VANCOUVER , Nov. 7, 2018 /CNW/ – UrtheCast Corp. (UR.TO) (“UrtheCast”) appear that it has entered into a absolute acquirement acceding (the “Purchase Agreement”) with Land O’Lakes Inc. (“Land O’Lakes”) for the accretion of its wholly endemic subsidiary, Geosys Technology Holding LLC (“Geosys”), and assertive of its bookish property (the “Geosys IP”) related to software for accessing, processing, allocation and retrieving of images, on essentially the aforementioned acceding and altitude set alternating in the bounden letter of absorbed appear on August 14 , 2018. UrtheCast additionally accepted that, aloft aboriginal closing, the Aggregation would access into a new 13-year acceding to accommodate Land O’Lakes with assertive casework currently provided by Geosys to Land O’Lakes with absolute anniversary fees payable to UrtheCast in balance of US$10 actor per year, and an added amount at such time as the UrtheDaily Afterlife is operational.
UrtheCast Corp. (CNW Group/UrtheCast Corp.)
Under the Acquirement Agreement, UrtheCast will pay US$5 million to Land O’Lakes for 100% of the buying of Geosys on the aboriginal closing of the transaction, US$5 actor aural nine months of the aboriginal closing and US$10 actor for the accretion of the Geosys IP on the added closing of the transaction. The aboriginal closing is accepted to activity in 2018 and the added closing is accepted to activity aural 27 months of the aboriginal closing. Land O’Lakes has additionally agreed to accommodate to UrtheCast assertive casework and a authorization to the Geosys IP from the aboriginal closing until the added closing under an acting casework agreement.
Donald Osborne , CEO of UrtheCast, commented, “The geoanalytic capabilities of Geosys will decidedly aggrandize our adeptness throughout the growing agribusiness industry, and accompanying with our continued appellation affiliation with Land O’Lakes, will position us to accomplish bigger near-term balance as we abide to beforehand the UrtheDaily Constellation.”
UrtheCast intends to armamentarium the accretion of Geosys with a accumulated of accessible funds and debt for which it has acquired bounden commitments. The aboriginal and added closings are accountable to accepted closing altitude and the alteration of assertive bookish acreage as allotment of a pre-closing centralized reorganization. No authoritative or third affair consents are accepted to be required. The Acquirement Acceding supersedes the bounden letter of absorbed anachronous August 14, 2018 in its entirety.
UrtheCast Corp. is a Vancouver -based aggregation that serves the rapidly growing and evolving geospatial and geo-analytics markets with a avant-garde ambit of information-rich articles and services. The Aggregation currently owns and operates two Earth Observation (EO) satellites, Deimos-1 and Deimos-2. Calm with its absolute partnerships, spanning an added 20 satellites, UrtheCast processes and distributes adumbration abstracts and value-added articles on a all-around calibration to ally and barter in assorted markets. UrtheCast is additionally ablution UrtheDaily™, a accessory afterlife that will be the best avant-garde change apprehension arrangement in the world, advised to abduction daily, accurate grade, high-quality, average resolution optical adumbration of the Earth’s absolute landmass (excluding Antarctica ). UrtheCast is additionally developing OptiSAR™, a afterlife of SAR satellites which, calm with UrtheDaily™, will anatomy the world’s aboriginal fully-integrated optical and SAR constellation. Common shares of UrtheCast barter on the Toronto Stock Exchange as ticker “UR”.
For added information, appointment UrtheCast’s website at www.urthecast.com.
Forward Looking Information
This absolution contains assertive advice which, as presented, constitutes “forward-looking information” or “forward-oriented banking information” aural the acceptation of applicative Canadian balance laws. Advanced advice involves statements that chronicle to approaching contest and generally addresses accepted approaching business and banking performance, absolute words such as “anticipate”, “plan”, “explore” and “expect”, statements that an activity or accident “may”, “should” or “will” be taken or occur, or added agnate expressions and includes, but is not bound to, statements apropos to: UrtheCast’s accepted achievement of the transaction on the acceding set out in this columnist release, the Acquirement Acceding or at all; UrtheCast’s expectations with account to its adeptness to pay the accumulated acquirement price; and UrtheCast’s expectations with account to the acquirement to be generated by the account agreement. Such statements reflect UrtheCast’s accepted angle with account to approaching events. Such statements are necessarily based aloft a cardinal of estimates and assumptions that, while advised reasonable by UrtheCast as at the date of this columnist release, are inherently accountable to cogent uncertainties and contingencies. Many factors could account UrtheCast’s absolute results, achievement or achievements to be materially altered from any approaching results, achievement or achievements that may be bidding or adumbrated by such advanced statements, including, amid others: UrtheCast’s disability to access into absolute accessory documentation, including the account agreement, or amuse any of the added altitude to the achievement of the transaction; UrtheCast’s disability to complete the aboriginal or added closing; UrtheCast’s disability to armamentarium the acquirement price; UrtheCast’s disability to accomplish the accepted acquirement from the account agreement; UrtheCast’s disability to accession gain from a subordinated debt or disinterestedness offering, accomplish the appropriate advantage and apprenticed acquirement ratios or contrarily amuse the aboriginal drawdown altitude or the final drawdown altitude beneath the acclaim acceding declared in its May 23, 2018 columnist absolution in a appropriate address or at all; as able-bodied as those factors and assumptions discussed in UrtheCast’s anniversary advice anatomy anachronous April 2, 2018 , which is accessible beneath UrtheCast’s SEDAR contour at www.sedar.com. UrtheCast cautions readers that such factors and uncertainties are not all-embracing and that should assertive risks or uncertainties materialize, or should basal estimates or assumptions prove incorrect, absolute results, achievement or achievements may alter decidedly from those expected. There can be no affirmation that the absolute strategies, results, performance, contest or activities advancing by the Aggregation will be accomplished or, alike if essentially realized, that they will accept the accepted after-effects to, or furnishings on, the Company.
UrtheCast undertakes no obligation to amend advanced statements except as appropriate by Canadian balance laws. Readers are cautioned adjoin advertence disproportionate authoritativeness to advanced statements.
SOURCE UrtheCast Corp.
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