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LM Team Completes GPS III System Design Review on Schedule

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(King of Prussia, Pa., April 5, 2007) -- Lockheed Martin [NYSE: LMT] announced today that it has successfully completed on-schedule a system design review of the U.S. Air Force's next generation Global Positioning System Space Segment program, known as GPS Block III.

More than 100 representatives from the Defense Department, including members of the U.S. Air Force Space and Missile Systems Center, Space Command and Strategic Command, as well as the Department of Transportation and Federal Aviation Administration, recently attended a five-day system design review (SDR) at Lockheed Martin in Valley Forge, Pa.

The review, which represented a significant interim milestone under a $49 million contract awarded in Nov. 2006, validated the detailed design of the GPS Block III system to ensure it meets military and civil user requirements. The Air Force is expected to award a multi-billion dollar development contract to a single contractor team in late 2007.

"The team executed on schedule an outstanding design review, demonstrating our technological, systems engineering and integration strengths for achieving mission success on this critical initiative," said Joanne Maguire, executive vice president of Lockheed Martin Space Systems. "We are extremely pleased with the government participation and the successful outcome of this important review and stand ready to proceed with the next development phase of the GPS III program."

Source : Lockheed Martin


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