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Vienna, VA, November 5, 1996 — SPACEHAB, Inc. received the 1996 Vision to Reality Award during ceremonies of the Fifth Annual Space Frontier Conference in Hollywood, California October 19, 1996. SPACEHAB was selected to receive the award based on several criteria, according to Charles Miller, Vice President of the Space Frontier Foundation, an organization dedicated to opening the Space Frontier to human exploration and settlement. "SPACEHAB was nominated and selected based on the successful development of the Company's vision of the SPACEHAB Module into an existing commercial product, a product that has proven successful enough to allow the company to be publicly traded. We consider this to be a big breakthrough in the commercialization of space." Mr. Miller went on to say, "Many people just do a lot of talking about what they want to do and never get anywhere. SPACEHAB is the exception." SPACEHAB (NASDAQ: SPAB) was formed in 1984 in response to the need for increased living and working space in the middeck section of the Space Shuttle. The SPACEHAB Modules were designed to ride in the payload bay of the Shuttle and are connected to the middeck by a short tunnel. In 1994, the Company began development of a new Double Module to accommodate the growing requirements of the joint venture between NASA and the Russian Space Agency to offer logistics resupply services to the Mir in preparation for the International Space Station. NASA awarded the Company the Mir contract in July 1995 and the first SPACEHAB Double Module was launched on STS-79 in September 1996. Upon receiving the Vision to Reality award, Chet Lee, President of SPACEHAB commented, "The Company would not have been able to complete six successful missions to date without three important ingredients: a strong, clear vision, the right people with the will and desire to make that vision a reality, and the financing to make it possible." The Company is currently completing preparations for its second SPACEHAB Double Module mission to be carried on STS-81 scheduled for launch on January 12, 1997. SPACEHAB is the first company to commercially develop, own and operate habitable modules that provide space-based laboratory research facilities and logistics resupply services aboard the U.S. Space Shuttle system, supporting people living and working in space. |