SPACEHAB Inc., (NASDAQ:SPABD), a leading provider of commercial space services, today announced that it has entered into an exclusive Licensing Agreement with Praemittias Group, Inc., an Englewood, Colorado-based U.S. defense contractor, to market and sell SPACEHAB’s Miniature Mass Spectrometer (MMS) technology to the United States Department of Defense (DoD). The first system applications target the detection, identification, and analysis of potentially dangerous explosives and other harmful materials and precursors.
Under the terms of the license, Praemittias Group, Inc. agrees to produce sales of $10 million in 2008, $50 million in 2009 and $100 million in 2010 to maintain exclusivity for sales in the DoD market.
“The Mini Mass Spectrometer is the first product we expect to bring to market through our newly formed SPACETECH company,” said SPACEHAB, Inc. Chief Executive Officer, Thomas B. Pickens, III. SPACETECH, a SPACEHAB wholly owned subsidiary, is a technology incubator the Company will leverage and extend the relevant capabilities necessary to develop and bring new systems, products and services to market. The purpose of SPACETECH is to cultivate technology developed for and from space into commercial applications and possible spin-off businesses. “In addition to advancing our own intellectual property and capabilities, we have established a process for mining through NASA technology and patents and harvesting those which we deem to have great commercial viability,” said Pickens. “Praemittias is a highly regarded firm in its field in both the government and commercial sector. We believe their market expertise provides the ideal delivery method for SPACEHAB’s MMS technology to the U.S. Department of Defense,” concluded Pickens.
About SPACEHAB, Incorporated
SPACEHAB is a commercial leader and entrepreneurial force in the space industry providing a full spectrum of products and services to both the government and private sectors. The Company offers space access and payload integration services, production of valuable commercial products in space, spacecraft pre-launch processing facilities and services, development and extension of space-based products to the consumer market, and program and engineering support ranging from development and manufacturing of flight hardware to large scale government project management. About Praemittias Group, Inc.
Praemittias Group is a systems integrator and advisor to the U.S. Government and industry supporting the national security interests of the United States and its allies. Veteran owned and operated, Praemittias specializes in evaluating, integrating, and marketing innovative technology solutions. 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.
