UrtheCast and Land O’Lakes, Inc. Announce Term Sheet for Purchase of Geosys

UrtheCast Corp. and Land O’Lakes, Inc. announced they have entered a binding term sheet for the purchase of Geosys Technology Holding LLC (“Geosys”), a wholly owned subsidiary of Land O’Lakes, for a purchase price of US$20 million. This landmark deal is expected to bring unprecedented value to agribusinesses worldwide through the enhanced relationship between imagery data and geoanalytical solutions. The closing of the transaction is subject to confirmatory due diligence, entering into definitive agreements, respective board approvals and other conditions customary for transactions of this nature. Upon the first closing, UrtheCast will take ownership of Geosys’ software for accessing, processing, cataloguing and retrieving of images. Land O’Lakes, through its WinField United crop inputs and insights business, will retain ownership of all intellectual property connected to its R7® Tool and farm-gate applications. www.urthecast.com