ORBIMAGE Buys Space Imaging and Changes Brand Name to GeoEye

ORBIMAGE Holdings Inc. (VA, USA) has finalised the acquisition of substantially all of Space Imaging’s (CO, USA) 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 US$160 million. The purchase price was approximately US$58.5 million less amounts which were paid by Space Imaging on its existing debt as well as certain other adjustments.

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.

GeoEye operates an constellation of three remote-sensing satellites including OrbView-3, IKONOS, and OrbView-2. OrbView-3. 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).