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MirCorp Announces Results of Board Meeting: New Programs Supported

Press Release From: MirCorp
Posted: Tuesday, December 12, 2000

A meeting of the MirCorp Ltd. Board of Directors was held in Moscow last week, and key decisions on the company's future commercial space activities were taken.

Due to the Russian government's recent decisions regarding the desire to end Mir space station operations and to begin its controllable de-orbiting, the Board took a decision to cease the marketing of theİMir space station.

Over several days of very open discussions, the Board noted the commercial success of MirCorp in attracting major customers in tourism and in the media, and elected to continue the operations of MirCorp as the leading manned commercial space exploration company.

Specifically, the Board elected to pursue the following markets:

--Development and utilization of a man-tended module capable of being docked to the International Space Station;

--Commercial utilization of Energia production lines for manufacture of space transportation vehicles on a commercial basis; and

--Development of commercial infrastructure to support the International Space Station, from communication satellites to the tether program.

The Board determined that where possible, all existing customers will have their programs fully implemented.

As a sign of support, the existing investors of Gold & Appel and Dr. Chirinjeev Kathuria pledged a new round of financing to be completed within six weeks. This new round - aİ minimum of $6 million U.S. - will be used to begin the programs listed above, and to expand the current management team in order to find new investors.

The financial investors also announced they have retained the services of Aon Insurance ñ leading risk analysts for space and technology ventures ñ to work with potential investors in creating a financial structure allowing investment in our new programs to move forward.

In the end, the technical situation was too complex to allow the safe maintenance of both ISS and Mir. By continuing our operations, and entering into discussions with major investors, we believe the dream espoused by all of us will flourish.

Contact info:

Jeffrey M. Lenorovitz
The InfoWEST Group
Telephone (U.S.): +1 (703) 448-5669
Telephone (U.S. mobile): +1 (703) 615-3646
Telephone (France): +33 6 80-85-86-25
e-mail: jleno@infowestgroup.com

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