Orbimage Announces Agreement To Purchase Assets Of Space Imaging

EARTH OBSERVATION

Dulles VA (SPX) Sep 19, 2005
Orbimage announced Friday that it had entered into a definitive agreement to acquire the assets of Space Imaging. Under the asset purchase agreement, Orbimage will acquire substantially all of the assets of Space Imaging.

The total consideration for the transaction is approximately $58.5 million less amounts which will be paid by Space Imaging on its existing debt prior to closing as well as certain other adjustments.

The transaction is subject to government regulatory approvals and other customary closing conditions. Orbimage is optimistic that such conditions will be satisfied in time for the closing to occur on or prior to December 31, 2005.

Denver, Colorado-based Space Imaging is a supplier of visual information products and services derived from space imagery.

Space Imaging launched the world's first one-meter resolution, commercial Earth imaging satellite, IKONOS, on Sept. 24, 1999.

It is a privately held company with resellers and over a dozen international affiliates and ground stations around the world and provides satellite imagery and imagery products to a wide variety of governmental and commercial customers both in the U.S. and internationally.

"Combining Space Imaging and Orbimage is good for each of the companies and for all of our customers - both in the US and around the world," said Matthew O'Connell, Orbimage president and chief executive officer.

"Space Imaging's network of domestic and international customers and its terrific employees made this transaction very attractive. The combination will allow us to provide more cost effective, complementary and robust solutions to customers of both companies. "Our combined resources will enhance the ability of our customers, such as the National Geospatial-Intelligence Agency, to deliver to their users high quality commercial satellite imagery and focus on their important mission, whether related to national security or disaster relief," O'Connell added.

"Moreover, the combination will position us well to provide continuity of service to our customers in the U.S. and overseas both in the near term and as we consider emerging requirements with future generations of satellites."

"We are extremely proud of our track record of growth and dedicated service to our customers, including the U.S. Government," said Space Imaging chief executive officer Robert Dalal, "The combination of Space Imaging and Orbimage will expand and grow the business. This match is a winner for all of our customers and employees."

Houlihan Lokey Howard & Zukin acted as financial advisor to Orbimage on the transaction.

EARTH OBSERVATION

Testing, Testing: CryoSat Radar At Work In Baltic

Paris (ESA) Sep 16, 2005
CryoSat, ESA's ice observation mission satellite, will be launched in early October, but its radar system was already being kept busy back in March. The SIRAL radar system was tested during a validation campaign that turned out to be a perfect opportunity for scientists to successfully address critical issues relating to sea ice validation before CryoSat is launched.

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