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Report: future Space Imaging funding uncertain
Posted: Mon, Nov 11, 2002, 8:16 AM ET (1316 GMT)
Ikonos spacceraft illustration (Space Imaging) Lockheed Martin, a major owner of commercial remote sensing company Space Imaging, said in an SEC filing Friday that it is uncertain whether Space Imaging will be able to raise needed additional funding. In a quarterly 10-Q statement submitted to the SEC on Friday, Lockheed Martin, owner of 46% of Space Imaging, concluded that the satellite imaging company required additional funding in order to both continue its current business and fund replacement spacecraft. "In light of current market conditions, it is uncertain as to whether Space Imaging will be successful in attracting the necessary additional funding," the filing stated. The filing also noted that Space Imaging will likely need "long-term commitments and funding" from the US government for satellite imagery; no such arrangements current exist. Lockheed Martin previously agreed to guarantee $150 million in loans for Space Imaging, of which $140 million has already been committed.
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