GeoEye Acquires Leading Aerial Imagery
Provider from GE Oil & Gas
M.J. Harden’s High-Quality Aerial Products and Solutions
Will Expand GeoEye’s Industry-Leading Geospatial Offerings
DULLES, Va. (March 15, 2007) – GeoEye, the world’s largest operator of commercial imagery satellites (Nasdaq: GEOY), today announced the acquisition of M.J. Harden Associates, Inc. from General Electric Company (NYSE: GE). M.J. Harden is an industry-leading provider of digital aerial imagery and geospatial information solutions. GeoEye completed the acquisition of M.J. Harden’s outstanding stock on March 15, 2007, and will operate the company as a wholly owned subsidiary. M.J. Harden, located in Mission, Kansas, has about 60 employees. As part of the agreement, GE will continue to own and operate the pipeline GIS consulting, software and data management business under GE’s PII Integrity Services Division. M.J. Harden will continue to work together with PII to provide photogrammetry and geospatial services to support PII’s Pipeline Integrity Services business.
The acquisition gives GeoEye access to M.J. Harden’s digital aerial imagery capture capability, photogrammetry services, mobile and geographic information system technology and implementation services, field data collection and other related services that provide customers with asset-mapping and corridor management solutions. Customers include utilities, engineering companies, developers and federal, state and local government agencies, among others.
“This acquisition enables us to provide satellite and aerial imagery along with geospatial solutions to our resellers and customers,” said Matthew O’Connell, GeoEye’s president and chief executive officer. “Since most of M.J. Harden’s customers are in the commercial segment, we think we can help them do more in the federal government sector. At the same time, we hope to expand the products they offer their customers. The addition of M.J. Harden’s expert staff and services to the processing capabilities already offered by GeoEye is a logical extension of our goal of providing the highest quality geospatial information to our customers.”
The deal will give GeoEye’s customers access to M.J. Harden digital aerial imagery where customers may need higher resolution imagery than what is available from GeoEye’s satellites. Digital aerial imagery is extremely complementary to GeoEye’s imagery and is especially useful to geospatial professionals working for state and local governments, corridor mapping, as well as the utilities sector.
“The combination of GeoEye’s high-quality satellite imagery and M.J. Harden’s map-accurate digital aerial imagery will provide our customers information of unprecedented quality,” said Doug Leibbrandt, general manager of M.J. Harden Associates, Inc. “We’re eager to collaborate on a full range of geospatial products and solutions for customers in a wide range of markets.”
# # #
About GeoEye
GeoEye is the premier provider of geospatial information, imagery and solutions for the national security community, strategic partners, resellers and commercial customers to help them better map, measure and monitor the world. GeoEye operates a constellation of Earth imaging satellites, mapping aircraft and has an international network of ground stations, a robust imagery archive, and advanced geospatial imagery processing capabilities. The Company plans to launch its next-generation Earth imaging satellite, GeoEye-1, from Vandenberg Air Force Base, California in late first quarter or early second quarter 2008. GeoEye-1 will be the world's highest resolution and most accurate commercial imaging satellite with a ground resolution of 0.41-meters or about 16 inches.
GeoEye is a public company listed on the NASDAQ stock exchange under the symbol GEOY . GeoEye provides support to academic institutions and non-governmental organizations through the GeoEye Foundation.
Headquartered in Dulles, Virginia, GeoEye maintains a comprehensive Quality Management System (QMS), and has achieved company-wide ISO accreditation. For more information, visit www.geoeye.com.
About M.J. Harden Associates, Inc.
M.J. Harden Associates, Inc. (MJH) is a wholly owned subsidiary of GeoEye. MJH, an ISO 9001:2000 certified business, offers a wide-range of high quality photogrammetry and geospatial technology services. Services based on 50+ years of experience include: image acquisition, photogrammetric mapping, GIS consulting and implementation, and mobile data solutions. Through experience and technological expertise, MJH provides value to its customers from planning to deployment, to maintenance and support. Founded in 1956, MJH is located in Mission, KS.
SafeHarbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties. GeoEye’s actual financial and operational results could differ materially from those anticipated. Additional information regarding these risk factors and uncertainties is described more fully in the Company’s SEC filings. A copy of all SEC filings may be obtained from the SEC’s EDGAR web site, www.sec.gov, or by contacting: William L. Warren, Senior Vice President, General Counsel and Corporate Secretary, at 703-480-5672.
