News Column

UrtheCast Posts 2Q and 6 Months 2014 Results

August 21, 2014

UrtheCast has reported financial results for the three and six months ended June 30.

In its release on August 12, the Company reported a comprehensive loss of $4.1 million in the quarter as compared to $10.5 million in the comparative quarter in 2013 and $3.9 million in the previous quarter. Our year-to-date comprehensive loss was $8.0 million as compared to $11.8 million in the comparable period of the previous year.

Recent highlights Include:

New Sensors on the US Side of the ISS

-The Company's plans to install second-generation, Earth Observation ("EO") sensors on the NASA segment of the International Space Station (ISS). NanoRacks, UrtheCast's partner in this endeavor, will work with the U.S. National Lab manager, CASIS, to facilitate the launch, installation and onboard integration of the sensors and hardware in line with its Space Act Agreement with NASA. UrtheCast will supply the sensors, electronics and other related hardware. These sensors and their components are scheduled to launch to the International Space Station in 2016, and the Company anticipates that the data will be available in 2017.

Major Contract Update

-The Company recently concluded negotiations with a confidential customer and anticipates final approval of budgetary allocation and signature on a five-year contract valued at US $65 million for value- added services and earth imagery data. The contract stipulates that a substantial portion is to be allocated for non-data related value- added services to be provided by UrtheCast over the first three years of the contract. The terms of the contract provide for the payment of a cash advance in the amount of 20 percent of the total contract value and a letter of credit for the balance of payments.

"This has been a significant quarter of achievement for our Company. We are bullish about our growth prospects, despite having to report a delay to our HRC commissioning," explained Scott Larson, UrtheCast's Chief Executive Officer. "Being able to make the transition into operations and the revenue stage is a huge milestone, one that we've been looking forward to. Of course, like all start-ups, we continue to monitor our costs closely. With the final negotiations on a significant contract that will help us finance the second-generation camera development, and with initial reaction to the release of our first MRC products, we look forward to providing unique, market-leading products and services not currently available."

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Source: Professional Services Close - Up

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