PRESS RELEASE

Satrec Initiative and SpaceWorks Commercial Announce Technical Assistance Agreement (TAA) to Allow Data Exchange With U.S. Customers

UNITED STATES CUSTOMERS NOW ABLE TO INTERFACE WITH SATREC INITIATIVE

July 6, 2011

WASHINGTON, July 6, 2011 - Satrec Initiative Co., Ltd. (KOSDAQ: 099320) and SpaceWorks Commercial (a division of SpaceWorks Enterprises, Inc.) announce the approval of a Technical Assistance Agreement (TAA) to allow technical information exchange for customers in the United States. The two organizations, under the banner of Satrec Initiative-US (SI-US), market and sell space satellite hardware products and services on behalf of Satrec Initiative (SI).

The TAA referred to here is an agreement between SpaceWorks Commercial and Satrec Initiative that has been reviewed by the United States Department of State Directorate of Defense Trade Controls (DDTC). The agreement allows SpaceWorks Commercial to support technical customer information exchange with Satrec Initiative in South Korea on behalf of customers in the United States.

Under the TAA SpaceWorks can provide unclassified technical data regarding various requirements of U.S. customers and the SI product line of spacecraft systems (buses), electro-optical payloads, components, and radiation directors (EFRDs). The TAA will also allow exchange of Interface Control Documents (ICDs) between SI and U.S. customers, with SpaceWorks Commercial acting to facilitate this exchange under the TAA.

Satrec Initiative (SI) is a leading solution provider for Earth observation missions, offering customers high performance, cost-effective turnkey satellite platforms, electro-optical instruments, ground systems and components as well as training and consultancy services. Focusing on the customers’ needs with innovative technologies, SI has delivered optimized solutions to over 20 customers in the Middle East, Asia and Europe. Satrec Initiative-US (SI-US) markets space satellite hardware products and services in the United States on behalf of Satrec Initiative.

"The establishment of a Technical Assistance Agreement (TAA) will allow United States customers to understand and take advantage of the high performance to price ratio of SI's products and services," said A.C. Charania, President of SpaceWorks Commercial. "This TAA provides a framework for U.S. customers to discuss requirements, specifications, interfaces, functions, operations, and performance of the SI product line. SpaceWorks Commercial looks forward to facilitating this interface between SI and customers in the United States."

Note: The Technical Assistance Agreement (TAA) described here is for exchange of technical information exchange only and no implication is made with regard to actual hardware/software import, export, or manufacture. This TAA does not cover design methodology, engineering analysis or manufacturing know-how.

About Satrec Initiative-US (SI-US): SI-US is an initiative to market space satellite hardware products and services in the United States on behalf of Satrec Initiative (SI), one of the world’s leading small satellite manufacturers. SI, based in the Republic of Korea (South Korea), now offers its line of satellite platforms, payloads, components, and spin-offs to U.S. customers. SpaceWorks Commercial, a division of SpaceWorks Enterprises, Inc. (SEI), is the official representative of SI in the U.S. and manages the SI-US initiative.

News and information can be found on the Internet at www.satreci-us.com

About Satrec Initiative Co., Ltd. (Satrec Initiative or SI) - Based in Daejeon, Republic of Korea (South Korea), Satrec Initiative (SI) is the one of the world's leading companies in high performance Earth observation small satellite solutions. SI was founded in 1999 by engineers who developed the first South Korean satellite and a series of advanced small satellites at the Korean Advanced Institute of Science and Technology (KAIST). SI has a successful track record serving more than 20 global customers in the Middle East, Asia, and Europe. The company's portfolio of high quality satellite solutions includes integrated turnkey satellite systems, satellite components, platforms, electro-optical instruments, ground stations, satellite operations, image processing and image applications, and spin-off technologies. The company also offers training and consultancy services. SI is publicly listed on the South Korean KOSDAQ exchange.

News and information can be found on the Internet at www.satreci.com

About SpaceWorks Commercial - SpaceWorks Commercial, a division of SpaceWorks Enterprises, Inc. (SEI), advances innovative ideas, solutions, and partnerships aimed at maturing near and far term commercial and international space ventures. The firm works with entrepreneurial ventures to enhance existing or to facilitate new business opportunities, providing consulting and advocacy services to help bring space projects to maturation. The division's capabilities include: strategic and quantitative-based insight, technical aerospace systems analysis and design services (utilizing its sister division, SpaceWorks Engineering), financial engineering, and space media. SEI is privately held. SEI, through SpaceWorks Commercial, is the official representative of Satrec Initiative's product lines in the United States. SEI is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC) as a broker of defense articles.

News and information can be found on the Internet at www.spaceworkscommercial.com

  • Media Contact: A.C. Charania 202-503-1752 (office)
  • SpaceWorks Commercial
  • e-mail: ac@sei.aero

  • Media Contact: Michael (Hyon Sock) Chang, PhD +82-42-365-7506 (office)
  • Satrec Initiative Co., Ltd.
  • e-mail: hschang@satreci.com