosting/archiving, data management/distribution, multiple satellite source integration through its web portal, sophisticated geo-information services, to application software development and integrated solutions.
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 operates Earth Observation (EO) sensors in space, through its subsidiary Deimos Imaging, including two satellites, Deimos-1 and Deimos-2, to produce imagery data for partners and customers in multiple markets. UrtheCast processes and distributes imagery data and value-added products on behalf of the PanGeo Alliance, a network of seven satellite operators with a combined 13 medium- and high-resolution EO sensors. Additionally, UrtheCast is developing and expects to launch the world's first fully-integrated constellation of sixteen multispectral optical and SAR satellites, called OptiSAR™, and a satellite constellation designed to capture high-quality, medium-resolution optical imagery of the Earth's entire landmass (excluding Antarctica) every day, called UrtheDaily™. 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" 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 21AT; and UrtheCast's expectations regarding 21AT complying with its payment obligations and other terms of the agreement with UrtheCast. 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 design, development, construction, launch and operational commissioning of the proposed OptiSAR or UrtheDailyTM constellations; the Company being unable to deliver imagery products meeting the minimum specifications required by the agreement with 21AT described 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, as well as those factors and assumptions discussed in UrtheCast's annual information form dated March 28, 2017, (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.