Urthecast Bankruptcy Surprises No One.

Urthecast which was moved from the TSX to the OTC pink sheets years ago has finally filed for bankruptcy. In Canada this process it is called “the Companies’ Creditors Arrangement Act (CCAA).” The filing was made on Sept. 4. Ernst & Young Inc. is the court-approved monitor for the proceedings (details).

The debut of “Opti-SAR” was their last desperate act to find funding which never materialized. Traction from space startups Capella Space, Iceye and Umbra Lab made it all but impossible for Urthecast to find funding. Urthcast also received pressure from optical providers BlackSky, Planet and Maxar’s Leagon constellation.

Wake Up Call for “Small Satellites” >100kg

Micro-satellite companies Capella Space, Iceye and Umbra Lab pose a very serious real threat to Synspective, XpressSAR, PredaSAR, TridentSpace and IQPS. At a fraction of the cost and similar or better capabilities. These mid-size SAR imaging constellations do not stand a chance against innovative technology, Moore’s Law and Elon Musk. This now lethal combination indicates it will be challenging for other expensive satellite missions to fund funding.

>$200M Dollar Customer Pipeline

Urthecast Corp., Urthecast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. and other petitioners (“Applicants”) obtained an Order under the Companies’ Creditors Arrangement Act (“CCAA”) in Canada on September 4, 2020. Pursuant to the CCAA Order granted by Justice Sharma of the Supreme Court of British Columbia, Ernst & Young Inc. was appointed Monitor of the Applicants.

Other Petitioners:

1185781 B.C. Ltd.
Deimos Imaging S.L.U.
DOT Imaging S.L.U.
Geosys Australia PTY
Geosys do Brasil Sistemas de Informacao Agricolas Ltda.
Geosys Europe Sarl
Geosys Holding, ULC (was Geosys Technology Holding LLC)
Geosys-Int’l, Inc.
Geosys S.A.S.
UrtheCast Corp.
UrtheCast Holdings (Malta) Limited
UrtheCast Imaging S.L.U.
UrtheCast Investments (Malta) Limited
UrtheDaily Corp.

CCAA Records: UrtheCast Corp., UrtheCast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. et al.

Court File Number: S-208894 Court and Judicial District: Supreme Court of British Columbia Vancouver Registry

OSB File Number: 0000502-2020-BC

Date of the Initial Order: 2020-09-04

Monitor’s web page for the proceedings

Footnote 1: www.ey.com/ca/urthecast

Debtor Company Information

Company Name:

UrtheCast Corp., UrtheCast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. et al.

Other names under which the company
carries on business:

1185729 B.C. Ltd., 1185781 B.C. Ltd., Deimos Imaging S.L.U., DOT Imaging S.L.U., Geosys Australia PTY, Geosys do Brasil Sistemas de Informacao Agricolas Ltda., Geosys Europe Sarl, Geosys Holding, ULC (was Geosys Technology Holding LLC), Geosys-Int’l, Inc., Geosys S.A.S., UrtheCast International Corp., UrtheCast Holdings (Malta) Limited, UrtheCast Imaging S.L.U., UrtheCast Investments (Malta) Limited, UrtheCast USA Inc., UrtheDaily Corp.

Head Office:

1055 Canada Place
Suite 33
Vancouver BC V6C 0C3

Telephone: 604-669-1787

Website Footnote 1: www.urthecast.com

Service List – UrtheCast Corp. (Updated October 5, 2020)

Affidavit of A Markaroff – 14 Oct 2020 – 811 KB

Affidavit of Martin Hale (sworn October 15, 2020) – 14 Oct 2020 – 1041 KB

File Petition to court – 03 Sep 2020 – 731 KB

Notice of Appearance – 1262743 B.C. Ltd. – 7 KB

001 Initial Order – 03 Sep 2020 – 905 KB

Fourth Report of the Monitor – 14 Oct 2020 – 5649 KB

Third Report of the Monitor – 30 Sep 2020 – 1915 KB