Wed, May 04, 2005
Lease-Back Agreement Ensures Smooth Operations for Space
Shuttle Missions
SPACEHAB Monday announced that it
has consummated the sale and lease back of its 58,000 square-foot
processing facility in Cape Canaveral, FL, in a transaction with
Tamir Silvers LLC valued at $4.8 million.
The SPACEHAB Payload Processing Facility (SPPF), located on a
commercial site just south of Cape Canaveral, hosts all payload
integration activities for the SPACEHAB module and cargo carrier
fleet. The Company decided to enter into the sale-lease back
transaction in order to further improve liquidity and enhance
operating efficiencies.
"This strategically-focused transaction provides us with the
flexibility to consolidate or modify our Florida facility
operations to reflect support we provide to NASA and other
customers as we evolve from space station assembly and resupply
efforts to initiatives in support of the Nation's Vision for Space
Exploration," said Michael E. Kearney, SPACEHAB President and Chief
Executive Officer. "In the meantime, SPACEHAB will maintain its
payload integration activities at the SPPF and will continue to
manage the property."
"Our Florida team remains focused on
supporting NASA with a safe return to flight as we are providing
services on four of the next six space shuttle missions," stated
Martin L. McLellan, Vice President of Business Development.
SPACEHAB expects no interruption in mission preparations and is
actively supporting payload integration and astronaut training
activities on upcoming space shuttle missions.
The contract terms are for SPACEHAB to lease 100% of the
facility for an initial period of five years, with an option period
for an additional five years. Currently SPACEHAB has subleases in
place that occupy approximately 20% of the available space with
another 20% on hand for prospective tenants.
The SPPF offers clean room accommodations and all ground support
equipment enabling SPACEHAB's carriers and their payloads to be
tested prior to delivery to the nearby Kennedy Space Center for
final integration into NASA's space shuttles. Since 1991 SPACEHAB
and astronaut crews have conducted testing and training activities
at the SPPF to support 18 prior space shuttle and space station
missions with preparations currently underway for missions STS-114
and STS-121.
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