ORBIMAGE Inc. (formerly Orbital
Imaging Corporation) announced today that it officially emerged from
bankruptcy protection effective December 31, 2003. As previously announced,
ORBIMAGE’s final plan of reorganization was confirmed on October 24, 2003 by
the United States Bankruptcy Court for the Eastern District of Virginia. The
company also officially changed its name to ORBIMAGE Inc.

“Our emergence from bankruptcy protection marks the final milestone in the
new beginning for ORBIMAGE. Not only do we have a much stronger balance
sheet, we also have a new satellite that’s performing exceptionally well, over
$250 million in sales backlog, an exceptional team of experienced
professionals, and solid business partnerships,” said Matt O’Connell,
ORBIMAGE’s Chief Executive Officer. “In addition to ORBIMAGE’s bright future,
I am also confident in the growth trend of the commercial remote sensing
industry overall.”

As part of the final reorganization, on December 31, 2003 all existing
notes and shares of capital stock of Orbital Imaging Corporation were
cancelled. Holders of the Company’s old notes and the Company’s other general
unsecured creditors received $50 million in new Senior Subordinated Notes due
2008 and 6 million shares of common stock, representing approximately 99% of
the outstanding capital stock of ORBIMAGE Inc. Holders of certain debt
obligations incurred during the Company’s bankruptcy received approximately
$19 million in new Senior Notes due 2008. Additionally, holders of the
Company’s Series A Preferred Stock received warrants to purchase up to
approximately 319,000 shares of common stock of ORBIMAGE Inc.


ORBIMAGE is a leading global provider of Earth imagery products and
services, with a constellation of digital remote sensing satellites and a
worldwide integrated image receiving, processing and distribution network.
The company currently operates the new OrbView-3 high-resolution satellite
launched on June 26, 2003 which offers one-meter panchromatic (black and
white) and four-meter multispectral (color) digital imagery on a global basis
and the OrbView-2 ocean and land multispectral imaging satellite that was
launched in 1997.

For more information about ORBIMAGE, please visit our web site at