KIRKLAND, WA, September 30, 2005-Kistler Aerospace Corporation announced today that it is reducing its staffing level as a result of a decision by its investor, Bay Harbour Management LLC, to reduce funding for the company. Bay Harbour has announced that it is reducing Kistler’s funding until NASA clarifies its plans and schedules for using commercial space assets to support the International Space Station (ISS).
“Kistler is very disappointed with this recent development. At the same time, we accept Bay Harbour’s decision as reality of the commercial environment,” said Randy Brinkley, Chief Executive Officer. “We will continue doing everything we can to pursue a variety of investment options.”
In the meantime, the company will maintain its assets, including its partially completed K-1 reusable launch vehicle and associated intellectual property, and continue to seek other opportunities to develop the K-1 Program. Bay Harbour will fund Kistler at the reduced level pending further developments in the market.
Dr. George E. Mueller, Chairman and Chief Vehicle Architect, said, “The K-1 reusable aerospace vehicle represents the best solution in the market to meet current space transportation requirements, particularly for ISS resupply. We are hopeful that market conditions change quickly so that the K-1 vehicle becomes a reality.”
