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Wed, Sep 08, 2004

Swedish Space Corporation Invests In Orbital Recovery

Will Help Finance ConeXpress OLEV

The Swedish Space Corporation is in advanced negotiations on a significant strategic investment in Orbital Recovery.

When completed, the Swedish company will join Dutch Space of The Netherlands as part of the team that is financing the design and development of Orbital Recovery’s ConeXpress Orbital Life Extension Vehicle (CX OLEV) space tug.

"Swedish Space Corporation is strategically very important for us, and this further demonstrates our commitment to European industry and know-how," said Orbital Recovery Ltd. Chief Executive Officer Phil Braden. "The company will bring to our team its significant and unique experience, most recently as prime contractor for Europe’s SMART-1 lunar exploration spacecraft. Launched in September 2003, SMART-1 currently is en-route to the moon using the same electric propulsion and data handling systems proposed for the CX OLEV."

Orbital Recovery recently successfully completed its mid-term review of the B1 Phase of its program, which is funded by the company and the European Space Agency under its ARTES 4 Public-Private Partnership initiative.

The CX OLEV will serve as an orbital "tugboat" - providing the propulsion, navigation and guidance required to maintain telecommunications satellites in their proper orbits for years beyond the normal fuel depletion. Primary mission of the CX OLEV will be to prolong the in-service lifetimes of expensive geostationary orbit telecommunications satellites, which currently are junked when their on-board fuel supply runs out. The space tug will also be equipped for other essential services to operators, such as to provide the graveyard burn or effect plane changes for inclined satellites.

The marketing campaign the CX OLEV is also underway, and advanced discussions are being held with several operators for early missions of the space tug. As a result, allocation of flight opportunities has begun, and the initial launch slots are in the process of being assigned.

FMI: www.orbitalrecovery.com

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