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UrtheCast Corp. Announces Changes to Board of Directors and Management
Monday, June 4, 2018Company Profile | Follow Company
Vancouver, BC, June 4, 2018--(T-Net)--UrtheCast Corp. (TSX: UR) announced today that, with the completion of the UrtheDaily senior loan facility and the subordinated capital financing, Tye Burt and Letitia A. (Tish) Long have decided, individually, not to stand for reelection as directors at the company's annual and special shareholder meeting scheduled for June 25, 2018 in Vancouver.
Greg Nordal has also decided not to extend his three-month term as Interim CEO and to resign as Interim CEO and member of the board of directors of UrtheCast effective as of May 29, 2018.
The Company is in advanced stages of a CEO search and will provide a progress update in due course.
At the Meeting, six management nominees will stand for election to the Board, including two long-serving directors, William M. Evans (director since June, 2013) and James Topham (director since May, 2015) along with two directors appointed on May 25, 2018, namely Mark. J. Piegza and Adam M. Vore. Management nominees also include two highly qualified candidates, Andreas M. Georghiou and John (Jack) Shannon (see below for a summary of their qualifications).
Upon the election of directors to the Board at the Meeting, the Board expects that an independent director will be appointed as Chair of the Board and Board committees will be reconstituted in accordance with best corporate governance practices.
The Company wishes to recognize and thank each of Mr. Burt, Mr. Nordal and Ms. Long for their outstanding leadership and unfailing dedication to ensuring the long-term future of the Company, especially during the challenging times over the last few months.
"Tye, Greg and Tish have set the Company on a course with great promise and the Company wishes them the very best as they embark on the next opportunities of their remarkable careers" stated the company in a release.
Set out below is a summary of the qualifications of each of Mr. Georghiou and Mr. Shannon who will stand for election as management nominees at the Meeting.
The purpose of the Meeting is, among other things, to elect directors to the Board. Details on the matters to be considered at the Meeting will be described in full in a management information circular to be mailed to shareholders in the coming days.
An electronic copy of the Circular will be available on SEDAR at www.sedar.com under UrtheCast's issuer profile and on the Company's website at www.urthecast.com.
About UrtheCast
UrtheCast Corp. is a Vancouver-based technology company that serves the rapidly evolving geospatial and geoanalytics markets with a wide range of information-rich products and services.
For more information, visit UrtheCast's website at www.urthecast.com.
Forward Looking Information
This release contains certain information which, as presented, constitutes "forward-looking information" or "forward-oriented financial 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", "plan", "explore" and "expect", statements that an action or event "may", "should" or "will" be taken or occur, or other similar expressions. Such statements reflect UrtheCast's current views with respect to future events. Such statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by UrtheCast as at the date of this press release, are inherently subject to significant uncertainties and contingencies. Many factors could cause UrtheCast's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements; as well as those factors and assumptions discussed in UrtheCast's annual information form dated April 2, 2018, which is available under UrtheCast's SEDAR profile at www.sedar.com. UrtheCast cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual results, performance or achievements may vary significantly from those expected. There can be no assurance that the actual strategies, results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
UrtheCast undertakes no obligation to update forward-looking statements except as required by Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.
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