(By Balachander) GeoEye Inc. (NASDAQ: GEOY) announced first sale of its stereo imagery products to the Government of India and shares of the provider of geospatial information advanced in Tuesday trading.
The Herndon, Virginia-based company said the Indian Railways Ministry will use the company's stereo imagery product to support development of the country's freight railway corridor and that it received an order from the Government of India for the stereo imagery from the high resolution GeoEye-1 satellite.
"RITES, a Government of India Enterprise, made the six-figure purchase through the National Remote Sensing Centre (NRSC), GeoEye's Master Reseller for India," GeoEye said.
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According to GeoEye, stereo imagery provides three-dimensional viewing and feature recognition for a number of engineering applications, including three-dimensional feature extraction.
"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.
RITES will use this imagery for the planning, design and alignment of two high-speed transportation corridors within India.
"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," according to a senior RITES official.
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GEOY shares climbed 4.62 percent to trade at $34.24 on Tuesday. Over the past year, the stock has been trading between $12.87 and $34.49.