El Pomar Foundation, GE Johnson Construction Co. are major backers

Colorado Springs, Colo. (May 10, 2002) – Well-known nationally and internationally as the leading non-profit organization supporting the exploration, development and use of space and space education, the Space Foundation today solidified its commitment to Colorado Springs by announcing the acquisition of a permanent corporate headquarters facility here.

With the support of El Pomar Foundation, GE Johnson Construction Co., and other backers, the Space Foundation will acquire the property and buildings at 310 South 14th Street. Those facilities have long served as corporate headquarters for GE Johnson, one of Colorado’s largest construction companies. The transaction is scheduled to be complete later this month.

“The Space Foundation is proud of the role we play in Colorado Springs and excited to establish our permanent corporate headquarters here,” said president and chief executive officer Elliot G. Pulham. “We owe a huge debt of gratitude to El Pomar and GE Johnson for helping us realize our vision of a visible permanent presence that adds value for our community.”

El Pomar awarded the Space Foundation a significant grant toward the purchase of the property, and GE Johnson donated a significant portion of the value of the property. Terms of the transaction were not released.

“The Space Foundation has been an important asset in the Colorado Springs community since its inception in 1983,” said William J. Hybl, chairman and CEO of El Pomar Foundation. “With the potential for Colorado Springs to play an increased role in the space industry, the location of the Space Foundation in Colorado Springs is even more vital. El Pomar is pleased to have played a role in securing the Space Foundation’s future in Colorado Springs.”

The new Space Foundation headquarters will open for business June 3. In addition to general offices, it will feature an expanded NASA Educator Resource Center serving teachers throughout the state of Colorado. It will also be the new home of the Space Technology Hall of Fame, another NASA program.

“The city of Colorado Springs is fortunate to have such a high- caliber organization as the Space Foundation to call the city its home. This organization supports not only the local space community, but also acts as a worldwide resource for the industry,” said Jim Johnson, president and chief executive officer of GE Johnson Construction Co. “Like the Space Foundation, GE Johnson shares a passion in striving for excellence not only in its industry, but also in support of the local community. GE Johnson is proud to be able to support the endeavors of the Space Foundation and help to maintain a well-rounded industry base in Colorado Springs.”

The Space Foundation has operated from various leased facilities in the Colorado Springs area since it was established in 1983. Originally chartered in Washington, D.C., the Foundation reorganized as a Colorado not-for-profit corporation on May 2, 2000.

The organization is well-known locally for conducting the National Space Symposium, known as the space industry’s most important annual event. This year’s symposium attracted nearly 4,000 space professionals to Colorado Springs. The Foundation also conducts education programs around the country and organizes the International Space Symposium – which will be held later this year in Toulouse, France. Active in space policy matters in Washington, D.C., the Space Foundation is a member of the U.S. delegation to the United Nations Committee on the Peaceful Uses of Outer Space.

The establishment of Space Foundation corporate headquarters will also benefit the local non-profit community. As part of its relocation, the Space Foundation is donating office furniture and equipment to the Challenger Center for Space Science Education of Colorado Springs, which is now under construction at Challenger Middle School. The Space Foundation will also make available meeting and conference facilities to other area non-profit organizations.

For more information on the Space Foundation, visit { HYPERLINK http://www.spacefoundation.org or call 719-576-8000.

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Building photo available by request.

The following community leaders have agreed to share their observations on the significance of this announcement:

* Rocky Scott, President, Economic Development Corporation, (719) 471-8183

* Will Temby, President, Chamber of Commerce, (719) 635-1551

* Bob Golightly, Chancellor, Colorado Technical University, (719) 598-0200

* Terry Sullivan, President, Colorado Springs Visitors & Convention Bureau, (719) 635-7506, ext. 133