UrtheCast
to
Receive
Industry
Canada
Technology
Development
Program
Award of
$5
Million
to
Support
Development
of its
OptiSAR™
Constellation
May 26,
2016
UrtheCast
Corp.
(TSX:UR)
("UrtheCast"
or the
"Company")
today
announces
that it
will
receive
$5.0
million
in
Government
of
Canada
Technology
Development
Program
("TDP")
funding,
as part
of a
$54
million
contribution
program
for the
development
of new
satellite
technologies,
as
administered
by the
Government
of
Canada.
The
Honourable
Navdeep
Bains,
Minister
of
Innovation,
Science
and
Economic
Development
announced
this
award on
May 5,
2016.
UrtheCast's
contract
for the
$5.0
million
portion
of the
TDP
award is
scheduled
to be
paid out
evenly
over
five
years.
This TDP
Agreement
will aid
UrtheCast
in the
development
of the
ground-breaking
technologies
for its
planned
OptiSAR™
Constellation,
currently
slated
for
deployment
in
2020-2021.
The
16-satellite
OptiSAR™
Constellation
is
expected
to
consist
of eight
X- and
L-band
SAR
satellites
and
eight
high-resolution
optical
satellites,
flying
in a
paired,
tandem
configuration.
