The live conference call on April 2, 2018 will be available by calling toll-free at 1-800-806-5484, or by toll call at 1-416-340-2217. The participant pass code is 8289690#. An archived version of the conference call will be made available on the Company's investor website (investors.urthecast.com) following the live conference call.
The Company believes rescheduling the call is prudent to provide the Company with additional time to execute on its stated priorities, including in particular:
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1) |
Identifying, securing and closing the subordinated capital or equity financing portion of the financing package for the UrtheDaily™ Constellation; |
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2) |
Implementation of selected performance improvement and cost reduction options in support of achieving the Company's stated priorities; and |
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3) |
Completion of final documentation with the selected institutional investor. |
The exclusivity agreement with the selected institutional investor has been extended to March 31, 2018, as both parties work diligently to conclude this transaction. While there are no other material updates to report, the Company continues to work towards finalizing the definitive documentation and conditions for the debt financing facility and identifying, securing and closing the subordinated capital or equity financing; however, there can be no assurance that the debt financing, the subordinated capital financing or any equity offering will be completed on the terms currently being negotiated or at all.
About UrtheCast
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 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.
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, statements that an action or event ""will" be taken or occur, or other similar expressions and includes, but is not limited to, statements relating to: UrtheCast's expected completion of the UrtheDaily™ financing on the terms currently being negotiated or at all; UrtheCast's expectations with respect to its ability to raise proceeds from a subordinated capital or equity offering sufficient to satisfy the related drawdown condition of the financing in a timely manner; management's current estimates regarding the sufficiency of the debt and subordinated capital financing described above to fund the final capital budget for the UrtheDaily™ Constellation; UrtheCast's expectations with respect to its ability to implement performance improvement and cost reduction options; any potential transaction or other strategic alternative being available to the Company as a result of the review process previously disclosed; UrtheCast's expectations with respect to its cost reduction initiatives and its future operations plans. 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 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: UrtheCast's inability to enter into definitive documentation for the UrtheDaily™ debt financing; UrtheCast's inability to close the UrtheDaily™ debt financing on the terms set forth in the exclusivity agreement or at all; Urthecast's inability to raise proceeds from a subordinated capital or equity offering sufficient to satisfy the related drawdown condition of the debt financing in a timely manner or at all; the Company's inability to generate sufficient cash flow from operations or obtain adequate financing to fund its capital expenditures and meet working capital needs or satisfy its obligations; the Company's inability to maintain relationships with creditors, suppliers, customers, employees, shareholders and other third parties in light of its liquidity situation; the Company's inability to effectively implement its cost reduction initiatives or refocus its business if necessary; the uncertainty inherent in the Company's exploration of strategic and performance improvement options; the Company being unable to, adequately and on acceptable terms, finance the development, building, launch and commissioning of the UrtheDaily™ Constellation; as well as those factors and assumptions discussed in UrtheCast's annual information form dated March 27, 2017, 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.
| Contact: |
| Company Name: UrtheCast Corp.
Sai Chu, Chief Financial Officer, UrtheCast Corp. Phone: +1 (604) 669-1788 Web: www.urthecast.com Financial data for UrtheCast Corp. |
