FOR IMMEDIATE RELEASE
SPACEHAB
RECEIVES $12.75 MILLION INCREASE ON NASA CONTRACT
Johnson Engineering Subsidiary Completes Mock-up Development Project for Japan
Houston, Texas, October 23, 2002 – SPACEHAB, Inc. (NASDAQ/NMS:
SPAB), a leading provider of commercial space services, today announced that
it has concluded negotiations with the National Aeronautics and Space Administration
(NASA) for an equitable adjustment on the STS-107 mission dedicated to microgravity
and life sciences research.
NASA had previously contracted with SPACEHAB, through the Research and Logistics Mission Support (ReALMS) contract, for the use of the Company’s new Research Double Module (RDM) on this critical research mission. Due to launch delays, NASA has awarded $12.75 million to compensate for additional services provided through January 31, 2003.
The RDM, a state-of-the-art research facility able to carry 9,000 pounds of experiments and equipment, is installed in the Columbia Space Shuttle that is undergoing repairs in preparation for the STS-107 launch currently scheduled for lift-off on January 16, 2003. The astronauts have access to the pressurized module, which flies in the Shuttle’s cargo bay, through a versatile, segmented tunnel from the Shuttle middeck.
NASA has recently concluded contract negotiations with SPACEHAB to provide sustaining engineering of all government-owned access tunnel segments and other Government-owned equipment used on SPACEHAB module missions, awarding an additional $374,000 to SPACEHAB for services through December 2003.
In other news, SPACEHAB subsidiary, Johnson Engineering, has completed development of a unique, full-scale replica of the U.S. Laboratory Module Destiny. Commissioned for the International Space Station Museum in Japan, this custom-built module is the first product outlined in a contract that could provide opportunities for Johnson Engineering to build multiple exhibit units that when combined would offer an entire Space Station tourist attraction.
Designed to exact measurements of NASA’s space research facility, currently orbiting 220 miles above the Earth, the Johnson Engineering-developed Destiny mock-up is of similar fidelity to the trainers used by the astronaut crew when preparing for space missions. Representatives from Japan are visiting company facilities this week, attending an acceptance review and dedication.
With more than $100 million in annual revenue, SPACEHAB, Inc. is a leading provider of commercial space services. The Company develops, owns, and operates habitat and laboratory modules and cargo carriers aboard NASA’s Space Shuttles. Its Johnson Engineering subsidiary provides orbiter crew compartment integration, ISS stowage and configuration management, supports astronaut training, and builds space-flight mockup trainers at NASA's Johnson Space Center in Houston. SPACEHAB’s Astrotech subsidiary provides commercial satellite processing services at facilities in California and Florida. Additionally, through The Space Store, Space Media provides space merchandise to the public and space enthusiasts worldwide (www.thespacestore.com).
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, whether the company will fully realize the economic benefits under its
NASA and other customer contracts, the timing and mix of Space Shuttle missions,
the successful development and commercialization of new space assets, technological
difficulties, product demand, timing of new contracts, launches and business,
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.
FOR MORE INFORMATION:
Kimberly Campbell
Director of Marketing
SPACEHAB, Inc.
713.558.5049
campbell@spacehab.com