VANCOUVER—UrtheCast Corp. has received the final signature on a five-year contract with a confidential customer, valued at US$65 million, for the provision of engineering services, value-added services, and Earth imagery data.
A large proportion of the contract’s value will be allocated for engineering and value-added services, to be provided by UrtheCast over the first three years of the contract term. As previously disclosed in the company’s 2014 Q2 results, the conditions of the contract provide for the payment of a cash advance in the amount of 20 percent of the total contract value, in addition to a letter of credit for the balance of payments.
“The signing of this contract is a great accomplishment for the UrtheCast team, and a testament to the quality of work we continue to achieve,” stated UrtheCast’s CEO, Scott Larson. “We’re looking forward to beginning work on what we expect will be remarkable, innovative services.”