Aug 14 (Reuters) - Urthecast Corp UR.TO :
* URTHECAST AND LAND O'LAKES, INC. ANNOUNCE TERM SHEET FOR PURCHASE OF GEOSYS
* UPON FIRST CLOSING, URTHECAST WILL CONTINUE TO PROVIDE LAND O'LAKES WITH ALL SERVICES CURRENTLY PROVIDED BY GEOSYS
* URTHECAST - CO AND LAND O'LAKES HAVE ENTERED A BINDING TERM SHEET FOR PURCHASE OF GEOSYS TECHNOLOGY HOLDING LLC FOR A PURCHASE PRICE OF US$20 MILLION
* LAND O'LAKES WILL RETAIN OWNERSHIP OF ALL INTELLECTUAL PROPERTY CONNECTED TO ITS R7 TOOL AND FARM-GATE APPLICATIONS
* URTHECAST - SERVICES WOULD BE PROVIDED BY CO PURSUANT TO A 13-YEAR AGREEMENT WITH TOTAL POTENTIAL FEES PAYABLE TO CO OVER TERM OF AGREEMENT IN EXCESS OF US$100 MILLION