VANCOUVER, Nov. 20, 2013 /CNW/ - UrtheCast Corp. (TSX:UR) ('UrtheCast'
or 'the Company') has successfully obtained a comprehensive insurance
policy from a leading space insurance broker for the launch,
installation, commissioning, and business interruption of its two
cameras aboard the International Space Station (ISS).
The insurance coverage provides risk indemnity in the event that the
rocket fails to achieve orbit, or in the event that the space walk
results in damaged or lost cameras. This coverage also includes full
protection if camera performance metrics are not achieved post
installation. Insuring the first repairable and maintainable camera
system in space presented a unique opportunity for UrtheCast's brokers
and the group of underwriters. Overall, the insurance coverage provided
a few firsts for the insurance industry, including ISS failure coverage
and coverage for the suitability of the Bi-axial Pointing Platform
(BPP).
The coverage taken out by UrtheCast, approximately $35 million in case
of a total loss of the cameras, will allow the Company to continue on
its business plan. Under this scenario, UrtheCast would immediately
initiate the construction of its second-generation cameras to be
mounted on the ISS. These cameras would leverage the knowledge gained
by our engineering staff during the construction of the
first-generation cameras, allowing us to efficiently replace the
cameras.
The cost of the insurance, based on industry benchmarking, is within the
typical satellite industry rates for total loss failure, not only as a
result of the rocket launch but also if the cameras fail to provide
imaging. This cost is a competitive rate based on the benchmarking done
for similar coverage for a typical launch into orbit and continuing
business interruption coverage.
"Obtaining this insurance at typical industry rates shows the confidence
in our engineering by the space industry underwriting community,"
stated UrtheCast's co-founder, President, and Chief Operating Officer,
Wade Larson. "The placement of this insurance provides significant risk
mitigation for our shareholders' investment. In the small chance that
it will be required, we will return to the construction of our
next-generation cameras and ensure that they are, again, space-ready."
About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is
developing the world's first near-live high-definition video feed of
Earth, from space. Working with renowned aerospace partners from across
the globe, UrtheCast is building, launching, installing, and will
operate two cameras on the Russian segment of the ISS. Video and still
image data captured by the cameras will be downlinked to ground
stations across the planet and displayed on the UrtheCast web platform,
or distributed directly to exclusive partners and customers.
UrtheCast's cameras will provide high-resolution video and imagery of
Earth that will allow for monitoring of the environment, humanitarian
relief, social events, agricultural land, etc. UrtheCast has completed
the assembly of two cameras that are expected to launch into space on
November 25 2013. Common shares of UrtheCast trade on the Toronto Stock
Exchange as ticker 'UR'.
For more information visit our website at www.urthecast.com.
Forward Looking Information
This release contains certain information which, as presented,
constitutes "forward-looking 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
"intend", statements that an action or event "may", "might", "could",
"should", or "will" be taken or occur, or other similar expressions and
includes, but is not limited to, statements about the launch schedule
for our cameras to be delivered to the ISS and the timing and success
of their mounting on the ISS and commissioning, insurance coverage of
our cameras in the event of damage or loss during the launch and
commissioning process, plans to operate camera components on, and
stream video footage from, the ISS, proposed image and video product
offerings and expected partners and customers to distribute such
products. Forward-looking statements and information are subject to
various known and unknown risks and uncertainties, many of which are
beyond the ability of UrtheCast to control or predict, and which may
cause the UrtheCast's actual results, performance or achievements to be
materially different from those expressed or implied thereby,
including, but not limited to, delays in launch schedules, damage to
the cameras during launch or once mounted on the ISS, unexpected
changes in Russian or Canadian government policies, technology changes,
reliance on key personnel, the potential for conflicts of interest
among certain officers, directors or promoters with certain other
projects, competition, risks related to the business activities of
Longford Energy Inc. prior to the Transaction, as well as those factors
discussed in the Company's annual information form dated November 14,
2013, (the "AIF") which is available under UrtheCast's SEDAR profile at
www.sedar.com. Forward-looking information is developed based on assumptions about
such risks, uncertainties and other factors set out herein, in the AIF,
and as otherwise disclosed from time to time on UrtheCast's SEDAR
profile.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and
UrtheCast undertakes no obligation to update forward-looking statements
if these beliefs, estimates and opinions or other circumstances should
change, except as may be required by applicable Canadian securities
laws. Readers are cautioned against attributing undue certainty to
forward-looking statements.
SOURCE UrtheCast Corp.
