SPACEHAB Announces Gain from Sale Leaseback Transaction; Company Establishes Long-Term Commitment to SpaceCity, USA.
HOUSTON -- SPACEHAB, Incorporated (NASDAQ/NMS:SPAB SPAB Society for the Protection of Ancient Buildings (UK)
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SPAB Society for the Preservation of Adolescent Behavior ), a leading provider of commercial space services, announced today that it has successfully completed a sale-leaseback transaction for its Houston-based headquarters building resulting in a gain of more than $1.0 million.
Making use of a provision in the original lease agreement allowing for a first right of refusal to the Company on any sale transaction, SPACEHAB opted to exercise the provision, purchasing the 9.3 acre tract for approximately $2.0 million and then selling a portion of the property for $3.25 million. The Company then entered into a 10-year lease agreement, maintaining corporate offices in its current location near NASA's Johnson Space Center. Under the terms of the deal, SPACEHAB maintained ownership of approximately three acres of land.
Commenting on the transaction, Brian K. Harrington, SPACEHAB Chief Financial Officer said, "This sale-leaseback is another positive step toward building our financial strength. We now benefit from lower overall lease expenses, a generation of additional cash, and the acquisition of an adjacent piece of property that could be used for our own business uses or for sale at a later date."
SPACEHAB's headquarters are located across the street from Ellington Field For other places with the same name, see Ellington.
Ellington Field (IATA: EFD, ICAO: KEFD, FAA LID: EFD) is an airport located 15 miles (24 km) southeast of downtown Houston, within Harris County in the U.S. state of Texas. , a joint military reserve base and home to NASA's aircraft operations, situated in the center of a prized development area. With two renowned commercial aerospace companies housed on adjoining property and within close proximity to the Johnson Space Center - NASA's leader in human space exploration initiatives - SPACEHAB hopes to see other entrepreneurial space companies join forces in the area with hopes of creating an epicenter for emerging space commerce initiatives.
"The significance of the aerospace sector as well as the mounting influence of private industry in aerospace growth is evident to the economic development of the area as well as to the space program in general," stated Jim Reinhartsen, Bay Area Houston Economic Partnership President. "We are pleased that established high-quality companies such as SPACEHAB are reaffirming their commitment to the community and furthering the development of a burgeoning commercial space market." Bay Area Houston represents the second largest concentration of aerospace companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
About SPACEHAB, Incorporated
SPACEHAB, Incorporated (www.spacehab.com) is a leading provider of commercial and government space services with three primary business units. The Flight Services business unit develops, owns, and operates habitat and laboratory modules and cargo carriers aboard NASA's Space Shuttles The term Space Shuttles refers to partly or fully reusable launch vehicles for regularly placing payloads into low earth orbit.
tr.v. re·sup·plied, re·sup·ply·ing, re·sup·plies
To provide with fresh supplies, as of weapons and ammunition.
re and research purposes. SPACEHAB's Astrotech subsidiary provides payload (1) Refers to the "actual data" in a packet or file minus all headers attached for transport and minus all descriptive meta-data. In a network packet, headers are appended to the payload for transport and then discarded at their destination. processing support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for both commercial and government customers at company-owned facilities in Florida and California. The Company's Government Services business unit supports NASA's Johnson Space Center providing configuration management, product engineering, and support services for both the Space Station and Space Shuttle space shuttle, reusable U.S. space vehicle. Developed by the National Aeronautics and Space Administration (NASA), it consists of a winged orbiter, two solid-rocket boosters, and an external tank. programs. Additionally, through The Space Store, Space Media provides space merchandise to the public and space enthusiasts worldwide (www.thespacestore.com).
The statements in this document may contain forward-looking statements that are made pursuant to the Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 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.