UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") announces 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 Honorable 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.
"We are extremely proud that Innovation, Science and Economic Development Canada has selected our OptiSAR constellation as a key technology that will support Canada's investment in future satellite systems. This validation of our technology speaks to the potential of our Synthetic Aperture Radar and Optical satellite designs," explains UrtheCast President and Chief Executive Officer, Wade Larson.