UrtheCast Corp. (TSX:UR) (“UrtheCast” or the “Company”) today announced that it has signed a binding contract for US$25 million to provide data from the Company’s planned UrtheDaily™ Constellation to a long-established commercial Earth Observation operator and value-added services provider on the Indian subcontinent. The contract will provide UrtheCast US$5 million annually over the first five years of UrtheDaily™ operations.
In conjunction with the previously disclosed contracted revenue arising from the acquisition of the Geosys Technology Holding LLC (“Geosys”), expected to close in the Fall of 2018, this new contract brings UrtheCast’s total contracted revenue backlog to in excess of C$300 million.
“Driven by strong demand and a differentiated, value-added service offering, we continue to secure additional revenue commitments for the ground-breaking UrtheDaily™ Constellation,” stated UrtheCast’s President and CEO, Donald Osborne. “In addition to moving us closer to unlocking the crucial first draw down of our UrtheDaily™ financing, this also advances our strategic initiative of expanding predictable, contracted revenue streams across the business, which now total more than C$300 million. This long-term revenue visibility and the continued support of a growing portfolio of sophisticated global customers give us confidence that the successful launch of UrtheDaily™ will establish UrtheCast as the world’s pre-eminent provider of data-rich geoanalytics solutions.”
About UrtheCast
UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geoanalytics 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 UrtheDaily™, 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 OptiSAR™, a constellation of SAR satellites which, together with UrtheDaily™, 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”.
