DULLES, Va., July 31 /PRNewswire/ -- Orbital Sciences Corporation (NYSE: ORB) announced today that its MacDonald, Dettwiler and Associates Ltd. subsidiary (Toronto: MDA) has formed a joint venture with LandAmerica Financial Group (NYSE: LFG) to provide real estate lenders with online access to up-to-date property information. The joint venture will offer a service known as "RapidTract" in order to accelerate the approval process for mortgages and loans. Initially, the RapidTract service will make property information in selected Florida counties available online by the end of August. The service will continue to be enhanced throughout the rest of 2000 to include most of Florida by year-end. In addition, RapidTract service will be expanded to include the 25 largest counties in California in early 2001. After its introduction in Florida and California, the joint venture plans to offer RapidTract service in other metropolitan areas of the U.S. later in 2001 and in 2002.
The formation of the joint venture, called LandMDA, is another major step in Orbital's campaign to establish the company, through its MDA subsidiary, as the world's premier provider of up-to-date land information that is delivered online to real estate-, financial- and legal-sector customers. Traditionally, the search for property-related information in the U.S. and around the world has been a largely manual process that takes days or even weeks to complete. By leveraging MDA's expertise in electronic data storage and delivery systems, Orbital is significantly shortening the search process by making this essential information available online, resulting in time and cost savings for its customers.
In May, the company announced that MDA had acquired DataQuick, Inc., an online land information database of property and asset valuation information covering over 800 counties in 46 U.S. states. DataQuick's customers already include many of North America's top primary and secondary mortgage lenders, title and property insurance companies, land appraisers and real estate professionals. In addition, Orbital announced earlier this month MDA's first major expansion outside North America with its selection by the British Government to supply online land information for all of England and Wales.
MDA is an information technology company that provides essential information for decision making in the work place. The company operates its business through two principal groups: the Information Products Group and the Information Systems Group. MDA's Information Products Group delivers essential land information products and services in three main categories: legal, asset and geographic. A subsidiary of Orbital based in Vancouver, Canada, MDA employs 1,700 people around the world through a network of offices, subsidiaries and distributors.
About LandAmerica Financial Group:
LandAmerica Financial Group, Inc. represents one of the largest families of title insurance underwriters in the country. It is a premier provider of title insurance and a broad range of real estate-related services. Through its subsidiaries Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation and Transnation Title Insurance Company, LandAmerica serves residential and commercial customers through more than 600 offices throughout the U.S., Canada, Mexico, the Caribbean and South America. LandAmerica is based in Richmond, Virginia.
Orbital is one of the largest space technology and satellite services companies in the world, with 1999 total enterprise revenues (including revenues from unconsolidated affiliates) of approximately $915 million. The company, headquartered in Dulles, Virginia, employs about 5,500 people at major facilities in the U.S., Canada and several overseas locations.
Orbital is the world's leading manufacturer of low-cost space systems, including satellites and space robotics, launch vehicles, electronics and sensors, satellite ground systems and related digital infrastructure. Its Magellan subsidiary is a pioneer in satellite-based navigation and communications products for consumer and industrial markets. Through its ORBCOMM and ORBIMAGE affiliates and ORBNAV subsidiary, Orbital is also a major operator of satellite-based networks that provide data communications, high- resolution imagery and automotive information services to customers around the world.
To learn more about Orbital and its MDA subsidiary, please visit the web sites at http://www.orbital.com and http://www.mda.ca SOURCE Orbital Sciences Corporation
CONTACT: Media: Barron Beneski, 703-406-5528, or Beneski.email@example.com, or Investors: Tim Perrott, 703-406-5997, or Perrott.firstname.lastname@example.org, both of Orbital Sciences Corporation/