Tuesday, December 18, 2007

Space Florida Signs Teaming Agreement with PlanetSpace

Kennedy Space Center, FL – Space Florida, the principal organization charged by the Florida Legislature with promoting and developing Florida’s aerospace industry, announced today it recently entered into a Teaming Agreement with PlanetSpace, offering support as they prepare and submit their proposal in response to the NASA COTS request for proposal. As Florida's aerospace economic development organization, Space Florida is uniquely positioned to utilize the expertise within the organization, and the powers available as defined within the Space Act. Space Florida's role is to guide and facilitate all organizations that seek assistance and actively engage in developing next generation space industry business in Florida.

"Space Florida has worked with PlanetSpace to facilitate their needs during the RFP proposal phase," stated Steve Kohler, President, Space Florida. "Through the Teaming Agreement we have established the parameters of support and development we can assist with for a planned future commercial launch site near Kennedy Space Center, if they win the bid."

Space Florida drives aerospace economic development in Florida and serves as a catalyst for space-related business development, education, spaceport operations, research and development, workforce development, and financing.

PlanetSpace, teaming with Lockheed Martin, ATK, and their financial advisor BMO, has submitted their proposal in response to NASA's COTS Phase 1 RFP to flight demonstrate cargo and crew delivery capability to the International Space Station (ISS).

"Kennedy Space Center is a natural choice for PlanetSpace as our team expands its capabilities to provide not only crew and cargo delivery to the (ISS), but a low cost reliable commercial space transportation system to Low Earth Orbit and beyond," said Dr Chirinjeev Kathuria, PlanetSpace Chairman.

PlanetSpace is moving ahead with plans to establish an orbital launch facility at Cape Canaveral, Florida, as well as the associated manufacturing, training, R&D, and integration facilities. PlanetSpace's proposed Florida economic activity could generate approximately 346 jobs annually with a cumulative economic impact to the State of Florida estimated to be $313 million. The launch, training, R&D and manufacturing facilities are to fulfill delivery of PlanetSpace's commercial launch business plan and will include any potential contractual effort under a Space Act Agreement with NASA for Commercial Orbital Transportation Services (COTS).

BMO Capital Markets ("BMO") is engaged as PlanetSpace's financial advisor for any acquisitions of the company, as well as the placement of any debt and equity securities. PlanetSpace's consortium has also signed teaming agreements with United Launch Alliance, Wyle Laboratories, Paragon Space Systems, and MEHTA Engineering.