The imagery will be processed and delivered to the European Commission by EUSI located in Munich, Germany. The contract requires GeoEye to begin imagery collections over 24 specific European sites to support the European Commission's agricultural subsidy controls. The European Union is using satellite imagery as a tool to verify farmer's declarations and claims for subsidies. In addition, the European Commission will use OrbView-3 imagery in support of national security related projects.
"The European Commission has been an excellent customer, and we are committed to continuing to meet all of their expectations," said Adrian Zevenbergen, general manager for European Space Imaging. "For the past three years the European Commission has ranked GeoEye's IKONOS satellite with a 98-100% performance success rate, so we are confident the OrbView-3 satellite will maintain this contract's same demanding schedule and performance requirements."
"We are delighted that the European Commission has chosen to use imagery from the OrbView-3 satellite in support of agricultural subsidy controls as well as for security related projects. OrbView-3 has been used by several Asian countries as well as by the US Government's National Geospatial-Intelligence Agency for similar purposes. This contract will now give us an opportunity to demonstrate this satellite's capability and value to the European community," said Timothy J. Puckorius, GeoEye's senior vice president of International Sales.
GeoEye is currently building its next-generation commercial satellite imaging system, GeoEye-1, which will have a ground resolution of .41-meter panchromatic and 1.65-meter multispectral. When launched in early 2007, this satellite will greatly increase our capacity to collect a large amount of data within a short timeframe, which is ideal for monitoring crop subsidy programs.
About GeoEyeHeadquartered in Dulles, Va., GeoEye is the world's largest commercial satellite imagery company, delivering the highest-quality, most accurate imagery and products to better map, measure, monitor and manage the world. GeoEye was formed as a result of ORBIMAGE's acquisition of Space Imaging in January 2006. The company is the premier provider of geospatial data, information and value-added products for the national security community, strategic partners, resellers and commercial customers. GeoEye operates a constellation of three Earth imaging satellites -- OrbView-2, OrbView-3 and IKONOS -- and possesses an international network of more than a dozen regional ground stations, a robust image archive, and advanced geospatial imagery processing capabilities that are unmatched in the satellite imagery industry. Its products are the cornerstone of the remote-sensing industry enabling a wide array of applications including intelligence gathering for national security and defense, mapping, local government planning, and natural resources and environmental monitoring. The company maintains a comprehensive quality management system and has achieved corporate-wide ISO certification. For more information, visit 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. ORBIMAGE'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, www.sec.gov, or by contacting: William L. Warren, Vice President, General Counsel and Secretary, at 703-480-5672.