|
Astronauts
at Work in SPACEHAB Module Conducting Vienna, VA, May 22, 1996 — Two and a half hours after the Space Shuttle launched on time from the NASA Kennedy Space Center, Astronauts Andy Thomas and Marc Garneau opened the hatch leading to the SPACEHAB Module and activated the dozen commercial product experiments housed inside. SPACEHAB, Inc. (NASDAQ: SPAB) is the first company to commercially develop, own and operate habitable space modules. The SPACEHAB Module is carrying commercially-oriented experiments which, according to NASA, are designed to use the unique attributes of the space environment to enable industry's creation of new and improved products and services. Most of the experiments are focused in the fields of biotechnology, electronic materials, polymers and agriculture. Two additional experiments are sponsored by NASA's research divisions. The Company recognizes revenue when a Space Shuttle mission carrying a SPACEHAB Module is completed. SPACEHAB's revenue for the third quarter will include the recognition of revenue from the current mission when it is completed, as well as from the recently completed mission in March. The current mission, known as STS-77, is the fourth dedicated science mission on which SPACEHAB Modules have been used since 1993. The March 1996 mission carried a SPACEHAB Module filled with vital supplies to deliver to the Russian Space Station Mir. SPACEHAB leases its Modules to NASA for use onboard the Space Shuttle system for commercial and scientific microgravity research and for logistics resupply services to the Russian Space Station Mir. A SPACEHAB Single Module quadruples the available space for experiments onboard a Space Shuttle. The Company has invested nearly $150 million in constructing its Module fleet, providing a cost effective service to its customers because the Company maintains ownership of its assets (the SPACEHAB Modules). The Company leases its Modules to NASA and other customers who then do not have to fund significant research and development efforts for hardware design. Currently, SPACEHAB operates two Single Modules and a Double Module out of its Cape Canaveral, Florida payload processing facility. SPACEHAB's new Double Module is scheduled on three upcoming Space Shuttle missions: STS-79 in August 1996, STS-81 in December 1996, and STS-84 in May 1997. For more information: |