SPACEHAB’s daily management meeting on June 17th did not follow its standard agenda. Instead the atmosphere became charged when SPACEHAB President and Chief Executive Officer, Michael E. Kearney, walked into the room with his marked-up copy of the President’s Commission report and stated, “I believe we are on the cusp of something great.” With all eyes on him, Kearney continued, “And each of us, not only as stakeholders in this industry, but as a people of this fortunate generation, will participate.”
As SPACEHAB (NASDAQ/NMS:SPAB), a leading provider of commercial space services, prepares to commemorate its twentieth anniversary, the Company also celebrates the building momentum generated from the new space exploration vision and the insightful report issued by the President’s Commission entitled A Journey to Inspire, Innovate, and Discover.
Kearney explained “The Commission’s report established clear guidelines for realistic implementation of the new space vision, including a recommendation to ‘recognize and implement a far larger presence of private industry in space operations with the specific goal of allowing private industry to assume the primary role of providing services to NASA, and most immediately in accessing low-Earth orbit.’ ”
This assertion is central to SPACEHAB’s charter, as the Company has been forging the development of a space commerce market, successfully establishing a niche comprised of renowned experts, one-of-a-kind hardware, and proven processes. Currently there are several companies, along with SPACEHAB, offering varied privately-developed space access services at an affordable commercial fixed price. “Each of us has different capabilities, but what we share is the ability to support various low-Earth orbit requirements, and do it at a market price,” shared Kearney with his team. “Now, backed by the report’s affirmation, NASA can take advantage of this market to help fulfill the Moon, Mars, and Beyond mission.”
The Commission’s report identified seventeen enabling technologies, defined as significant studies, technical work, innovation, and achievement in certain defined technical research areas. Today, SPACEHAB has the proven capability to both lead and/or support several of these critical technologies including those associated with robust, affordable access of cargo, particularly to low-Earth orbit; closed loop life support systems; automated rendezvous and docking; and launch site infrastructure and range for the crew exploration vehicle.
“I am encouraged by the many parallels between the Commission’s report and our Company’s business model. Our innovative solutions; commercial offerings; and strong international partnerships, which were also advocated in the report; position SPACEHAB to be a key player in the many initiatives that will evolve from this developing endeavor,” concluded Kearney.
As the staff meeting adjourned, one attendee noted, “It’s clear that what the Commission has laid out poses challenges and opportunities for NASA and the aerospace community. There’s a long road before us…but I’m excited about where it’s headed.”
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” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. In addition to those risks and uncertainties discussed herein, such risks and uncertainties include, but are not limited to, whether the Company will fully realize the economic benefits under its U.S. National Aeronautics and Space Administration (“NASA”) and other customer contracts, whether NASA and other customers will continue to utilize the Company’s habitat modules and related commercial space assets, whether plans to complete the International Space Station (“ISS”) are fulfilled, continued availability and use of the U.S. Space Shuttle system, technological difficulties, product demand and market acceptance risks, the effect of economic conditions, uncertainty in government funding, the impact of competition, delays and uncertainties in future space shuttle and ISS programs, resolution of the Company’s indemnification claim with NASA arising from the loss of the Columbia orbiter and its crew during the STS-107 mission, and other risks described in reports filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements.
