Posted: Tuesday, December 5, 2017
UrtheCast Corp. (TSX:UR) (“UrtheCast” or the “Company”), is pleased to announce it has now signed binding data subscription agreements for the UrtheDailyTM Constellation totalling in excess of C$100M. Consisting of three anchor customers and multiple incremental customers, these long-term revenue commitments contribute to a consistent UrtheDailyTM revenue stream over contract durations of between four and seven years.
“These binding revenue commitments from a diverse group of market leaders demonstrate a widespread recognition of the UrtheDailyTM Constellation as a best-in-class technology and a clear game-changer in the Earth Observation industry,” stated UrtheCast’s President and CEO, Wade Larson. “We have now grown the stable, highly predictable revenue stream underlying the UrtheDailyTM business to a total backlog of more than C$100 million. Having reached this important milestone, and with our UrtheDailyTM financing package expected to close by year end, we are in an excellent position to confidently move forward with the development of the UrtheDailyTM Constellation and our goal of becoming the pre-eminent provider for the next generation of Earth Observation data and analytics services.”
UrtheDaily™ is a planned global coverage constellation of medium-resolution optical satellites aiming to acquire high-quality, multispectral imagery, at 5-m GSD (Ground Sample Distance), taken at the same time, from the same altitude, every day. This robust, constantly updating data set will empower customers in government, aerospace, agriculture, insurance, infrastructure, and other sectors as they tackle the world’s biggest challenges. UrtheDaily™ is the most advanced change-detection and monitoring system in the world, with disruptive and problem-solving technology that stands to transform the way we observe our planet.
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.
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