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News Release For Immediate Release
For more information:
Vienna, VA, July 18, 1997 — SPACEHAB, Inc., (NASDAQ: SPAB) today announced that it has negotiated $25 million in new credit agreements to develop and construct assets in anticipation of new space missions aboard the U.S. Space Shuttles and in support of the new International Space Station. The Company secured a $10 million, revolving line of credit from Signet Bank, which the Company will use for working capital purposes. SPACEHAB also obtained a five-year term loan, providing drawdowns up to $15 million from The CIT Group/Equipment Financing, Inc., for the purpose of building "critical-path assets." Such assets consist of SPACEHAB's Science Double Module already under development for higher-capacity science missions aboard the Space Shuttles and the newly designed unpressurized logistics carriers for future use with the new International Space Station. "SPACEHAB is strengthening its competitive position by investing in essential assets that will be ready as required and by providing flexible and innovative solutions for space-based activities," commented Dr. Shelley A. Harrison, SPACEHAB's Chairman and Chief Executive Officer. "Space Business News reported in its July 9 edition that, as a result of alterations in the International Space Station's assembly schedule and a planned increase in annual Shuttle launches, NASA has added three new Shuttle flights and has reallocated space on several previously planned flights for commercial and scientific space users on a revised Space Shuttle manifest. As the Space Station's assembly phase proceeds, SPACEHAB stands ready with flexible commercial solutions to efficiently assist with assembly, utilization and resupply." SPACEHAB, Inc., with its ASTROTECH telecommunication satellite-processing subsidiary, is the world's leading provider of commercial payload processing services for both unmanned and astronaut-tended payloads. SPACEHAB is the first company to commercially develop, own and operate habitable modules that provide space-based laboratory facilities and logistics resupply services aboard the U.S. Space Shuttles to support people living and working in space. This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Such risks and uncertainties include, but are not limited to, successful development and commercialization of new commercial space assets, technological difficulties, product demand, and market acceptance risks, the effect of economic conditions, uncertainty in government funding, the impact of competition, and other risks detailed in the Company's Securities and Exchange Commission filings. |