Last updated on April 17, 2014 at 13:13 EDT

UrtheCast Reports Third Quarter Financial Results

November 14, 2013

VANCOUVER, Nov. 14, 2013 /CNW/ – UrtheCast Corp. (TSX:UR) (“UrtheCast”
or the “Company”) is pleased to announce its financial results for the
three and nine months ending on September 30, 2013.

Highlights Include:

        --  Cosmonauts from Roscosmos, the Russian Federal Space Agency,
            successfully installed the Bi-axial Pointing Platform ("BPP")
            on the Russian module of the International Space Station
            ("ISS"). The BPP is the structure on which UrtheCast's
            High-Resolution Camera ("HRC") will be mounted. Both the HRC
            and the Medium-Resolution Camera ("MRC")were certified for
            launch into space and shipped to the launch site in Baikonur,
            Kazakhstan in late October, where they have been packed into a
            Progress supply ship that is scheduled for launch aboard a
            Soyuz rocket on November 25, 2013.
        --  UrtheCast entered into data distribution agreements with two
            additional distributors in Asia, increasing the annual purchase
            commitments from our global network of distributors from $19
            million to $21 million. Although these purchase commitments can
            not be considered binding prior to the cameras being installed
            on the ISS, UrtheCast has already begun the process of
            converting these purchase commitments into binding commercial
        --  UrtheCast has hired sales leaders in key geographic markets to
            help grow demand for UrtheCast's expected products. These
            individuals have extensive industry experience and have exposed
            UrtheCast's expected product offerings to many new potential
            distributors and customers globally.
        --  UrtheCast's engineers and contractors have made substantial
            progress on the architecture and software required for the
            development of UrtheCast's Earth-based operations and
            infrastructure. This infrastructure is critical for tasking the
            cameras and for downlinking, processing, archiving and
            distributing the video footage from the HRC and the imagery
            from the MRC.

Total operating expenses in the quarter were $2.6 million (2012 – $1.6
million), of which $1.1 million (2012 – $0.6 million) was attributable
to non-cash, share-based payments. For the nine months ending September
30, 2013, the net loss was $14.4 million, or $7.2 million (2012 – $5.8
million) net of the non-cash loss on the reverse takeover transaction
(the “Transaction”) in the second quarter. Total expenses, net of
share-based payments for the three and nine months ending September 30,
2013, were $1.5 million and $4.5 million respectively.

                                         RESULTS OF OPERATIONS

                      3 months ended September
                                           30, 9 months ended September 30,

                          2013          2012           2013          2012

    General and
       expenses    $   1,444,187 $     737,187 $    3,566,751 $   1,466,824

    expenditures          96,108       275,418        927,782       984,215

    payments           1,086,499       586,478      2,437,731     3,402,444

    Operating loss     2,626,794     1,599,083      6,932,264     5,853,483

    Finance costs,
       loss and
    on short-
    derivatives         (27,581)      (20,534)         36,724      (20,233)

    Loss on
    settlement of
    debenture                  -             -        230,345             -

    Non-cash loss
    on completion
       Transaction             -             -      7,205,501             -

    Net loss         (2,599,213)   (1,578,549)   (14,404,834)   (5,833,250)

    loss                   2,333             -        (1,654)             -

    loss           $ (2,596,880) $ (1,578,549) $ (14,406,488) $ (5,833,250)

    Net loss per
    share          $      (0.04) $      (0.06) $       (0.35) $      (0.25)

Commencing on July 1, 2013, UrtheCast capitalized all costs directly
attributable to the development of the ground segment network and data
storage infrastructure. During the quarter, total development costs of
$2.3 million were capitalized. Of this total, $1.1 million was
comprised of salaries and benefits of our engineering team and other
directly attributable internal costs, thereby reducing our operating
costs in the quarter by that amount. The remaining $1.2 million was
paid to contractors, consultants and other vendors for engineering
support and hardware for the development of the ground segment network
and data storage, which would have been capitalized as an intangible
asset regardless of our treatment of the internal costs.

The Company’s cash position on September 30, 2013, was $25.2 million, a
decrease of $7.6 million from June 30, 2013. Cash outflows in the third
quarter of 2013 included approximately $1.9 million of commissions and
other costs associated with the going public transaction, which were
accrued in the prior quarter. Capital expenditures of approximately
$2.6 million were made during the third quarter for our camera
equipment, which reduced our outstanding commitments to approximately
$1.0 million.

“The third quarter of 2013, our first full quarter operating our
business as a public company, resulted in the achievement of
significant milestones for UrtheCast,” explains Scott Larson,
UrtheCast’s Chief Executive Officer. “Completing the cameras and
getting them fully certified for the upcoming launch was key amongst
these milestones.”

“The significant increase of UrtheCast’s staff since early 2013 has
provided us with momentum as we move towards the commissioning of our
cameras and developing our ground segment in 2014,” stated Wade Larson,
UrtheCast’s President and Chief Operating Officer.

The full financial statements and accompanying Management’s Discussion &
Analysis are available on UrtheCast’s profile on the System for
Electronic Document Analysis and Retrieval (“SEDAR”) at its website www.sedar.com and on UrtheCast’s website at www.urthecast.com.

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 in
November 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 of their
mounting on the ISS and commissioning, projected revenues from
operations, the completion of data distribution agreements and
conversion of data distribution agreements into binding commercial
orders for UrtheCast’s proposed products, expectations regarding
obtaining insurance for our cameras during the launch and commissioning
process, plans to operate camera components on, and stream video
footage from, the ISS, and proposed image and video product offerings.
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

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.

Source: PR Newswire