Spacehab, Incorporated (MM) (NASDAQ:SPABD)
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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.