FOR IMMEDIATE RELEASE
SPACEHAB RECEIVES $1.0 MILLION CONTRACT OPTION FROM
NASA
Company Continues to Support New Vision for Space Exploration
Houston, Texas, March 14, 2005 – SPACEHAB, Incorporated (NASDAQ/NMS: SPAB), a leading provider of commercial space services, announced today that NASA has exercised the Company's six-month option, valued at approximately $1.0 million, for the phase two extension of the Concept Exploration and Refinement contract.
"We are pleased to continue this exciting work with NASA," said Michael E. Kearney, SPACEHAB President and Chief Executive Officer. "We believe that NASA understands the importance of commercial involvement in the Nation's Vision for Space Exploration, and SPACEHAB is committed to providing the highest level of innovation and quality to the program."
In September 2004 SPACEHAB was selected as one of just a handful of companies awarded Concept Exploration and Refinement contracts. This contract gave SPACEHAB the opportunity to identify systems and an architecture that support human lunar exploration, while being extensible to Mars missions and other destinations. This new option period, scheduled through August 2005, allows the Company to continue and expand upon the work completed over the previous six months.
SPACEHAB has focused on utilizing a modular approach, with commercial elements where feasible, to achieve the lunar exploration objectives and is evaluating a wide range of architecture concepts. Richard Fitts, Program Manager for SPACEHAB's study effort, stated, "It is exciting to have our relatively small company contribute significantly to helping NASA achieve their exploration goals."About SPACEHAB, Incorporated
SPACEHAB, Incorporated (www.spacehab.com) is a leading provider of commercial and government space services with three primary business units. The Flight Services business unit develops, owns, and operates habitat and laboratory modules and cargo carriers aboard NASA's Space Shuttles for Space Station resupply and research purposes. SPACEHAB's Astrotech subsidiary provides payload processing support services for both commercial and government customers at company-owned facilities in Florida and California. The Company's Government Services business unit supports NASA's Johnson Space Center providing configuration management, product engineering, and support services for both the Space Station and Space Shuttle programs. Additionally, through The Space Store, Space Media provides space merchandise to the public and space enthusiasts worldwide (www.thespacestore.com).
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.
For more information, contact:
Kimberly Campbell |