Posted: Thursday, October 18, 2018
UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") today announces that it has signed a binding contract for US$30 million to provide data from the Company's planned UrtheDaily satellite Constellation.
The contract is with Moscow-based TerraTech JSC, a commercial provider of Earth observation and geoinformation services and a subsidiary of the Russian Space Agency, Roscosmos. The contract is for US$10 million annually over the first three years of UrtheDaily™ operations, with an option for an additional two years (US$20 million above the initial contract).
This contract brings UrtheDaily's annual binding contractual commitments to US$34 million and total revenue backlog to US$255 million.
UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geo-analytics 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".
// end //