GeoEye Completes Critical Milestone for the EnhancedView Program Company to Receive Cost-Share Payment of $111 Million for GeoEye-2 Satellite from the National Geospatial-Intelligence Agency
HERNDON, Va., June 6, 2012 /PRNewswire/ -- GeoEye, Inc. (NASDAQ: GEOY), a leading provider of geospatial information and insight, announced that it has successfully passed a major milestone for the development of the GeoEye-2 satellite under the EnhancedView program. GeoEye's completion of this milestone triggers the $111 million cost-share payment from the National Geospatial-Intelligence Agency (NGA). This critical milestone demonstrates the company's capabilities to meet all of the U.S. government's EnhancedView program requirements, on time and under this firm-fixed-price contract.
Matt O'Connell, GeoEye's CEO and president, said, "This is a terrific achievement by our team and a great confirmation of our strong partnership with the NGA, especially during these uncertain economic times. We look forward to providing the NGA with the highest resolution color imagery from GeoEye-2, which will be an important long-term security asset to the DoD and the intelligence agencies of the United States."
"GeoEye-2, designed and built by Lockheed Martin Space Systems, includes market-leading technology features, such as robust tasking capabilities, faster imagery collection rates and a new state-of-the-art, ITT Exelis Geospatial Systems camera," said Carl Alleyne, GeoEye's vice president of Engineering.
GeoEye is a leading source of geospatial information and insight for decision makers and analysts who need a clear understanding of our changing world to protect lives, manage risk and optimize resources. Each day, organizations in defense and intelligence, public safety, critical infrastructure, energy and online media rely on GeoEye's imagery, tools and expertise to support important missions around the globe. Widely recognized as a pioneer in high-resolution satellite imagery, GeoEye has evolved into a complete provider of geospatial intelligence solutions. GeoEye's ability to collect, process and analyze massive amounts of geospatial data allows our customers to quickly see precise changes on the ground and anticipate where events may occur in the future. GeoEye is a public company listed on NASDAQ as GEOY and is headquartered in Herndon, Virginia with more than 750 employees worldwide. Learn more at www.geoeye.com.
To view the GeoEye-2 launch site, log onto: http://launch.geoeye.com/.
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This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "will" and similar expressions are intended to identify forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements relating to growth, expected levels of expenditures and statements expressing general optimism about future operating results, are forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements and those presented elsewhere by our management from time to time are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, but are not limited to, those described in "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2011, which we filed with the Securities and Exchange Commission ("SEC") on March 13, 2012, and our Quarterly Report on Form 10-Q for the period ended March 31, 2012, which we filed with the SEC on May 4, 2012. Copies of all SEC filings may be obtained from the SEC's EDGAR Web site, http://www.sec.gov/, or by contacting: William L. Warren, Executive Vice President, General Counsel and Secretary, at 703-480-5672.
SOURCE GeoEye, Inc.