HERNDON, Va., Jan. 8, 2013 /PRNewswire/ -- GeoEye, Inc. (NASDAQ: GEOY), a leading source of geospatial information and insight, announced that it received an order from the Government of India for stereo imagery from the high resolution GeoEye-1 satellite to support development of India's freight railway corridor. Stereo imagery provides three-dimensional viewing and feature recognition for a number of engineering applications, including three-dimensional feature extraction. (Logo: http://photos.prnewswire.com/prnh/20080625/LAW528LOGO) RITES, a Government of India Enterprise, made the six-figure purchase through the National Remote Sensing Centre (NRSC), GeoEye's Master Reseller for India. They provide engineering, consulting and project management services to India's transportation infrastructure sector. This new customer will receive GeoEye-1's 50-centimeter stereo imagery products, the highest resolution satellite imagery that is commercially available worldwide. RITES will use this imagery for the planning, design and alignment of two high-speed transportation corridors within India. "GeoEye-1 stereo imagery is a cost-effective investment for organizations like the Indian Railways Ministry as they pursue development programs that require them to have access to three-dimensional images of existing man-made structures and natural terrain," said Chris Tully, GeoEye's senior vice president of Sales. "This agreement also marks an important milestone for GeoEye, as the Railways Ministry is the first Indian government agency to purchase GeoEye stereo imagery." According to a senior RITES official, "The Railways Ministry has a great responsibility in overseeing all of India's railways. Being able to refer to GeoEye's high resolution stereo imagery helps simplify our planning efforts while ensuring that we have access to the latest visualizations of the regions in which we are operating." NRSC will oversee the delivery of the imagery to RITES and the Indian Railways Ministry.
GeoEye (Nasdaq:GEOY) hit a new 52-week low Monday as it is currently trading at $17.92, below its previous 52-week low of $17.98 with 23,389 shares traded as of 10:10 a.m. ET. Average volume has been 277,200 shares over the past 30 days.