UrtheCast Corp. announced 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 its annual and special shareholder meeting scheduled on June 25, 2018 at the Pan Pacific Hotel Vancouver at 300-999 Canada Place, Vancouver, BC. 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. 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.