XCOR Secures $187,500 Equity Investment
Department of Defense Matching Program
Mojave, CA, Wednesday, April 16, 2003: – XCOR Aerospace announced today it has successfully acquired an additional $187,500 in equity investments. This round of investment qualifies the company for a Department of Defense program that matches private capital four to one up to $750,000. The funds will be used for development of rocket engine pump technology.
“In the current tight fund-raising environment, it’s a testament to the company’s strength,” said Rich Pournelle, XCOR’s Director of Investor Relations. “The rocket engine pump is a critical component in the development of a reusable suborbital vehicle rather than rockets that are thrown away with each launch.”
XCOR is privately funded and its current investors include a former venture capitalist, software industry leaders, and other private investors. “XCOR is a sound investment because of the accomplishments of their engineering team and their focus on reusable rocket technology,” said Montana-based investor Dr. John Jurist. “The company has sound management and one of the most experienced rocket teams in the business. I firmly believe XCOR is positioned to be a leader in the development of suborbital vehicles.”
The company will now focus on securing a combination of government contracts and additional private investment to continue development of a suborbital vehicle for space tourism, microgravity research and microsatellite launches. XCOR Aerospace is also expanding its operations and moving into a 10,000 square foot facility located on the Mojave Airport flight line. The new facility consolidates operations which were spread between several locations.
XCOR Aerospace is a California corporation located in Mojave, California. The company is in the business of developing and producing safer, reliable and reusable rocket-powered vehicles and propulsion systems that enable affordable access to space.
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