XCOR Aerospace Acquires Space Expedition Corporation
SXC to become "XCOR Space Expeditions"
An Open, Global Platform for XCOR® Lynx® Flights
MOJAVE, Calif., June 30, 2014 /PRNewswire/ -- XCOR Aerospace announced today that it has closed the acquisition of all operational subsidiaries of Space Expedition Corporation, the previously independent Dutch company also known as SXC. SXC served as XCOR's general sales agent for XCOR® Lynx® flight sales and as their lead wet lease customer. The new sales entity, XCOR Space Expeditions, will continue to focus on sales, commercial partnerships and participant (customer) training on a global level, and will serve as an open sales channel available for all future XCOR Lynx wet lease clients.
The acquisition signals XCOR's commitment to being "the most active space flight company in the world" through a marked increase in integrated sales activities and multiple wet lease operations. As the most active spaceflight company in the world, XCOR is poised to become the company which delivers the most value for the price. With its high frequency of flights, XCOR will learn the most the quickest in the emerging commercial spaceflight industry and more customers will benefit from Lynx's incredible in-the-cockpit experience.
XCOR CEO Jeff Greason noted that "For the past two years, SXC has provided XCOR Aerospace with an expanding roster of new customers and commercial partners. As XCOR Space Expeditions, we look forward to making the most of their expertise and insights with customers and commercial partners. With their sales and marketing engine now a part of the XCOR brand, we deepen the connection between customers and Lynx."
"Both as a founder of SXC, and through my background in e-Business and Formula One, I understand that exceptional engineering and design are vital for performance and the overall customer experience," said SXC co-founder and XCOR Aerospace board member Michiel Mol. "XCOR Aerospace is the best I've seen in spacecraft and rocket engine design. With this acquisition XCOR Space Expeditions will provide direct connection to the XCOR brand and more up-to-date information about Lynx for individual ticket holders, wet lease customers and commercial partners. The result is an integrated XCOR that will inspire our customers and investors, and deliver a more seamless and exciting experience overall."
Detailed terms of the transaction were not disclosed. The all-stock transaction was reviewed by the United States Treasury Department's Committee on Foreign Investment in the US (CFIUS) which determined the acquisition and exchange of shares was not a "covered transaction."
XCOR Aerospace: XCOR Aerospace is based in Mojave, California. It is currently creating a Research and Development Center in Midland, Texas, and will be establishing an operational and manufacturing site at the Kennedy Space Center in Florida with the assistance of Space Florida. XCOR® builds safer, more reliable and reusable rocket-powered vehicles, propulsion systems, advanced non-flammable composites and rocket piston pumps. XCOR works with aerospace prime contractors and government customers on major propulsion systems, while also building the XCOR® Lynx®. Lynx is a piloted, two-seat, fully reusable liquid rocket-powered spaceplane that takes off and lands horizontally. The Lynx family of vehicles serves three primary missions: research and scientific missions and private spaceflight in the Lynx Mark I and Lynx Mark II, and micro satellite launch on the Lynx Mark III. Lynx production models (designated Lynx Mark II) are designed to be robust, multi-mission (research/scientific or private spaceflight) commercial vehicles capable of flying to 100+ km in altitude, up to four times per day. Lynx production models are available to customers in the free world on a wet-lease basis for their own manned space flight programs. Learn more at www.xcor.com.
XCOR Space Expeditions: XCOR Space Expeditions, a wholly owned subsidiary of XCOR Aerospace, is based in Amsterdam with a regional office for Asia in Hong Kong. XCOR Space Expeditions supports a global network of 50 independent resellers with established Lynx flight sales experience. The company's space-focused training programs offer a variety of medical screening and specialty training missions for future XCOR Lynx flight participants. Strategic partnerships are currently active with global brands including KLM, Unilever, Luminox, Heineken and Sony Pictures Television.
SOURCE XCOR Aerospace