UrtheCast Reports Fourth Quarter and Fiscal 2017 Financial Results and Announces Brokered Private Placement

 

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 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. Through its subsidiary Deimos Imaging, 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. UrtheCast is also developing two EO satellite constellations: the world's first fully-integrated constellation of 16 multispectral optical and synthetic aperture radar ("SAR") satellites, called OptiSAR™, and a six-satellite constellation designed to capture high-quality, medium-resolution optical imagery of the Earth's landmass, excluding Antarctica, every day, called UrtheDaily™.  The Company is advancing a strategy to finance and launch the UrtheDaily™ and OptiSAR™ constellations. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker 'UR'.

For more information, visit UrtheCast's website at  www.urthecast.com.

Non-IFRS Financial Measures

The Company prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. This release includes certain non-IFRS financial measures, such as non-IFRS revenues, EBITDA and adjusted EBITDA. The Company uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS or considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS financial measures should be read in conjunction with the Company's financial statements and accompanying MD&A.

Forward Looking Information

This release contains certain information which, as presented, constitutes "forward-looking information" or "forward-oriented financial 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 "guidance", statements that an action or event "may", "might", "could" or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements relating to:

UrtheCast's expectations with respect to: closing of the UrtheDaily  Financing and beginning of the UrtheDaily build phase; the current and future results of the strategic review process undertaken by the Special Committee of UrtheCast's SAR-IP and engineering talent; and interest expressed by third parties relating to the SAR-IP technology; opportunities to renegotiate current and future customer contracts;  and the Company's ability to continue as a going concern. Such statements reflect UrtheCast's current views with respect to future events. Such statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by UrtheCast, are inherently subject to significant uncertainties and contingencies. Many factors could cause UrtheCast's actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others: any delays or failures in the design, development, construction, launch and operational commissioning of the OptiSAR™ or UrtheDailyTM constellations; the Company being unable to adequately finance the development, building, launch and commissioning of the UrtheDaily Constellation or to convert the remaining MOUs and other customer discussions in respect of the OptiSAR™ constellation into binding, definitive agreements; any failure by one of UrtheCast's third-party lenders to comply with the terms of their respective agreements with UrtheCast, and UrtheCast's ability to comply with any of its covenants thereunder; failure to obtain, or loss of, regulatory approvals; and uncertainty about UrtheCast's ability to continue as a going concern; as well as those factors and assumptions discussed in UrtheCast's annual information form dated April 2, 2018 (the "AIF"), which is available under UrtheCast's SEDAR profile at www.sedar.com. UrtheCast undertakes no obligation to update forward-looking statements except as required by Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.

SOURCE UrtheCast Corp.

Contact:
Company Name: UrtheCast Corp.
Sai Chu, Chief Financial Officer
Phone: +1 (604) 669-1788
Web: www.urthecast.com
Financial data for UrtheCast Corp.



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