SPACEHAB Realigns Corporation
11 12월 2007 - 1:59AM
Business Wire
SPACEHAB, Incorporated (NASDAQ:SPABD), a leading provider of
commercial space services, today announced an initiative to align
the corporate structure and personnel toward its strategic
direction of winning the NASA Commercial Orbital Transportation
Services (COTS) funded Space Act Agreement, due to be awarded
February 2008, and to process and manufacture products in
microgravity on the International Space Station (ISS). �We have
determined that the ability to provide cost effective, reliable
cargo services to space is critical to the overall success of the
ISS National Laboratory and to SPACEHAB�s microgravity processing
business plan,� said SPACEHAB Chief Executive Officer, Thomas B.
Pickens III. �The COTS program represents a big step in the
development of a viable business that will ultimately attract both
capital and customers.� Leveraging the Company�s 23-year heritage
of supporting NASA�s space cargo needs, SPACEHAB is realigning its
current business structure to better serve NASA�s future logistics
needs. �We believe SPACEHAB is the most credible company that can
deliver payloads to the ISS by 2010 as is called for under NASA�s
COTS requirements,� continued Pickens. �In response to our
commitment, we determined that the Company needed to reposition its
personnel and business units to be focused on our COTS business
plan including developing the Advanced Research and Conventional
Technology Utilization Spacecraft (ARCTUS) and processing
microgravity products on the ISS,� he added. SPACEHAB formed the
following four new subsidiaries to advance these initiatives:
Introducing SPACEHAB Orbital Transportation, Inc. The SPACEHAB
Orbital Transportation (SOT) business is intensely focused on the
design, manufacturing and launch of the ARCTUS vehicle. ARCTUS is
being developed primarily from off-the-shelf, proven hardware and
utilizes existing reliable launch vehicles to provide the
least-cost, least-risk solution for NASA. Additionally, with the
planned increase in crew size expanding from the current three
astronauts to a crew of six, coupled with the planned shuttle
retirement in 2010, SOT expects to be a primary revenue source for
the Company through the delivery of complex cargo and research to
the ISS. Introducing SPACEHAB Microgravity Sciences, Inc. In April
2007, the Company announced that it had completed its analysis of
the over 2,000 experiments sent to microgravity and as a result,
has selected various life science products to begin producing on
the ISS, now designated as a U.S. National Laboratory. In response
to NASA�s Announcement of Opportunity for ISS utilization issued in
August 2007, SPACEHAB responded with an achievable proposal and
awaits the Agency�s response, expected in early 2008. In parallel
to this initiative, SPACEHAB created a new subsidiary, SPACEHAB
Microgravity Sciences (SMS), to focus on the processing of
microgravity products. SMS flew its first commercial microgravity
processing samples on space shuttle flight STS-116 where they were
transferred to the ISS for processing. The finished products were
returned to Earth on the STS-118 mission in November and early
analysis has determined a successful mission. Based on existing and
newly-established relationships with the pharmaceutical and
academia sectors, results from these and other microgravity
products are expected to form the foundation of this new
revenue-generating business. Introducing SPACETECH, Inc. With the
formation of SPACETECH, the Company has designed a technology
transfer, product development, and sales-focused business approach
to transform space-based technologies and products into commercial
applications, useful products, intellectual property (IP), and
possible spin-off businesses. The Company has established a
development and sales process expressly for the commercialization
of microgravity products and products using space-related IP.
Introducing SPACEHAB Engineering Services SPACEHAB Engineering
Services (SES) is a business hybrid of the former SPACEHAB
Government Services and SPACEHAB Flight Services and is continuing
to operate in support of current government and commercial
customers providing specialized design, development and fabrication
of flight hardware, ground systems, and mockups, as well as large
scale program data management. Additionally, Astrotech Space
Operations continues profitable operations at its Florida and
California facilities processing both government and commercial
satellites before launch. The Astrotech business is also currently
expanding its menu of services to support the COTS integration,
ground communication and launch support requirements. With these
business realignments, significant efficiencies have been achieved
resulting in staff reductions of 21 positions and major reductions
in corporate general and administrative expenses estimating an
annual cost savings of $2.5 million, while costing approximately
$81,000 to implement. �We believe the realignment and efficiency
measures announced today will enable SPACEHAB to make significant
strides in our newly identified business divisions,� said Pickens.
�Through providing these entrepreneurially-unique capabilities to
both an established customer base and new client sectors, SPACEHAB
is committed to leading our customers, employees and shareholders
in a clear and profitable direction,� he said. 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.
Spacehab, Incorporated (MM) (NASDAQ:SPABD)
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