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SPACEHAB and NASA Cooperating on Space Act Agreement for Use of Space Station to Process Microgravity Products

Posted on: Tuesday, 15 January 2008, 12:00 CST

SPACEHAB Incorporated, (NASDAQ:SPAB), a provider of commercial space services, today announced receipt of a letter from the National Aeronautics and Space Administration (NASA) seeking to enter into discussions with the Company regarding development and cooperation for usage of the International Space Station (ISS), a designated U.S. National Laboratory, for research, development, and industrial processing purposes.

NASA expects to follow the announcement with the issuance of a formal unfunded Space Act Agreement with SPACEHAB establishing terms of the relationship and specific ISS utilization guidelines.

In early 2007, SPACEHAB announced plans to develop and manufacture high-value products in the microgravity environment of space. With this business direction steadily evolving, SPACEHAB responded to NASA's September 28, 2007 Announcement of Opportunity seeking non-government entities interested in utilizing the ISS for research, development and industrial processing purposes. The agreement will establish the framework, including available resources, usage guidelines, and potential flight opportunities with which the Company can continue implementing its new direction through its recently formed SPACEHAB Microgravity Sciences, Inc. subsidiary.

"SPACEHAB has been working with NASA for over a year to put the necessary agreements in place that would pave the way for commercial utilization of the ISS," explained SPACEHAB, Inc. Chief Executive Officer, Thomas B. Pickens, III. "When plans for a permanent manned space station were first announced by President Ronald Reagan in his 1984 State of the Union speech, the vision was to provide a laboratory that would aid in the discovery of products that would enhance and save lives on Earth."

"Now that NASA is completing this magnificent human achievement, certain procedures and policies must be put into place to transition from the construction phase to the operational phase that was envisioned for the ISS Program. SPACEHAB is proud to have been selected to be a part of this epoch event leading to significant opportunities for SPACEHAB and other commercial companies that will fulfill the national vision for this unique and valuable resource," said Pickens.

About SPACEHAB, Incorporated

SPACEHAB is a commercial 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.

Source: Business Wire

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