ITT Corporation

ITT Industries Invests in High-Resolution Satellite Imaging Venture; Company Investing $25 Million to Expand Commercial Satellite Involvement

    4/14/1999

        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
    government applications.
        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
    world.
        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
    Internet, visit
    http://www.ittind.com
     or
    http://www.prnewswire.com
    
    SOURCE  ITT Industries, Inc.
    
    

    Web site: http://www.ittind.com http://www.digitalglobe.com
    CONTACT: Chuck Herring of EarthWatch, 303-682-3820, or
    cherring@digitalglobe.com; or Tom Glover of ITT Industries,
    914-641-2160, or tglover@hq.ittind.com
    Company News On-Call: http://www.prnewswire.com/comp/110006.html
    or fax, 800-758-5804, ext. 110006

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2016 revenues of $2.4 billion.

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