WHITE PLAINS, N.Y. and LONGMONT, Colo., April 14 /PRNewswire/ -- ITT
Industries, Inc. (NYSE: IIN), jointly with EarthWatch Incorporated, announced
today an agreement that provides EarthWatch with $25 million of equity
financing to continue development of the infrastructure for an enhanced earth
imaging system. In addition to the investment from ITT Industries, two other
parties will concurrently invest $25 million in the venture, for a total of
$50 million. The investment enables EarthWatch to continue developing two
imaging satellites, providing the base for its Digital Globe(R) archive of
worldwide geographic information. This archive will provide services and
worldwide satellite imagery at resolutions comparable to aerial photography,
previously unavailable from satellites on a commercial basis. The first
satellite, named QuickBird 1, is scheduled to launch in late 1999.
The space imagery data market is estimated to be worth approximately
$3.5 billion annually by the year 2002, including commercial industry and
ITT Industries is investing $25 million in the venture as a way of
strategically enlarging its footprint in the satellite imagery market. ITT
Industries has provided innovative satellite sensor systems for use by both
NASA and the National Oceanic and Atmospheric Administration (NOAA) for more
than a quarter century. Sensors designed and developed by the company are
flying on board POES and GOES weather satellites and are being used by the US
government to track weather patterns. The company's "imagers" will also be
used on the Japanese multi-function transport satellite, MTSAT, scheduled for
launch this summer. ITT Industries is under contract to support pre-launch
system testing and to provide mission planning and tasking systems to support
QuickBird 1 and 2 spacecraft operations. The company will also provide
sensors for the follow-on spacecraft to the QuickBird satellites.
"The arrangement between ITT Industries and EarthWatch represents a
natural transition of technology from government to commercial applications,"
said Dr. Marvin Sambur, vice president of ITT Industries. "We are confident
that we have found an excellent opportunity to enter the fast-growing
commercial market for satellite sensor services."
"This investment allows EarthWatch to proceed with the imaging and
information system that we have been developing for the last decade," said
Herb Satterlee, president and chief executive officer of EarthWatch. "This
system and the associated delivery infrastructure will enable us to become
the preferred provider to an industry that is eager for high-resolution
imagery and information products."
In addition to the investment by ITT Industries, Morgan Stanley Dean
Witter and various funds managed by Capital Research & Management Company will
concurrently invest $25 million in the venture.
ITT Industries, Inc. (http://www.ittind.com) is a global industrial manufacturing
company with leading positions in the markets that it serves, generating 1998
global sales of $4.5 billion. ITT Industries is the world's largest producer
of pumps and also produces systems and services to move and control water and
other fluids. The company is also a leading supplier of sophisticated
military defense systems, and provides advanced technical and operational
services to a broad range of government agencies. ITT Industries is a leading
provider of connectors, switches and cabling used in telecommunications,
computing, aerospace and industrial applications, as well as network services.
Further, ITT Industries provides industrial components for a number of other
markets, including transportation, construction and aerospace. Based in White
Plains, NY, ITT Industries employs approximately 33,000 people around the
In addition to the New York Stock Exchange, ITT Industries' common stock
is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.
EarthWatch Incorporated (http://www.digitalglobe.com) is a commercial imagery
and information provider located in Longmont, Colorado. The company is
building an online Digital Globe archive of worldwide geographic information.
The first QuickBird satellite is scheduled to launch in late 1999. Natural
and cultural features such as buildings, cars, and trees will be able to be
recognized. Following launch, EarthWatch will provide its high-resolution
panchromatic and multispectral imagery to commercial businesses and government
agencies developing mapping, geological surveys, natural resources, emergency
management, infrastructure management and insurance assessments.
NOTE TO EDITORS: ITT Industries and its subsidiaries' press releases are
available at no charge via fax and the Internet. To receive releases by fax,
call 800-758-5804, extension 110006. For ITT Industries' news on the
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com http://www.digitalglobe.com
CONTACT: Chuck Herring of EarthWatch, 303-682-3820, or
firstname.lastname@example.org; or Tom Glover of ITT Industries,
914-641-2160, or email@example.com
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