GeoEye Initiates Development of its Third Generation Earth-Imaging Satellite
October 18 2007 - 6:19PM
PR Newswire (US)
GeoEye Contract with ITT Begins Phased Procurement of the GeoEye-2
Satellite DULLES, Va., Oct. 18 /PRNewswire-FirstCall/ -- GeoEye,
Inc. (NASDAQ:GEOY), a leading producer of satellite and aerial
imagery and geospatial information, today announced it has
contracted with ITT Corporation (NYSE:ITT) to begin work on the
camera for GeoEye's next satellite, GeoEye-2. This is the first
step in a phased development process for an advanced,
third-generation satellite capable of discerning objects on the
Earth's surface as small as 0.25-meter (9.75 inch) in size. The
company expects to contract with a satellite builder in 2008 and
launch the satellite approximately three years after work begins
under that contract. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060112/DCTH008LOGO)
"America's commercial remote sensing industry has proven itself to
be a reliable partner with our national security customers both
here in the US and overseas," said Martin C. Faga, a member of
GeoEye's board of directors and a former director of the National
Reconnaissance Office (NRO). "GeoEye-2 will continue this legacy of
achievement and GeoEye looks forward to discussions with overseas
customers, the Department of Defense and other agencies as to how
this newest satellite will help agencies meet critical missions for
national defense and homeland security." Matthew O'Connell,
GeoEye's chief executive officer and president said, "Because of
strong market trends, we are moving ahead with plans for GeoEye-2
independent of any formal U.S. Government commitment as an anchor
customer. Our financial strategy, since GeoEye's inception almost
two years ago, has been to invest prudently and, after long
analysis, we have concluded that the market will be ready for
another sensor in the 2011 timeframe. GeoEye will continue to
maintain a constellation of Earth-imaging sensors in order to
remain a leading provider of geospatial imagery and information."
GeoEye-2 will be of the same general class as GeoEye-1, but will
benefit from significant improvements in capability, including
enhanced direct tasking, and the potential to collect imagery of
the Earth's surface at 0.25-meter or 9.75-inch ground resolution.
While GeoEye has an operating license from the National Oceanic and
Atmospheric Administration (NOAA) to build and launch a satellite
constellation with this extremely high ground resolution, the final
decision regarding GeoEye-2's resolution will be made in response
to how best to serve customer requirements, as well as
consideration of the current regulatory environment. Under current
licensing constraints, only U.S. Government customers and
specifically designated allies have access to imagery at this
highest resolution while commercial customers receive imagery at
the highest resolution allowed by U.S. regulations, currently
0.5-meter or 19.5 inch ground resolution. Frank Koester, vice
president and director of Commercial and Space Science Systems, ITT
Space Systems, said, "ITT is pleased to once again be in
partnership with GeoEye to produce the sensor for their
next-generation imaging satellite. ITT's technology and legacy of
mission success, including GeoEye's IKONOS satellite will again
provide outstanding imaging performance and meet the evolving
demands for quality multispectral geospatial information." "We
chose ITT as our digital camera supplier for GeoEye-2 because of
their superior, digital imaging products and excellent track record
with delivery of both the GeoEye-1 and IKONOS sensors," said Bill
Schuster, GeoEye's chief operating officer. While this contract
announcement is for GeoEye-2, GeoEye is nearing the launch of its
next-generation commercial satellite imaging system, GeoEye-1,
slated for late first quarter or early second quarter 2008 from
Vandenberg Air Force Base in California. GeoEye-1 will be the
world's highest resolution commercial Earth imaging satellite with
the best geospatial accuracy available. The satellite will be able
to discern objects on the ground . 41-meter or 16 inches in size or
larger. More importantly, GeoEye-1 will be able to locate an object
that size to within about nine feet of its true location on the
surface of the globe without ground control points. Imagery from
GeoEye-1 can be supplied in color or, if the customer prefers, in
black and white. About ITT Corporation ITT Corporation
(http://www.itt.com/) supplies advanced technology products and
services in several growth markets. ITT is a global leader in water
and fluid transport, treatment and control technology. The company
plays a vital role in international security with communications
and electronics products; space surveillance and intelligence
systems; and advanced engineering and services. It also serves a
number of growing markets-including marine, transportation and
aerospace-with a wide range motion and flow control technologies.
Headquartered in White Plains, N.Y., the company employs
approximately 35,000 and generated $7.8 billion in 2006 sales.
About GeoEye GeoEye is the premier provider of geospatial
information, imagery and solutions for the national security
community, strategic partners, resellers and commercial customers
to help them better map, measure and monitor the world. GeoEye
operates a constellation of Earth imaging satellites, mapping
aircraft and has an international network of ground stations, a
robust imagery archive, and advanced geospatial imagery processing
capabilities. The launch of GeoEye-1 is slated for late first
quarter or early second quarter 2008 from Vandenberg Air Force Base
in California. GeoEye-1 will be the world's highest resolution and
most accurate commercial imaging satellite. GeoEye is a public
company listed on the Nasdaq stock exchange under the symbol GEOY.
GeoEye provides support to academic institutions and
non-governmental organizations through the GeoEye Foundation.
Headquartered in Dulles, Virginia, GeoEye maintains a comprehensive
Quality Management System (QMS), and has achieved company-wide ISO
accreditation. For more information, visit http://www.geoeye.com/.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995 This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act and
Securities Exchange Act of 1934, as amended. These forward-looking
statements involve known and unknown risks and uncertainties.
GeoEye's actual financial and operational results could differ
materially from those anticipated. Additional information regarding
these risk factors and uncertainties is described more fully in the
Company's SEC filings. A copy of all SEC filings may be obtained
from the SEC's EDGAR web site, http://www.sec.gov/, or by
contacting: William L. Warren, Senior Vice President, General
Counsel and Secretary, at 703-480-5672.
http://www.newscom.com/cgi-bin/prnh/20071018/LATH138
http://photoarchive.ap.org/ DATASOURCE: GeoEye, Inc. CONTACT: Mark
Brender of GeoEye, +1-703-480-9562, ; or Amy Estes of LeGrand Hart,
+1-303-298-8470, ext. 239 , , for GeoEye Web site:
http://www.geoeye.com/ http://www.itt.com/
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