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E'Prime Aerospace Corporation and Subsidiaries was established in February, 1987, to capitalize on the worldwide demand for commercial satellite launching services. In October, 1987, an agreement was signed with the United States Air Force (USAF) which provided the Company the use of technology based on the Peacekeeper solid fuel missile system. As a result of this agreement, the Company began the development of the Eagle Series of launch vehicles. Eagle launch vehicles are based on a modular design of solid propellant booster stages and a bi-propellant liquid upper stage. In early 1990, the Peacekeeper first stage motor was included in the Strategic Arms Reduction Treaty (START) which was signed by both the governments of the United States and the former Soviet Union. Accordingly, pursuant to the execution of this treaty, the Company was severely restricted in producing the Company's first stage motor. For nine years, the Company's development concentrated towards the preservation of the technology developed during the Peacekeeper program. During the year ended September 30, 1993, the Company purchased certain launch and support equipment from an agency of the United States government. As a result of this purchase, a substantial amount of additional and related equipment was transferred to the Company. These acquisitions represent savings of millions of dollars of non-recurring start-up costs. Most of the equipment received, which is located at various facilities in the United States. Most of the equipment acquired was primarily associated with the United States' government Peacekeeper missile system. In 1998, using Peacekeeper baseline technology, the Company's improved design changes, and development of its ESM-9 first stage motor in a 100% commercial environment, eliminated the ESM-9 from the START Treaty. The Company is marketing a range of launch vehicles with payload capabilities from small communications satellites up to large multipurpose satellites of 20,000 pounds into a geosynchronous earth orbit. Light to medium lift single core vehicles will be launched from a launch tube which propels the rocket some 200 feet into the air before the first stage is ignited. This "cold launch" method increases the payload capability by approximately 10% and prevents costly refurbishment to the launch facility. Flight hardware for the Eagle Series launch vehicles will be produced by many of the same companies that were responsible for the manufacture and supply of materials for the Peacekeeper. By utilizing the experience of these suppliers, the track record of reliability experienced during the Peacekeeper missile system program will be carried forward into a commercial application. The Company has succeeded in evolving the technology of the Peacekeeper ICBM into a commercial launch vehicle. Based on developments completed through February, 1999, the Company is now proceeding with finance and contract negotiations. While substantial additional capital is needed for the construction of commercial launch facilities, management is confident in achieving this financial objective. Although the Company has met its vehicle objective, a time-frame for the Company to establish profitable operations cannot be determined at this time. Over the past several years, other companies have developed a range of launch vehicles corresponding to the demand for commercial launch services. The Company currently considers its principal competitors to be Arianespace, Lockheed Martin, Boeing, Orbital Science, China (Longmarch) and several Russian programs. As of September 30, 1999, the company had 5 full time employees. The Company leases its corporate office of approximately 3,000 square feet in Titusville, FL and occupies approximately 12,000 square feet of warehouse space in Memphis, TN. Substantially all of the development of the Company's launch technology as well as management of overall operations is based in the corporate offices. The space in Memphis is used primarily to warehouse the Company's launch hardware and support equipment and will provide support during testing of the Company's launch vehicle. The Company is negotiating the construction of launch facilities at Kodiak, Alaska, Kennedy Space Center, Florida and a near equatorial launch site.
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