Full Press Release Details
SPACEHAB FINALIZES AGREEMENT WITH NASA FOR USE OF THE
INTERNATIONAL SPACE STATION AS A NATIONAL LABORATORY
HOUSTON (May 30, 2008) SPACEHAB, Inc.
(NASDAQ: SPAB) today announced that the company has finalized a Space Act
Agreement with the National Aeronautics and Space Administration (NASA) for use
of the International Space Station (ISS), a designated U.S. National
Laboratory, for research, development and industrial processing purposes. This
agreement marks the beginning of SPACEHAB s new subsidiary BioSpace
Technologies, Inc. as one of the first commercial entities to have access
to the International Space Station s national laboratory and can now process
valuable products in space to be commercialized on earth.
company has been pursuing an agreement with NASA to develop and produce a
multitude of products utilizing a microgravity environment since NASA s
Announcement of Opportunity in late 2007. This finalized agreement specifies
that NASA will provide SPACEHAB with flight opportunities on the space shuttle
for the remaining assembly phase of the ISS, as well as appropriate on-orbit
ISS resources during both the pre- and post-assembly phases. In return,
SPACEHAB will provide NASA with ISS Operational Reports and Finding Reports on
the research and development conducted under this agreement.
The finalization of this agreement unlocks an entirely
new market for us, said Thomas Pickens III, chairman and chief executive
officer of SPACEHAB, Inc. The ability to utilize the unique microgravity
environment for industrial processing purposes is expected to revolutionize a
myriad of industries. We believe the utilization of the ISS as a national lab
will have a significant social and economic impact and shows great promise of
saving lives and providing thousands of new jobs in the coming years.
About SPACEHAB, Inc.
is a commercial and entrepreneurial force in the space industry providing a
full spectrum of products and services to both the government and private
sectors. The company offers space access and payload integration services,
production of valuable commercial products in space, spacecraft pre-launch
processing facilities and services, development and extension of space-based
products to the consumer market, and program and engineering support ranging
from development and manufacturing of flight hardware to large scale government
The statements in this document may contain
forward-looking statements that are made pursuant to the Safe Harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that could cause
actual results to be materially different from the forward-looking statement.
These factors include, but are not limited to, continued government support and
funding for key space programs, product performance and market acceptance of
products and services, as well as other risk factors and business
considerations described in the company s Securities & Exchange
Commission filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in light of
these important risk factors. The Company assumes no obligation to update these
forward-looking statements.
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