Deimos Imaging awarded contract exceeding USD $2.6M by the Brazilian Ministry of Defence
MADRID and VANCOUVER, May 15, 2018
MADRID and VANCOUVER, May 15, 2018 /CNW/ - UrtheCast Corp. (TSX: UR) ("UrtheCast" or the "Company") and its subsidiary, the Earth Observation company Deimos Imaging SLU ("Deimos Imaging"), announced today that Deimos Imaging has entered into a contract with the Brazilian Ministry of Defence's Aeronautics Command (COMAER) exceeding $2.6 million US dollars (the "Contract").
The Contract requires Deimos Imaging to supply Earth Observation products and services from the Deimos-2 satellite, during an initial period of three years that could be extended up to five years. Payments are expected to be spread equally over the initial three-year period. Under the Contract, Deimos Imaging will collect new satellite imagery and provide access to the catalogue of archived imagery. The data will feed the geo-information needs of the Brazilian Government and Institutions, accelerating and improving actionable decision making in a wide range of applications.
"We are very excited and proud to deliver our best-in-class services to the Brazilian Ministry of Defence for the first time", said Jamie Ritchie, Chief Commercial Officer at Deimos Imaging. "The award of this contract reinforces our increasing role as key provider of imagery and geoinformation products worldwide."
Deimos Imaging's extensive experience provides renowned quality control processes, technical knowledge and significant expertise. Additionally, its multi-resolution virtual constellation of over 30 satellites guarantees exceptional revisit capabilities worldwide.
About UrtheCast and Deimos Imaging
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 through a unique virtual constellation - including 20 operational satellites with 1m or better resolution - which are all harmonized in the same environment.
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", "plan", "explore" and "expect", statements that an action or event "may", "should" or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements relating to: UrtheCast's expected ability to deliver data produced by Deimos-2 to the customer and fulfill its other obligations, as required under the Contract; and UrtheCast's expectations regarding such customer complying with its payment obligations and other terms of the Contract. 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 as at the date of this press release, 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: the Company being unable to deliver imagery products meeting the minimum specifications required by the Contract; interruptions to or failures of UrtheCast's or Deimos' infrastructure; the customer's inability to satisfy its payments obligations under the Contract; legal and regulatory changes; as well as those factors and assumptions discussed in UrtheCast's annual information form dated April 2, 2018, which is available under UrtheCast's SEDAR profile at www.sedar.com. UrtheCast cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual results, performance or achievements may vary significantly from those expected. There can be no assurance that the actual strategies, results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
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.