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Updated: July 8th, 2008 05:26 PM CDT

ORBIMAGE Completes Acquisition of Space Imaging

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The company will immediately begin implementing the planned integration of the two companies including operations, IT, administration, sales and marketing, and customer service to ensure a smooth transition for customers, partners and investors. "As we integrate our various operations, we will keep a laser-like focus on the customer. Our combined workforce is 100 percent committed to maximizing company performance and efficiency throughout the integration process," said O'Connell.

GeoEye operates an industry-leading constellation of three remote-sensing satellites including OrbView-3, IKONOS, and OrbView-2. OrbView-3, the most recent commercial satellite on orbit, offers 1-meter panchromatic (black and white) and 4-meter multispectral (color) digital imagery, which can be downlinked to customer ground stations around the world. IKONOS, the world's first commercial high-resolution satellite, produces 1-meter panchromatic and 4-meter multispectral imagery that can be combined to create a 1-meter colorimage. OrbView-2 offers 1.1-kilometer resolution with a wide 2,800 kilometer swath taking multispectral imagery of the entire Earth every day. Having two high-resolution satellites available for customers' orders provides multiple benefits including more frequent visits over an area, larger volume collections in a shorter period of time, and improved overall reliability of operations.

In addition to the above three satellites already in orbit, GeoEye plans to launch a satellite in early 2007 to service a contract with the National Geospatial-Intelligence Agency (NGA). It will have an unprecedented ground resolution of 0.41-meters, and will be the most advanced sub-half-meter commercial imaging satellite in the world. It will collect both panchromatic and multispectral imagery simultaneously and will be able to down link imagery to ground stations around the world. With the launch of this satellite, we expect that customer ground stations around the world will continue to have down linking capability through 2015 or beyond.

GeoEye completed the acquisition and financed this transaction through debt raised at the operating subsidiary level. This debt is structured to be serviced by the operating cash flows of the subsidiary.

Houlihan, Lokey, Howard & Zukin acted as financial advisor to GeoEye.

About GeoEye


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