Advanced Imaging


Industry News

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

ORBIMAGE Completes Acquisition of Space Imaging

via PRNewswire

DULLES, Va., Jan. 12 /PRNewswire-FirstCall/ -- ORBIMAGE Holdings Inc.(OTC Bulletin Board: ORBM) has finalized the acquisition of substantially all of Denver-based Space Imaging's assets. The combined company will now do business under the brand name GeoEye. GeoEye is the world's largest commercial satellite imagery company with a pro forma combined revenue for 2005 of approximately $160 million. The purchase price was approximately $58.5 millionless amounts which were paid by Space Imaging on its existing debt as well as certain other adjustments.

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"The much-anticipated consolidation in our industry will result in a stronger and more stable industry that will better serve the needs of its customers," said Matthew O'Connell, president and chief executive officer of GeoEye. "As we enter this new era in commercial satellite imagery, GeoEye will be a driving force in moving the industry forward. GeoEye will lead the industry because of our advanced technology, innovation, integrity and service to customers and resellers."

With the combined resources of ORBIMAGE and Space Imaging, GeoEye brings to the market a talented pool of skilled employees with broad subject-matter expertise, national and international resellers, more than a dozen regional affiliates around the globe, the world's largest commercial archive of map-accurate satellite imagery, and value-added geospatial imagery processing capabilities that are unmatched in the satellite imagery industry.

"Governments can be assured, especially the U.S. Department of Defense and the U.S. intelligence community, that the commercial satellite imaging industry is here to stay," said. Lt. Gen . (Ret.) James Abrahamson , GeoEye's chairman.

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