SPACEHAB STATEMENT ON COTS LOSS MITIGATION STRATEGIES
Houston, TX (February 22, 2008) -
SPACEHAB Incorporated, (NASDAQ: SPAB), a provider of commercial space services, today issued a statement from SPACEHAB Chairman and Chief Executive Officer, Thomas B. Pickens, III, regarding NASA's Commercial Orbital Transportation Services (COTS) announcement on February 19, 2008.
"While we are disappointed that SPACEHAB was not selected as a winner of the COTS competition, we want to be certain to convey to our stockholders that the Company has been aggressively pursuing other valuable opportunities including growing our profitable Astrotech subsidiary, primarily through our expanded long term relationship with the U.S. Government Office of Space Launch and our announced end-to-end ALLSAT satellite service system. Also, by design, most of the costs and advanced engineering that were invested in the COTS ARCTUS Program are also being applied to advance our ALLSAT satellite system.
"Additionally, SPACEHAB is committed to commercializing the valuable discoveries that we have uncovered in previous and in-progress microgravity studies that could soon translate into tangible vaccines and drug treatments. And finally, the Company is developing various space technology spin off products including the Mini Mass Spectrometer, expected to be a robust solution for the security applications market in the detection of a variety of explosives, illegal narcotics, and biochemical contaminants.
"I continue to remain very excited about SPACEHAB's many opportunities and equally proud of the past year's significant successes - including restructuring both the balance sheet and the corporate operations - while strategically pursuing lucrative market opportunities. I see a promising future for SPACEHAB and look forward to leading this Company and our people toward the creation of value for our shareholders."
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.
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