DigitalGlobe's WorldView-3 Satellite Continues on Track for Mid-2014 Launch
Company Will Complete GeoEye-2 Satellite to Preserve as Ground Spare
LONGMONT, CO -- (Marketwire) -- 02/04/13 -- DigitalGlobe, Inc.
(NYSE: DGI) ("DigitalGlobe") today announced that its previously
planned satellite construction program related to its third
WorldView-class satellite remains on track.
DigitalGlobe can now confirm that it plans to complete WorldView-3 on
its original schedule to be ready for launch in mid-2014 in order to
meet the requirements of its EnhancedView contract with the U.S.
government. That contract calls for completion and launch of
WorldView-3, which will offer the most spectral diversity available
commercially and be the first to offer multiple Short-Wave Infrared
bands that allow for accurate imaging through haze, fog, dust, smoke
and other air-born particulates. DigitalGlobe's largest customer, the
National Geospatial-Intelligence Agency (NGA), has confirmed the
requirements of DigitalGlobe's EnhancedView contract remain
Accordingly, following its just completed combination with GeoEye,
DigitalGlobe intends to complete the construction of GeoEye-2 in 2013
and to preserve it as a ground spare to meet customer demand or as a
replacement for other on-orbit satellites. Previously, GeoEye had
expected to launch GeoEye-2 in 2013.
"After careful consideration and discussions with our largest
customer and others, we have determined that launching WorldView-3
and preserving GeoEye-2 as a ground spare will best meet the
collective needs of customers and shareowners alike," said Jeffrey R.
Tarr, President and Chief Executive Officer. "This plan reduces our
risk profile and capital footprint, while giving our customers access
to the most advanced earth observation capabilities available
commercially. Furthermore, as we move forward, if demand exceeds our
expectations, we will be well positioned to quickly expand our
constellation. GeoEye-2 and WorldView-3 are extraordinary satellites,
and I want to thank all of our team members and partners for their
continued efforts toward their completion."
Since completing its combination with GeoEye, DigitalGlobe now
provides customers with access to a constellation of five earth
observation satellites and a broad
suite of high-value geospatial
production and analytic services. Customers will benefit from a
larger constellation with optimized orbits, and coordinated
scheduling will collect imagery faster, increase persistence and
DigitalGlobe intends to provide full-year 2013 financial guidance and
an updated capital expenditure forecast when it announces fourth
quarter 2012 and full year 2012 earnings on February 26, 2013.
WorldView-3 is expected to be the first
super-spectral, high-resolution commercial satellite. Operating at an
expected altitude of 617 km, WorldView-3 will provide 31 cm
panchromatic resolution, 1.24 m multispectral resolution in 8
spectral bands, and 3.7 m Short-Wave Infrared resolution in an
additional 8 spectral bands. WorldView-3 will be capable of
collecting up to 680,000 km2 per day, bringing the collection
capacity of the DigitalGlobe constellation to over 4.2 million km2
per day. Launching in 2014, the WorldView-3 system will allow
DigitalGlobe to further expand its imagery product offerings. For
more information, please visit: www.digitalglobe.com/worldview3.
DigitalGlobe is a leading provider of commercial
high-resolution earth observation and advanced geospatial solutions
that help decision makers better understand our changing planet in
order to save lives, resources and time. Sourced from the world's
leading constellation, our imagery solutions deliver unmatched
coverage and capacity to meet our customers' most demanding mission
requirements. Each day customers in defense and intelligence, public
safety, civil agencies, map making and analysis, environmental
monitoring, oil and gas exploration, infrastructure management,
navigation technology, and providers of location-based services
depend on DigitalGlobe data, information, technology and expertise to
gain actionable insight.
In January 2013, DigitalGlobe and GeoEye combined to become one
DigitalGlobe, creating a company capable of providing greater value
to customers through an integrated constellation and a broader set of
products and services. For more information on the combination and
its benefits, visit www.digitalglobe.com/combination.
DigitalGlobe is a registered trademark of DigitalGlobe.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document may contain or incorporate forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements relate to future events
or future financial performance and generally can be identified by
the use of terminology such as "may," "will," "should," "expects,"
"plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential,"
"continue" or "looks forward to" or the negative of these terms or
other similar words, although not all forward-looking statements
contain these words.
This document contains forward-looking statements relating to the
strategic combination of DigitalGlobe and GeoEye pursuant to a
merger. All statements, other than historical facts, including
statements regarding the expected benefits of the transaction such as
efficiencies, cost savings, tax benefits, enhanced revenues and cash
flow, growth potential, market profile and financial strength; the
competitive ability and position of the combined company; and any
assumptions underlying any of the foregoing, are forward-looking
statements. Such statements are based upon current plans, estimates
and expectations that are subject to risks, uncertainties and
assumptions. The inclusion of such statements should not be regarded
as a representation that such plans, estimates or expectations will
be achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations include,
among others, that (1) the anticipated benefits of the transaction
may not be fully realized or may take longer to realize than
expected; (2) the costs or challenges related to the integration of
DigitalGlobe and GeoEye operations could be greater than expected;
(3) the ability of the combined company to retain and hire key
personnel and maintain relationships with customers, suppliers or
other business partners; (4) the impact of legislative, regulatory,
competitive and technological changes; (5) the risk that the credit
ratings of the combined company may be different from what the
companies expect; (6) other business effects, including the effects
of industry, economic or political conditions outside of the
companies' control, transaction costs and actual or contingent
liabilities; (7) the outcome of any legal proceedings related to the
transaction; and (8) other risk factors as detailed from time to time
in DigitalGlobe's and GeoEye's reports filed with the Securities and
Exchange Commission ("SEC"), including their respective Annual
Reports on Form 10-K for the year ended December 31, 2011 and
Quarterly Reports on Form 10-Q for the quarter ended March 31, 2012,
June 30, 2012 and September 30, 2012, which are available on the
SEC's website (www.sec.gov). There can be no assurance that the
expected benefits of the strategic combination will be realized.
italGlobe does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the occurrence
of unanticipated events. Readers are cautioned not to place undue
reliance on any of these forward-looking statements.
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