SPACEHAB ANNOUNCES NEW ADDITIONS TO BOARD OF DIRECTORS

Houston, TX (January 25, 2008) - 

SPACEHAB Incorporated, (NASDAQ: SPAB), a provider of commercial space services, today announced the Company’s Board of Directors has approved the addition of General (Ret.) Lance W. Lord, R. Scott Nieboer, John A. Oliva, and William F. Readdy to SPACEHAB’s Board of Directors.

 

General (Ret.) Lance W. Lord


General (Ret.) Lance Lord served as Commander of Air Force Space Command at the Peterson Air Force Base in Colorado where he oversaw a global network of satellite command and control, communications, missile warning and launch facilities, and ensured the combat readiness of America’s intercontinental ballistic missile force. The recipient of several prestigious military decorations throughout his career – including the Distinguished Service Medal, Legion of Merit, and the Defense Meritorious Service Medal – General Lord entered the Air Force in 1969 and retired in 2006.

 

R. Scott Nieboer


R. Scott Nieboer is a Manager of Trace Management, LLC which directs Trace Partners, LP, an investment partnership, and Chief Manager of Curtiswood Capital, a wholly owned subsidiary of Trace Partners, LP. A Broker-Dealer registered with the Financial Industry Regulatory Authority (FINRA) (NASD), Nieboer also serves as Chief Executive Officer of a startup company, 5th Market, Inc. which specializes in electronic complex trading systems for institutional investors.

 

John A. Oliva


John A. Oliva has 26 years of experience in the private equity, investment banking, capital markets, branch management, and asset management sectors. He is the Managing Principal of Capital City Advisors Inc. (CCA), a NASD/FINRA registered broker/dealer and independent investment banking and advisory firm. Since 2002, CCA has provided financial advisory services, including mergers and acquisitions and raising expansion capital to select mid-tier companies. Mr. Oliva, who holds eight NASD/FINRA licenses including the Managing Principal and Financial Principal licenses, also co-manages the Indo-American Growth Fund.

 

William F. Readdy


William F. Readdy dedicated more than 30 years of service to the United States as a military officer, pilot astronaut, and civil service executive. A decorated naval aviator, Readdy joined NASA in 1986 and was tapped for the astronaut corps just one year later. Throughout his astronaut career, Readdy logged more than 672 hours in space on three shuttle missions serving as commander on his third flight, STS-79. In 2001, Readdy was appointed as NASA’s associate administrator for space operations where he led a $6 billion-a-year enterprise comprising five major programs, four field installations, and more than 40,000 civil servant and contractor employees. Among many awards of distinction Readdy earned throughout both his military and NASA careers, he was honored as a Meritorious Rank Executive by President George W. Bush and awarded NASA’s highest honor, the Distinguished Service Medal twice.

 

The Board determined that John A. Oliva qualifies as an independent director and financial expert and was appointed Chairman of the audit committee. He joins Barry Williamson and Mark Adams on the committee.

 

“SPACEHAB is both delighted and honored with the addition of this distinguished group of outstanding leaders in their respective fields,” said SPACEHAB, Inc. Chief Executive Officer, Thomas B. Pickens, III. “Their collective experience is as successful as it is diverse, qualities from which SPACEHAB and its shareholders will most certainly benefit in the near and long term future. With our new board members the Company is ideally positioned to move into our identified markets of opportunity with clear direction,” said 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.

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.

 

For more information, contact:

Eva-Marie deCardenas
Corporate Marketing and Communications
SPACEHAB, Inc.
713.558.5071
edecardenas@spacehab.com