Thu, Apr 17, 2003
XCOR Secures $187,500 Equity Investment For DoD Matching
Program
XCOR
Aerospace has announced that 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 safe, reliable and reusable rocket engines and rocket
powered vehicles.
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