Canadian Arrow Partners with Leading American Entrepreneur

May 17 2005 - Canadian Arrow partners with leading American entrepreneur to launch first commerical passengers to space. Two entrepreneurs with a love of space have joined forces to create a company that will take passengers to space. Geoff Sheerin, President of Canadian Arrow and Dr. Chirinjeev Kathuria have announced that they have joined forces to form a new corporation called PLANETSPACE that will complete construction and testing of its first suborbital rocket called the Canadian Arrow. The goal of the company is to make space flight available to the public within 24 months. PLANETSPACE expects to fly almost 2,000 new astronauts in the first five years of flying and generate revenue from suborbital flights of USD $200 million in the fifth year. Fares will start at USD $250,000 for a suborbital flight, including fourteen days training. Canadian Arrow has completed a number of increasingly powerful engine tests, as well as a successful drop test of the space capsule and recovery system. Canadian Arrow’s most recent engine test achieved 50,000 pounds of thrust, demonstrating Canadian Arrow’s ability to achieve suborbital flight and making it the most powerful liquid propellant rocket engine ever built and tested in Canada. Canadian Arrow has also filed for patents on its rocket vehicle and engine modifications. Dr. Kathuria is no stranger to privately funded space flight. Dr. Kathuria was a founding director of MirCorp, the company that made history on April 4th, 2000 when it launched the world’s first privately funded manned space program and signed up Dennis Tito to space as Earth’s first space tourist or “citizen explorer.” MirCorp was a joint venture with RSC Energia. RSC Energia launched the first satellite (Sputnik), sent the first man to orbit the Earth,(Yuri Gagarin), built the Mir Space Station, and is a major partner in the International Space Station. “Eventually, our goal is to make PLANETSPACE a public company,” said Mr. Sheerin, who will serve as President and CEO of the new company. “Space should be open to all people, and all people should also have the opportunity to invest in the future of space travel.” Like Sheerin, Dr. Kathuria, M.D., M.B.A., has had a love of space since childhood. Dr. Kathuria has had measurable success in building a number of innovative businesses including American Teleradiology, Nighthawks and The X-Stream Networks, Inc.. “MirCorp was the beginning of the opening of space for the general public,” says Dr. Kathuria. “The Ansari X PRIZE represented another move forward. PLANETSPACE will be the next leap, providing a range of opportunities from sub-orbital jaunts to possible week-long journeys to space.” Mr. Sheerin says that PLANETSPACE has entered final discussions with partners who will establish a reality television show set in space, and with a company to hold an international lottery with space flight prizes. On May 18th The University of Chicago will be holding a Panel discussion on space tourism. This Panel will consist of Planetspace management, Canadian Arrow astronauts and faculty from the University of Chicago. © 2005 Planetspace www.canadianarrow.com