XCOR Aerospace, Inc. announced today that executive John H. (Jay) Gibson II has been appointed as Chief Executive Officer and President of the company. Mr. Gibson succeeds Jeff Greason, who is transitioning to Chief Technology Officer. Mr. Greason will dedicate his time to Lynx development, XCOR's orbital system and other crucial projects.

"After a thorough search for the ideal candidate, we decided on Jay Gibson." said Mr. Greason. "There could not be a more opportune moment for XCOR to welcome Jay on board. With his prominent leadership and management roles at Beechcraft Corporation, the United States Air Force, The Department of Defense as well as other industries and organizations, Jay delivers the depth and breadth of leadership and experience necessary to elevate XCOR to the next level."

As CEO, Mr. Gibson leads XCOR Aerospace with locations in Mojave, California and Midland, Texas as well as subsidiary XCOR Space Expeditions in Amsterdam. XCOR will also be establishing its manufacturing facility at the Kennedy Space Center in Florida.

Said Mr. Gibson, "I am excited to join this exceptional team at a critical time on the XCOR journey to making space accessible to everyone. The potential of commercially reusable rockets and vehicles in both the payload and passenger markets are incredible and are still being defined. This is a rare opportunity to participate in the continuing development of the space industry, and more specifically the success of XCOR, which stands at the forefront of the commercial spaceflight market."

Most recently, Mr. Gibson served as Senior Vice President, Global Mission Support for Beechcraft Corporation in Wichita, Kansas. Additionally at Beechcraft he served as Vice President of the Special Missions Group and Vice President/CFO of the Defense unit. Prior to joining Beechcraft, he served as the Assistant Secretary of the United States Air Force, and as Deputy Under Secretary of Defense in the Office of the Secretary of Defense. Earlier in his career, Jay served in a variety of leadership and management roles in private industry.

"This year is vital to XCOR's plans," added Mr. Greason, who will continue to serve as Chairman of the Board and remain a lead voice in space policy and industry circles. "With the commencement of the Lynx flight test program on the horizon, Jay's arrival allows this team to focus on getting Lynx in the air, moving forward on plans for our orbital vehicle, and transitioning XCOR to a more efficient and effective company."

About XCOR Aerospace: XCOR Aerospace is based in Mojave, California. It is currently building its Research and Development Center in Midland, Texas, and in the future an operational and manufacturing site at the Kennedy Space Center in Florida. XCOR builds safe, reliable and reusable rocket-powered vehicles, propulsion systems, advanced non-flammable composites and rocket piston pumps. XCOR works with aerospace prime contractors and government customers on major propulsion systems, while also building Lynx. Lynx is a piloted, two-seat, fully reusable liquid rocket-powered vehicle that takes-off and lands horizontally. The Lynx-family of vehicles serves three primary missions depending on their specific type including: research & scientific missions, private spaceflight, and micro satellite launch (only on Lynx Mark III). Lynx production models (designated Lynx Mark II) are designed to be robust, multi-mission (research / scientific or private spaceflight) commercial vehicles capable of flying to 100+ km in altitude up to four times per day. Lynx vehicles are available to customers in the free world on a wet lease basis to start their own manned space flight program. For more information on XCOR Aerospace, visit http://www.xcor.com and follow us on Facebook or Twitter as XCOR.

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XCOR Announces Jay Gibson as New Chief Executive Officer