Organizational Changes Align Company With Expanding Space Exploration Vision
Houston, Texas, March 7, 2005 – SPACEHAB, Incorporated (NASDAQ/NMS: SPAB), a leading provider of commercial space services, announced today that Michael E. Bain will assume the position of Chief Operating Officer for the Company effective April 1, 2005. This promotion and associated management changes better align SPACEHAB with NASA’s structure and support the Company’s growing commercial space access vision.
Bain, who joined the Company in March 1996, will be responsible for managing overall corporate operations, specifically for SPACEHAB Flight Services, SPACEHAB Government Services, and Space Commerce Development. He will help guide the Company in its new pursuits, defining and implementing strategies to improve revenue and profitability.
“As a forward thinking company focused on high value solutions for commercial access to space, it is critical that we remain on the forefront of innovation while remaining a leading force in helping people work and live in space,” said Michael E. Kearney, SPACEHAB President and Chief Executive Officer. “Mike’s vision and operational acumen are key to evolving our proven capabilities in support of International Space Station logistics, space exploration resupply, and support of commercial human space travel initiatives.”
Additional changes to the Company’s management team are also being implemented. After ten years of dedicated service to SPACEHAB, Dan A. Bland has decided that it is time to spend more time with his family and will be retiring his position as Senior Vice President, SPACEHAB Flight Services. “Dan’s long and distinguished career at NASA, as well as his valuable contribution in developing our module and carrier business and in establishing our many international customer relationships, differentiates him as the single most important influence on our shuttle program success,” stated Kearney. Dan will remain available to consult with SPACEHAB on new programs that support the Company’s strategy.
Taking over the reins of SPACEHAB Flight Services will be E. Michael Chewning. Chewning will manage this key business unit along with its various NASA and commercial contracts. He will continue to pursue new space shuttle and International Space Station missions to more fully utilize and take advantage of SPACEHAB’s unique modules and carriers.
Kearney added, “SPACEHAB employs some of the best and brightest minds in the industry. As a result, we have the flexibility to make decisions quickly and are able to respond to ever-changing market conditions. With this leadership organization, we are now ready to meet new space exploration challenges head on. Together we will secure SPACEHAB’s destiny as a leader in space commerce.”
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.
