HERNDON, Va., June 28, 2012 /PRNewswire/ -- GeoEye, Inc. (NASDAQ: GEOY), a leading source of geospatial information and insight, announced the receipt of a $111 million cost-share payment from the National Geospatial-Intelligence Agency (NGA). In early June, the company successfully passed a major milestone in their GeoEye-2 satellite's development as part of the NGA's EnhancedView program, triggering this cost-share payment.
GeoEye's Chief Executive Officer Matt O'Connell said, "In passing this critical milestone and receiving the $111 million cost-share payment, GeoEye has once again demonstrated its technical leadership and its ability to meet the U.S. government's stringent EnhancedView program requirements, on time and on budget. Most importantly, GeoEye-2 will provide our warfighters with exceptional, unclassified imagery on a daily basis, anytime and anywhere in the world."
When operational in 2013, GeoEye-2 will provide cost-effective, shareable imagery for the U.S. government and its many other customers, which is particularly important during times of global crisis. GeoEye-2 will set new standards with collection capabilities, accuracy and resolution exceeding that of the company's closest competitors. Collecting at 34-centimeter resolution, GeoEye-2 will be an important long-term security asset for the DoD, intelligence and other U.S. government agencies.
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.