Posted: Friday, November 23, 2018
UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") announced today that as an update to its October 26, 2018 press release, the lenders (the "Lenders") under the credit agreement (the "Credit Agreement") dated May 18, 2018 among UrtheCast, Deimos Imaging, S.L.U, the Lenders and U.S. Bank National Association have agreed to extend the forbearance agreement dated October 25, 2018 between UrtheCast and the Lenders until December 31, 2018.
The extension allows UrtheCast to continue discussions with the Lenders regarding several solutions to remedy the event of default under the Credit Agreement. In addition, UrtheCast is exploring alternative transactions with other lenders.
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 planning to launch 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). Additionally, UrtheCast continues to seek options to exploit its unique SAR technology. 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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