Tuesday, November 4, 2008

Lockheed Martin-Led Team Completes GPS III Integrated Baseline Review

Lockheed Martin-Led Team Completes GPS III Integrated Baseline Review

Newtown, PA, November 3rd, 2008 -- The Lockheed Martin [NYSE: LMT] team developing the next-generation Global Positioning System (GPS) spacecraft, known as GPS III, has successfully completed on-schedule an Integrated Baseline Review (IBR) with the U.S. Air Force, an important program milestone that precedes the Preliminary Design Review.

GPS III will improve position, navigation, and timing services for the warfighter and civil users worldwide and provide advanced anti-jam capabilities yielding superior system security, accuracy and reliability.

The successful IBR consisted of a comprehensive review of the entire program and established a reliable baseline in relation to the program's cost, schedule and technical requirements. In completing the IBR on schedule, the Lockheed Martin GPS III team, which includes ITT, Clifton, N.J. and General Dynamics Advanced Information Systems, Gilbert, Ariz., is on track to complete the space vehicle Preliminary Design Review in second quarter 2009.

"Working shoulder to shoulder with our customer, this in-depth review demonstrated that we have a solid technical baseline and a high confidence schedule in place to achieve mission success on this critical program," said Don DeGryse, Lockheed Martin's vice president of Navigation Systems. "Additionally, the review further strengthened our partnership with the Air Force. This strong partnership is an essential attribute to successful program execution and will ultimately lead to success on GPS III."

The team is working under a $1.4 billion Development and Production contract awarded in May 2008 by the Global Positioning Systems Wing, Space and Missile Systems Center, Los Angeles Air Force Base, Calif., to produce the first two GPS IIIA satellites, with first launch projected for 2014. The contract also includes options for up to 10 additional spacecraft.

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