ITT Signs Agreement to Purchase Business Operations Of EchoStorm Worldwide; Deal Expands ITT’s Geospatial Intelligence Portfolio

ROCHESTER, N.Y. — (BUSINESS WIRE) — December 3, 2010 — ITT Corporation (NYSE: ITT) today has announced its agreement to purchase the business operations of EchoStorm Worldwide. The privately held EchoStorm delivers innovative video and data management technology for military, government, and commercial applications. EchoStorm, founded in 2003, provides a suite of secure, net-centric commercial products that enables users to capture, manage, and disseminate full-motion video in near real time, as well as address the common issues involved with system interoperability and bandwidth.

“Adding EchoStorm’s employees and their robust customer relationships to our business will reinforce our already strong position in the airborne intelligence, surveillance and reconnaissance market,” said Chris Young, president of ITT Geospatial Systems. “Their web-based software application for providing full-motion video over a secure, password-protected network meshes well with our imagery technology, providing ITT innovative solutions for our military customers and new opportunities in the security, healthcare and entertainment markets.”

The transaction is expected to close by early 2011 and is not expected to materially impact ITT’s sales or earnings per share for 2010 or 2011. Terms of the deal were not disclosed.

EchoStorm’s business assets will be integrated into ITT Geospatial Systems’ Night Vision & Imaging business area, where EchoStorm’s operationally proven software technology products including adLIB, Convene, FunnelCloud, MDAR and ISRIS, as well as a majority of its employees will become key additions to the Geospatial Information Solutions business segment.

About ITT Geospatial Systems

ITT Geospatial Systems, headquartered in Rochester, N.Y., is a global supplier of innovative night vision, remote sensing and navigation solutions that provide sight and situational awareness at the space, airborne, ground and soldier levels. ITT Geospatial Systems solutions range from image and data capture to processing and dissemination. Key applications include image intensification and thermal imaging; advanced power supplies; multi-spectral image systems; weather and climate monitoring; space science; intelligence, surveillance and reconnaissance; GPS-based positioning, navigation and timing systems; and image exploitation software. Using our technologies, customers can move beyond mere image acquisition to image interchange and true knowledge sharing.

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion.

Safe Harbor Statement

Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 (the “Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in government defense budgets; Decline in consumer spending; Sales and revenues mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations; Competition and industry capacity and production rates; Ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Acquisitions or divestitures; Personal injury claims; Uncertainties with respect to our estimation of asbestos liability exposure and related insurance recoveries; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


ITT Corporation
Steve Brecken, 540-525-5660
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