UrtheCast to Acquire the Deimos Imaging Earth Observation Business From Elecnor, S.A.

Vancouver, British Columbia (ots/PRNewswire) -

UrtheCast to acquire ownership and operation of the Deimos-1 and
Deimos-2

satellites, satellite operations and their global archive.

UrtheCast Corp. ("UrtheCast" or the "Company"), today announced
that its subsidiary has entered into a definitive agreement with
Elecnor, S.A. ("Elecnor") to acquire Elecnor's Earth Observation
business dba Deimos Imaging (the "Acquisition") for an aggregate
price of EUR74.2 million, subject to customary working capital
adjustments, with EUR69 million due at closing and EUR5.2 million to
be paid over the next five years. To carry out the Acquisition,
UrtheCast's wholly-owned subsidiary, UrtheCast International Corp.,
has entered into a share purchase agreement with Elecnor and Deimos
Space, S.L.U. to acquire the outstanding shares of Deimos Imaging,
S.L.U. and DOT Imaging, S.L.U. (collectively, "DOT-Deimos").
DOT-Deimos owns and operates two satellites, Deimos-1 and Deimos-2.
Subject to satisfaction of certain customary closing conditions, the
Acquisition is expected to close on or before August 21, 2015, along
with the execution of certain ancillary agreements.

"This is an incredible acquisition that epitomizes technological
and operational synergy," explained Scott Larson, UrtheCast
Co-founder and Chief Executive Officer. "By adding these satellites
to our suite of sensors available via our web platform, significantly
expanding our space operations capability - important for our
recently announced SAR and Optical constellation - and merging our
business development, UrtheCast is rapidly accelerating its mission
to democratize Earth Observation imagery, and bring a unique dataset
and distribution model to customers and users that up until now, has
not been available anywhere in the marketplace."

Acquired Business

The acquired business of DOT-Deimos comprises the Earth
Observation ("EO") satellite and imagery business of Elecnor, a
publicly traded Spanish engineering and infrastructure company, which
has been producing imagery since the launch and commissioning of the
Deimos-1 satellite in 2009. The business consists of, among other
things, the ownership and operation of the Deimos-1 and Deimos-2 EO
satellites and the collection, storage, processing, analysis,
distribution and licensing of the EO imagery captured by these and
other satellites. DOT-Deimos has an established customer base across
Europe and Latin America, including the European Space Agency
("ESA"), European governmental agencies and commercial customers in
the agricultural, forestry and land use industries, among others.
Currently, DOT-Deimos has approximately 50 employees with expertise
in the EO industry. Upon closing the Acquisition, UrtheCast will also
own the full imagery archive utilized by the acquired business, which
currently consists of approximately 6.5 billion square kilometres.

Fabrizio Pirondini, Deimos Co-founder and Chief Executive Officer,
added: "This is a superb opportunity for all involved, and opens up a
world of possibilities for our respective sales teams. The sale of EO
data and value-added services is at the core of our operations, such
that our synergies and objectives for this acquisition are perfectly
aligned."

The Deimos-1 satellite was launched in 2009 and provides 22-metre
resolution images at 10 bits with a swath width of 650 kilometres.
Deimos-1 has a collection capacity of more than 5,000,000
square-kilometres per day, with a three-day average revisit time
worldwide. The Deimos-2 satellite was launched in 2014 and provides
75 cm pan-sharpened images with a swath width of 12 kilometres.
Deimos-2 has a collection capacity of more than 150,000
square-kilometres per day, with a two-day average revisit time
worldwide.

The combination of UrtheCast and DOT-Deimos is expected to allow
UrtheCast to accelerate its own strategy. UrtheCast believes this
will be achieved through the use of Deimos' imagery archive on
UrtheCast's web platform, distributing fresh imagery through
UrtheCast's established distribution channels, customers and web
platform, leveraging each company's established relationships and
building upon each other's infrastructure.

In addition, UrtheCast and Deimos Space have signed a Mutual
Cooperation Agreement that will allow both companies to look for
opportunities in the market for the benefit of both companies. Deimos
Space will be the exclusive provider for receiving stations for the
Deimos-1 and Deimos-2 satellites. Also, under this agreement, the
companies will work together on UrtheCast's recently announced
optical and SAR satellite constellation in the areas of the
headquarter mission control centre, direct tasking and receive ground
stations, mission analysis and flight dynamics, and in the
integration and testing of the SAR payloads.

Conference Call and Webcast Information

UrtheCast will hold a conference call on June 22, 2015 at 4:30
p.m. ET. To access this conference call, please dial (416) 695-7806
or (888) 789-9572 and use the pass code 9618732. An archive of the
conference call will be available on our website the following day.

Advisors

Raymond James Ltd. has acted as financial advisor to UrtheCast in
connection with the Acquisition and has provided a fairness opinion
to the Board of Directors.

About UrtheCast Corp.

UrtheCast Corp. is a Vancouver-based technology company that is
developing the world's first Ultra HD video feed of Earth, streamed
from space in full color. Working with prominent aerospace partners
from across the globe, UrtheCast has built, launched, installed, and
will soon operate its Ultra HD video camera, Iris, on the ISS
alongside its Medium Resolution Camera ("MRC") which reached Initial
Operation Capability ("IOC") in 2014. 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 partners and customers. UrtheCast's cameras
will provide Ultra HD video and still imagery of Earth that will
allow for monitoring of the environment, humanitarian relief, social
events, agricultural land, etc. Common shares of UrtheCast trade on
the Toronto Stock Exchange as ticker 'UR'.

For more information visit UrtheCast's website at
http://www.urthecast.com.

About UrtheCast's high-resolution camera Iris

UrtheCast's High-Resolution Camera, Iris, is a multispectral
imager mounted on a bi-axial pointing platform that provides a
pitch/roll pointing capability to image points between plus or
minus52 degrees latitude. This allows it to capture full-color video
sequences that are approximately 1m GSD and approximately 60 seconds
in length through a wide range of oblique-look angles. The image size
for the Video is approximately 5.5 x 3.5 km.

About UrtheCast's medium-resolution camera Theia

UrtheCast's MRC, Theia, is a conventional linear Charge-Coupled
Device (CCD) pushbroom camera. It produces strips of
medium-resolution, 4-channel multispectral imagery with a GSD of
approximately 5m and a swath width of approximately 50km. Theia's
daily collection capability is approximately 29-million kmsquared.

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 "believe", "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 closing of the Acquisition and the
satisfaction of closing conditions required therefor, the ability of
UrtheCast to finance of the Acquisition, the expected benefits of
completing the Acquisition, the expected lifetimes of the Deimos-1
and Deimos-2 satellites, UrtheCast's expectations with respect to the
operations of UrtheCast and Deimos following closing of the
Acquisition, commissioning of Iris, plans to operate camera
components on, and stream video footage from, the ISS, proposed image
and video product offerings, expectations regarding the growth of
commercial operations and expected partners and customers to
distribute such products. 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 UrtheCast's or Deimos' actual results,
performance or achievements to be materially different from those
expressed or implied thereby, including, but not limited to,
UrtheCast, Elecnor or Deimos Space Imaging, S.L.U. being unable to
satisfy the conditions to closing the Acquisition, UrtheCast not
realizing the expected strategic benefits of the Acquisition,
undisclosed liabilities of the acquired business of DOT-Deimos, risks
related to integration of UrtheCast and the acquired business of
Deimos, risks related to the increased indebtedness of UrtheCast
following payment of the purchase price of the Acquisition, the
inability of UrtheCast to finance the purchase price of the
Acquisition, risks related to the potential for regulatory review and
unwinding of the Acquisition, risks related to the provision of
Elecnor or its affiliates of transition services following completion
of the Acquisition or their termination of such services, damage
which may have occurred to UrtheCast's cameras during launch or
installation, delays in the Iris commissioning process, unexpected
changes in Russian, Canadian or European government policies, as well
as those factors discussed in the Company's annual information form
dated March 20, 2015, (the "AIF") and the Company's amended and
restated short form base shelf prospectus dated May 11, 2015 (the
"Prospectus") which are available under UrtheCast's SEDAR profile at
http://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 Prospectus, and as otherwise disclosed
from time to time on UrtheCast's SEDAR profile. Forward-looking
information is developed based on assumptions about such risks,
uncertainties and other factors set out herein, in the AIF and
Prospectus, and as otherwise disclosed from time to time on
UrtheCast's SEDAR profile. UrtheCast undertakes no obligation to
update forward-looking statements except as may be required by
applicable Canadian securities laws. Readers are cautioned against
attributing undue certainty to forward-looking statements.

Scott Larson, CEO and Co-founder, +1(778)-331-7823 Direct

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