Space Imaging Asia Formed in Seoul; Hyundai Space & Aircraft Co. Becomes Regional Affiliate of Space Imaging.

DENVER--(BUSINESS WIRE)--Oct. 28, 1999--

Space Imaging announced today that Hyundai Space & Aircraft Co. Ltd. (Seoul, Korea) has become Space Imaging's newest Regional Affiliate, Space Imaging Asia.

Hyundai Space & Aircraft Co. Ltd. is a subsidiary of Korea's Hyundai Business Group and is also an equity investor in Space Imaging. The terms of the agreement were not disclosed.

The agreement, signed April 27, 1999, represents a step forward in the development of a global network of leaders dedicated to supplying Earth imagery and information products to customers. Hyundai joined a number of other investors who foresee a significant growth opportunity in this industry. These investors include Lockheed Martin Corp., Raytheon Company, Mitsubishi Corporation , Singapore's Van Der Horst Ltd., Europe's Remote Sensing Affiliates, Swedish Space Corporation and Thailand's Loxley Public Company Ltd. Other Regional Affiliates in Space Imaging's program include Space Imaging Europe (Athens, Greece), Space Imaging Middle East (Dubai, United Arab Emirates), and Japan Space Imaging (Tokyo, Japan).

As a Regional Affiliate, Space Imaging Asia can sell Space Imaging's IKONOS satellite imagery products and services exclusively in Korea and non-exclusively in the northern Asia region. Space Imaging Asia currently sells U.S. Landsat 5 and Indian Remote Sensing satellite imagery products in those regions.

"Our partnership with Space Imaging will ensure that we as a company, and northeast Asia including Korea, will be competitive in a global economy that is increasingly being fueled by information," said Dong Jin Kim, president and chief executive officer, Hyundai Space and Aircraft Company, Ltd. "Space Imaging Asia is proud to be a provider of a new generation of digital Earth information that will literally change the way people see and work in their world."

"We are very pleased with the recent creation of Space Imaging Asia," said John Copple, Space Imaging's chief executive officer. "Mr. Kim and his colleagues share our vision for the enormous potential this industry holds for the region. The team of Hyundai and Space Imaging will make a strong partnership in the growing information market."

"We see this as an important opportunity to take a leading position in the digital geographic and imagery information market," added Kim. "This is one of the fastest-growing markets today and an important strategic one for us. Space Imaging Asia is committed to help capture this market."

Satellite images at varying levels of detail, available from Space Imaging Asia, have unlimited utility in a number of markets including mapping, infrastructure planning, agricultural monitoring, forestry inventorying, natural disaster assessment, environmental monitoring, national security, and transportation planning.

Hyundai Business Group is comprised of diversified business sectors: automobiles, ship building, engineering and construction, heavy industries and aerospace, as well as cutting-edge industries such as electronics, telecommunications, and information and technology. Hyundai Business Group's revenue in 1998 was about 70 billion dollars.

Space Imaging is a leading supplier of space imagery, aerial photography, mapping services, and derivative geographic information products and services. The company launched the world's first-ever one-meter resolution, commercial imaging satellite, IKONOS, on September 24, 1999. Space Imaging also collects and distributes Earth imagery from the Indian Remote Sensing satellites, the U.S. Landsat, Canada's RADARSAT and the European Space Agency's ERS satellites.