VANCOUVER, Jan. 7, 2014 /CNW/ - UrtheCast Corp. (TSX: UR) ('UrtheCast or 'the Company') is very pleased to announce that its two Earth imaging cameras have now been cleared for installation aboard the International Space Station (ISS). The issue that delayed the initial installation of the cameras has now been resolved, allowing for the scheduling of the next spacewalk, which is expected by the end of January.
As initially suspected, the problem was found to be a cabling issue inside the ISS. RSC Energia, the Moscow Mission Control Centre, and the cosmonauts collectively participated in identifying and verifying the cause of the anomaly. The engineering team has already implemented and tested the solution.
"We are extremely grateful for the extraordinary work by Energia and the cosmonauts onboard the ISS, especially during the holidays," explained UrtheCast's Chief Executive Officer, Scott Larson. "We are confident that our cameras will soon be successfully installed and we are looking forward to collecting our first high-resolution videos."
UrtheCast will confirm the exact date of the second spacewalk to install its cameras as this information becomes available. In the meantime, the Company remains focused on the commissioning and testing of the other facets of its system and is on track with its business plan.
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is developing the world's first near-live high-definition video feed of Earth, from space. Working with renowned aerospace partners from across the globe, UrtheCast has built, launched, and expects to install and operate, two cameras on the Russian segment of 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 exclusive partners and customers. UrtheCast's cameras will provide high-resolution video and 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.
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", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements about the timing and success of a second spacewalk to install our cameras on the ISS, the commissioning of the cameras once installed, plans to operate camera components on, and stream video footage from, the ISS, proposed image and video product offerings and expected partners and customers to distribute such products. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of UrtheCast to control or predict, and which may cause UrtheCast's actual results, performance or achievements to be materially different from those expressed or implied thereby, including, but not limited to, damage which may have occurred to the cameras during launch or which may occur once mounted on the ISS, unexpected changes in Russian or Canadian government policies, technology changes, reliance on key personnel, the potential for conflicts of interest among certain officers, directors or promoters with certain other projects, competition, risks related to the business activities of Longford Energy Inc. (now UrtheCast) prior to the reverse take-over transaction with Earth Video Camera Inc., as well as those factors discussed in the Company's annual information form dated November 14, 2013, (the "AIF") and the Company's short form prospectus dated December 12, 2013 (the "Prospectus") which are 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 Prospectus, and as otherwise disclosed from time to time on UrtheCast's SEDAR profile.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and UrtheCast undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.
SOURCE UrtheCast Corp.