TSX: LBE

TORONTO , May 14, 2012 /CNW/ - Liberty Mines Inc. (LBE.TO) ("Liberty" or the "Company") today reported its financial results for the 3-month period ended March 31, 2012 . All amounts are in Canadian currency.

"Our first quarter was marked by our most significant milestone since we began our turn-around strategy nine months ago," said Mr. Chris Stewart , President and CEO of Liberty Mines. "With the re-start of mining and milling operations now behind us, we can focus our efforts on maximizing production of our nickel concentrate, and continuing to add to our resources and reserves through a strategic exploration program. These efforts will not only generate improved financial results in the near term through increased revenue and cash flow, they will also effectively position us for future long-term growth."

Q1 2012 Operational Highlights

Highlights Subsequent to Quarter End

Selected financial highlights

Review of Q1 Financial Performance Revenue for Q1 2012 was $19,240 down from $2.1 million for Q1 2001. The year-over-year decline was due to a shut-down of mining and milling operations initiated by the Company in February, 2011. Mining and milling operations were effectively re-started on March 31 , 2012. Given the timing of the start date, the company expects revenue and cash flow from operations to resume in Q2 2012. Revenue generated in Q1 2012 stemmed from the final settlement on precious metals shipped in 2011.

Net loss for Q1 2012 was $8.0 million or $0.04 per basic and fully diluted share. The loss included amortization expenses of $1.4 million , interest on long-term debt of $2.2 million and dividends on preferred shares of $0.3 million . In the same period of 2011, Liberty recorded a net loss of $5.1 million or $0.03 per basic and fully diluted share. Liberty's mining and milling operations were partially functional in Q1 of 2011.

At March 31, 2012 , Liberty had cash and cash equivalents of $546,600 . This compares to $1.3 million at year end 2011.

Liberty's financial statements for the period ended March 31, 2012 are available at http://www.libertymines.com and http://www.sedar.com. The financial statements should be read in conjunction with the accompanying notes and management's discussion and analysis.

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Liberty Mines Reports Financial Results for First Quarter 2012

Liberty Media, which has also recently increased its holdings in Sirius XM Radio, now owns 25 percent of Live Nation, the concert and ticketing giant.

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Media Decoder Blog: Liberty Media Increases Its Stake in Live Nation

Liberty Global Inc. (LBTYA) declared mixed financial results for the first quarter of 2012. In the previous quarter, the company added a net 445,000 organic revenue generating units (RGU), up 71% year over year.

Quarterly GAAP net loss from continuing operation was $25.2 million or a loss of 9 cents per share compared with a net income of $342.4 million or $1.22 per share in the prior-year quarter. However, first-quarter 2012 adjusted (excluding special items) earnings per share of 17 cents fell below the Zacks Consensus Estimate of 20 cents.

Quarterly total revenue of $2,537 million was an improvement of 12.4% year over year, beating the Zacks Consensus Estimate of $2,492 million. Year-over-year growth of the top line was primarily attributable to the consolidation of German operations.

Quarterly cost of operation was $897.7 million, up 10.6% year over year. Selling, General and Administrative expenses were $471.4 million, up 12.8% year over year. In the first quarter of 2012, operating income was $494.3 million, up 14.2% year over year.

During the first quarter of 2012, Liberty Global generated $805.8 million of cash from operations compared with $734.9 million in the year-ago quarter. Free cash flow (cash flow from operations less capital expenditures) in the reported quarter was $284.5 million compared with $245.3 million in the prior-year quarter.

At the end of the first quarter of 2012, Liberty Global had $2,703.1 million of cash & marketable securities and $24,966.3 million of outstanding debt on its balance sheet compared with $2,626.4 million of cash & marketable securities and $24,757.9 million of outstanding debt on its balance sheet at the end of 2011. At the end of the first quarter of 2012, debt-to-capitalization ratio was 0.90 compared with 0.87 at the end of 2011.

Subscriber Statistics

As on March 31, 2012, Liberty Global had 19.5869 million customers in 14 countries. UPC Broadband customer was 16.1746 million. Telnet customer was 2.1801 million. VTR customer was 1.1089 million. Puerto Rico customer was 122,700. Total Single-Play customer was 11.2316 million, up 9.4% year over year. Total Double-Play customer was 2.9207 million, up 9.8% year over year. Total Triple-Play customer was 5.4346 million, up 39.6% year over year.

During the reported quarter, Liberty Global added 445,000 net RGUs including net gains of 254,000 and 277,000 subscribers, respectively, for broadband Internet and telephony services and a net loss of 86,000 subscribers for video services. In the first quarter, the company added 279,000 digital video subscribers. At the end of the first quarter of 2012, Liberty Global had 8.4 million digital cable subscribers with a penetration rate of 47%. Importantly, 52% of total digital cable subscribers are now using HD/DVR services.

Segment wise Results

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Liberty Global Reports Mixed 1Q

TUCSON, Ariz.--(BUSINESS WIRE)--

Liberty Star Uranium & Metals Corp. (Liberty Star or the Company) (LBSR: OTCBB) is pleased to provide an update of exploration activity on its Hay Mountain claims. 608 soil samples collected over approximately 22 square miles (NR 114) were sent to the ALS Minerals (ALS-Chemex) certified geochemical analysis lab in Vancouver, British Columbia, where they were tested for the presence of 64 different elements.

ALS has returned all of the geochemical soil samples results for all elements requested, to Liberty Stars Tucson office. The assays have been entered into an ARC GIS (Geographic Information System) database from which contour maps are being produced. Additionally, enhanced satellite imagery (digital space photos) is being analyzed for geology and alteration, and the various geochemical contours are superimposed on this imagery. This work has produced a variety of interesting and surprising (unexpected) results that require further in-depth analysis. Chief Geologist and Company CEO James A. Briscoe and his team have made the following preliminary observations:

The vegetation sample assays are coming in, and these results will be plotted just like the soil and rock chip samples have been. Our interpretation of them will be compared to the other two sample types. Updates will be reported as progress is made.

James A. Briscoe

Forward-Looking Statements

Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: that we will undertake a ZTEM survey in spring or summer; that we will re-assay results for rare earth metals; and vegetation samples will be plotted.

Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our exploration program to identify targets; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; and an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Companys recent 10-K and the Companys other periodic reports filed from time to time with the Securities and Exchange Commission.

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Liberty Star Provides Geochem Update: Soil Samples Hay Mountain, Arizona

LAS VEGAS--(BUSINESS WIRE)--

Western Liberty Bancorp, Inc. (NASDAQ:WLBC - News), the holding company for Service1st Bank of Nevada (Service1st Bank) and Las Vegas Sunset Properties (LVSP), today reported its tangible book value per share was $5.53, down slightly from $5.60 in the preceding quarter. Western Liberty narrowed its first quarter loss to $1.1 million, or $0.08 per share, in the first quarter of 2012, compared to $2.4 million, or $0.17 per share, in the fourth quarter of 2011. Net loss for the year ago quarter was $409,000, or $0.03 per share. All financial results are unaudited.

Our loan portfolio is beginning to stabilize. No new properties moved into classified status during the quarter, and we are receiving solid interest from investors in some of our foreclosed properties, said William Martin, Chief Executive Officer. During December, we moved $4 million of foreclosed real estate into our new holding company asset resolution subsidiary, Las Vegas Sunset Properties (LVSP). Then during the first quarter of 2012, we moved an additional $18 million in classified loans to LVSP. These transfers improved the Banks ratio of classified assets to Tier 1 capital plus reserves to 29% at March 31, 2012, down from 84% at year end. While on a consolidated basis our nonperforming assets are still higher than we would like, at the Bank level we are much closer to achieving asset quality levels mandated by our regulators.

Our capital levels at both Service1st Bank and Western Liberty Bancorp remain very strong. For Service1st Bank and Western Liberty Bancorp, we ended the quarter with a Tier 1 Risk based-capital of 35.61% and 71.28%, respectively, Martin continued. And, as an improving economy emerges in Las Vegas, we expect to be able to deploy capital and liquidity into loans as demand improves.

While we earned a profit at the bank level of $62,000, expenses at the holding company generated a loss of $1.1 million in the first quarter of 2012, reflecting ongoing elevated expenses for legal and professional fees, and a $117,000 impairment charge for other real estate owned at LVSP, said Martin. We will continue to monitor asset quality and maintain our reserves at the appropriate level, as well as work diligently to keep expenses down.

Financial Highlights (at or for the quarter ended March 31, 2012)

Nevada Economic Update

Although new reports confirm that Las Vegas continues to lag in the economic recovery, Marcus & Millichap, a national commercial real estate brokerage and advisory firm, projected the addition of 12,000 jobs locally this year and that office-using job growth will push start a recovery in the Las Vegas office market this year.

Further signs of recovery were reported by the Nevada State Department of Taxation with its April 26 report on February tax revenues. Statewide taxable sales for February 2012 of $3.2 million represent a 10.2% increase over February 2011 and a 7.5% increase for the fiscal year. The largest increases in statewide taxable sales were realized by Food Services and Drinking Places, up 11.9%; Motor Vehicle and Parts Dealers, up 22.9%; General Merchandise Stores, up 16.9%; Merchant Wholesalers, Durable Goods, up 18.0%; and Clothing and Clothing Accessories Stores, up 11.3%.

According to the April 5, 2012, report from the University of Nevada Las Vegas Center for Business and Economic Research, CBERs Southern Nevada Index of Coincident Economic Indicators showed significant gains for March 2012, rising by more than 2% from the previous month. The index is constructed with two measures of employment. One is collected from a survey of businesses and one collected from a survey of households (the latter as part of the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics). Although both measures included in the index rose, the data from the household survey were the primary driver of the gain, increasing by over 3% from February 2012. CBERs Southern Nevada Index of Leading Indicators also rose by 0.36% in March, continuing on its trend of a slow recovery. The local, regional, and national components all contributed to this growth and allow us to forecast continued economic growth until late summer. CBERs other three indexes of current economic activity were mixed:

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Western Liberty Bancorp Reports First Quarter 2012 Financial Results

On Saturday, Mitt Romney will deliver the commencement address at Liberty University, the evangelical Christian school founded by the late televangelist Jerry Falwell.Liberty has been a frequent setting for Republican presidential hopefuls looking to shore up their credentials with Christian conservatives. John McCain addressed the graduates there in 2006. ...

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Romney's Liberty University speech will emphasize family, criticize Obama

Chancellor Jerry Falwell, Jr., may have retold the “Miracle Story” of how Liberty University has become the world’s largest Christian university during its 39th Commencement on Saturday morning, but the packed Williams Stadium crowd only needed to look around them to see the miracle for themselves.Lynchburg, Va. (PRWEB) May 12, 2012 Chancellor Jerry Falwell, Jr. ...

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Liberty University Commencement 2012: Paying Tribute to Liberty’s Heritage, God’s Blessings

Lynchburg, VA — In the wake of his tough primary battle, Republican presidential candidate Mitt Romney on Saturday came to fortify his fragile bond with the evangelical community at Liberty University, the bulwark of Christian conservatism in the foothills of the Blue Ridge Mountains.

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Romney Courts Christian Conservatives at Liberty U

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Published: 5/12/2012

BLADE STAFF

BRYAN -- The Liberty Center and Wauseon girls track teams engaged in a tug-of-war to decide the Northwest Ohio Athletic League meet championship Friday night.

In the end, the Tigers outlasted the Indians, winning the 1600 relay - the final event of the night. Liberty Center placed first with 149 points, followed by Wauseon's 148, Archbold 109, Evergreen 68, Bryan 64, Delta 45, Montpelier 36, Patrick Henry 27, and Swanton 14.

In the NWOAL boys competition, Archbold dominated with 166 points, followed by Bryan with 98, Patrick Henry 80, Wauseon 77, Swanton 72, Evergreen 50, Montpelier 44, Delta 40, and Liberty Center 33.

Liberty Center girls won the 400 relay (52.77); Evergreen the 800 relay (1:49.0). Archbold took first in the 1600 relay (4:12.78).

Allison Righi of Liberty Center cleared 5-2 to win the high jump; Bryan's Alyssa McBride won the pole vault (12-6). Archbold's Kinsey Smith won the long jump with an effort of 16-1.50.

Liberty Center's Ali Busick won the shot put (35-11.50); Delta's Alexa Salsbury won the discus event (114-9).

Wauseon's Kendall Weber won the 100 hurdles (15.74) and the Indians' 3200 relay took first (9:55.79).

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Liberty Center girls, Archbold boys reign

Bad timing? Days after Obama's endorsement of gay marriage, Mitt Romney took the stage at Jerry Falwell's fundamentalist Liberty University, where openly gay students aren't admitted. He took the stage alongside the Baptist billionaire who runs Chick-fil-A, itself a target of ire from equal rights activists.

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Romney Speaks At Anti-Gay Liberty University Alongside Baptist Billionaire

Mitt Romney doubled down on his position against same sex marriage, telling graduates at Liberty University Saturday that marriage between "one man and one woman" is an "enduring institution" that should be defended.Coming just days after President Obama endorsed the right of gays and lesbians to marry, the comment earned Romney a standing ovation from the crowd of more than 30,000 people—the ...

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Romney Defends Marriage and Faith in Liberty University Speech

NEW YORK (AP) The New York Liberty are coming back to Madison Square Garden earlier than planned.

The WNBA team's season opener on May 19 has been moved from the Prudential Center in Newark, N.J., because it will be used that day for Game 3 of the NHL playoff series between the New Jersey Devils and New York Rangers.

Because of scheduled renovations during the summer at the Garden, the Liberty's home games - other than the opener - will be played at the Prudential Center for the second season of a three-year stretch until work is completed.

Ticket holders for the Liberty's game against the Connecticut Sun will be contacted by the team with details on how to get new tickets for the Garden.

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Liberty opener moved to MSG due to hockey game

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Romney Woos Evangelicals at Liberty University

WAYNE, Pa., May 9, 2012 /PRNewswire/ --Penn Liberty Wealth Advisors, a division of Penn Liberty Bank in Wayne, PA has expanded its Wealth Advisor team. "Penn Liberty has experienced significant expansion in non-deposit wealth advisory business over the past few quarters. In order to support this growth we continue to grow the resources available to clients by adding highly qualified, knowledgeable, wealth advisors," said Patrick J. Ward, Chairman and Chief Executive Officer of Penn Liberty Bank.

Recent additions to the wealth advisory division include Shawn T. Higginbotham, Deborah Davis, and Joseph Dowling.

Shawn T. Higginbotham has joined Penn Liberty Wealth Advisors as an Investment Strategist. In his new position Mr. Higginbotham will be responsible for non-deposit investment strategies and financial planning for the Penn Liberty Wealth Advisory Group.

Mr. Higginbotham has 15 years of experience in the financial services industry focused on providing clients with wealth management and financial planning solutions. Prior to joining Penn Liberty Wealth Advisors he was employed by Morgan Stanley Dean Witter, SunTrust Private Banking and most recently Schwab Private Client Investment Advisory.

Mr. Higginbotham earned a BBA degree in Finance from Stetson University and an MBA with a concentration in investments from The University of Central Florida. Shawn holds the following industry registrations: Series 7, 9, 10, 63, 65, and 66*. Shawn also holds the Accredited Asset Management Specialist (AAMS) as well as Certified Financial Plannercertifications.

Shawn is a native Floridian, and currently resides in the Orlando, FL area with his wife C.J. and their son Zachary.

Deborah Davis has joined Penn Liberty Wealth Advisors as a Financial Advisor. She will primarily be responsible for further developing the financial resources offered to our customers in the Chester County region.

Ms. Davis has over nine years' experience in financial services and real estate industries. Prior to joining Penn Liberty Wealth Advisors, she was employed by Graystone Wealth Management in West Chester, Pennsylvania where she supported eight retail branches and five retirement communities. Deborah has her series 6, 7, 63* registrations and is a Certified Financial Plannerprofessional.

Ms. Davis is a resident of Paoli, Pennsylvania.

Joseph Dowling has joined Penn Liberty Wealth Advisors as a Financial Advisor. He will primarily be responsible for further developing the integration of wealth advisory within the company in the Montgomery County region.

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Penn Liberty Wealth Advisors Expands

LOS ANGELES and ARLINGTON, Va., May 9, 2012 /PRNewswire/ -- ATK (ATK) announced today it has developed Liberty into a complete commercial crew transportation system, including the spacecraft, abort system, launch vehicle, and ground and mission operations, designed from inception to meet NASA's human-rating requirements with a potential for the first test flight in 2014 and Liberty crewed flight in 2015.

The company also announced Lockheed Martin (LMT) will provide support to the ATK and Astrium Liberty team as a major subcontractor on the project.

"Our goal in providing Liberty is to build the safest and most robust system that provides the shortest time to operation using tested and proven human-rated components," said Kent Rominger, vice president and program manager for Liberty. "Liberty will give the U.S. a new launch capability with a robust business case and a schedule that we expect will have us flying crews in just three years, ending our dependence on Russia."

"Liberty will enable a successful commercial space program and result in a globally competitive capability that America doesn't have today," said Rominger. "This program is changing the way we do business and can also result in a positive change to government programs."

Liberty's test flights are expected to begin in 2014, with a crewed mission anticipated in late 2015. The current schedule will support crewed missions for NASA and other potential customers by 2016, with a price-per-seat that is projected to be lower than the cost on the Russian Soyuz rocket.

Liberty's approach is to bring together flight-proven elements designed from inception to meet NASA's human-rating requirement, reducing development time and costs, and providing known, reliable and safe systems. The simple configuration of a solid first stage and liquid second stage lowers the likelihood of failure and enables a flight path with total abort coverage, maximizing survival for the crew in the unlikely event of an anomaly requiring an abort. In addition, the Liberty spacecraft leverages design work performed at NASA Langley Research Center on the composite crew module and launch abort system, for which ATK was a contractor.

"Because Liberty provides a safe and reliable vehicle for the crew, as well as a sustainable business for years to come, it can be a successful commercial business," said Rominger. "Liberty's business case benefits from mature, flight-proven elements that dramatically lower our up-front development costs."

Liberty has a robust and sustainable business case that will create and sustain thousands of jobs across the United States including Alabama, California, Colorado, Florida, Maryland, New York, Ohio, Texas, Utah, and Virginia. Its low remaining development cost accelerates the time to market, filling NASA's requirements, and provides a quicker return on investment to outside entities. Liberty's performance of 44,500 pounds to low-earth orbit enables the system to launch both crew and cargo and also serve non-crewed markets including ISS cargo up and down mass, commercial space station servicing, U.S. government satellite launch, and future endeavors.

"We believe that no other offering can match Liberty's safety, spacious spacecraft, customer service and performance," said Rominger. "These traits enable the Liberty business to provide the best commercial space flight experience."

The Liberty spacecraft includes a composite crew module, which ATK built at its Iuka, Miss., facility as part of a NASA risk-reduction program at Langley between 2007 and 2010. As prime contractor, ATK is responsible for the composite crew module, Max Launch Abort System (MLAS), first stage, system integration and ground and mission operations, while Astrium provides the second stage powered by the Vulcain 2 engine and Lockheed Martin provides subsystems and other support.

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ATK Announces Complete Liberty System to Provide Commercial Crew Access

Billionaire John Malone's Liberty Media Corp. said Tuesday that it will spend $650 million to increase its effective control of satellite radio company Sirius XM Radio Inc. to 45.2 percent.

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Liberty to boost stake in Sirius XM to 45 pct

GREAT NECK, NY--(Marketwire -05/09/12)- One Liberty Properties, Inc. (OLP), an owner of a geographically diversified portfolio of retail, industrial, office and other properties primarily under long term leases in the United States, today announced operating results for the quarter ended March 31, 2012.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, stated, "Our first quarter results represent year-over-year growth in rental income primarily driven by our success in capitalizing on investment opportunities in the past year. In the first quarter, we acquired four properties, continuing the pace of activity we achieved in 2011. Occupancy at the end of the quarter was at 97.6%. We continue to see a steady flow of compelling opportunities, using our network of relationships to further strengthen and grow our portfolio in the coming quarters."

Operating Results:

Revenues for the first quarter of 2012 increased 4.9% to $11.64 million compared to $11.1 million for the first quarter of 2011. The net increase is primarily attributable to the ten properties acquired beginning March 2011.

Total operating expenses for the first quarter of 2012 increased 12.3% to $5.21 million from $4.64 million for the first quarter in the prior year. Approximately $184,000 of the increase is attributable to increased depreciation resulting from property acquisitions and approximately $290,000 is attributable to increased general and administrative expenses, including the quarterly impact of a $125,000 quarterly increase (effective as of January 1, 2011) in the amount payable pursuant to the compensation and services agreement which increase was not reflected in the first quarter of 2011.

Net income attributable to One Liberty in the first quarter of 2012 was $3.22 million or $0.21 per diluted share compared to $2.73 million or $0.21 per diluted share in the first quarter of 2011.

For the quarter ended March 31, 2012, the Company reported Funds from Operations ("FFO") of $5.57 million, a 7.5% increase from the $5.18 million reported in the first quarter of 2011. FFO was $0.38 per diluted share in the first quarter of 2012 compared to $0.39 per diluted share in the corresponding period of the prior year. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release.

The per share net income and FFO results for the three months ended March 31, 2012 take into account the issuance of 2.7 million shares in a public offering completed by the Company in February 2011, while the results for the corresponding period in the prior year only takes such shares into account for a portion of the first quarter of 2011.

Acquisitions:

During the first quarter of 2012, the Company acquired four properties for an aggregate of $9.8 million. The 2012 annual base rent of these properties is approximately $ 769,000.

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One Liberty Properties, Inc. Reports First Quarter 2012 Results

Having been stymied by the Federal Communications Commission last week in its gambit to take over Sirius XM Radio Inc., Liberty Media revealed its next move on Tuesday bumping up its stake in the companyto 45.2% from 40%.

Liberty's chief executive, Greg Maffei, told analysts in a conference call that his company had a contract in place to buy 302 million shares of SiriusXM for $650 million at $2.15 a share from undisclosed sellers.

The price represents a discount to SiriusXM's $2.17 closing price on Monday, prior to Liberty's announcement. SiriusXM lost 3 cents to $2.14 Tuesday after Maffei unveiled his move.

The two companies have been locked in a struggle for control since March, when Liberty started the high-stakes corporate chess match with a request to the FCC for control of the operating licenses SiriusXM needed to broadcast its satellite radio service. Liberty argued that its 40% ownership, along with five out of 13 seats on the board, meant it had "de facto" control of SiriusXM.

SiriusXM's chief executive, Mel Karmazin, strenuously objected, deriding Liberty's attempt as trying to convince regulators that "40 is the new 50." His point was that shareholders needed to have more than 50% of a company to call the shots.

It seems that Liberty's chairman, John Malone, heard the message loud and clear and is moving toward that magic 51% mark.

But why 45.2% as opposed to 51%? Would that change the commissioners' minds at the FCC, should Liberty choose to exercise its option to amend its request to regulators by June 4?

Here's Maffei's answer to those questions, which were posed to him during the earnings call with analysts:

"We thought it was attractive financially and because we thought it increased some of our options.... As far as de facto control, my layman's understanding would be we have a certain series of rights by contract with SiriusXM. To be able to fully exercise those rights freely, we need to have de facto control approved by the FCC. And as far as changing our application, I think there are host of things, actions we might take including this action we have taken, which will have bearing on our application and we'll weigh those, as we said, over the next 30 days and decide how to amend."

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Liberty boosts SiriusXM stake above 45%

LOS ANGELES The aerospace company that built the solid rocket boosters for NASA's space shuttle fleet announced plans Tuesday to develop its own private launch system a spaceship and rocket to fly astronauts to and from low-Earth orbit. The first manned flight could launch in about three years, company officials said.

Utah-based Alliant Techsystems, or ATK, announced the new project here at the first Spacecraft Technology Expo, where thousands of government and industry officials have gathered to discuss innovative new technologies and the future of human spaceflight.

ATK had already been working on a new private rocket, called Liberty, which it submitted as a contender in the second round of NASA's Commercial Crew Development program last year. Ultimately, the Liberty rocket was not selected to receive funding, but ATK continued development of the booster under an unfunded Space Act Agreement with NASA. As part of this arrangement, NASA shares its expertise in designing and testing the rocket but does not provide money for the project.

Now, ATK has unveiled plans for a complete launch system centered around the Liberty rocket. The design includes a space capsule to carry passengers to destinations in low-Earth orbit, such as the International Space Station, said Kent Rominger, vice president and program manager for Liberty.

"The goal is to provide a new launch capability for the nation," Rominger told SPACE.com. "The vehicle is designed to be very, very simple, and inherently more safe and reliable. We really believe the whole system is designed for success." [Photos: ATK's Liberty Rocket and Capsule]

Introducing the Liberty system

The spacecraft will be able to carry seven passengers, or various combinations of crew and cargo. ATK also hopes to provide launch services for U.S. government satellites eventually, Rominger said.

The composite crew module was built by ATK at its Iuka, Miss., facility as part of an earlier NASA program headed by the agency's Langley Research Center in Hampton, Va. from 2007 to 2010. The program aimed to assess whether composite materials were a viable alternative to aluminum lithium on NASA's Orion Multi-Purpose Crew Vehicle, which is being built for future manned exploration flights to deep space.

"For Liberty, it made a huge amount of sense since composites were one of our competencies," Rominger said. "We wanted to pull in all the supplies and leverage all the work that has already gone into the system."

The look of the capsule will be similar to the Orion capsule, except it will only perform flights to and from low-Earth orbit. The capsule, which will land over water, will be reusable up to 10 times, Rominger said.

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Liberty Rocket Targets 2015

(Reuters) - A federal regulator dismissed John Malone's Liberty Media Corp's application to take control of Sirius XM Radio Inc with its current stake of 40 percent. Friday's decision by the U.S. Federal Communications Commission came after Liberty Media, Sirius XM's largest shareholder, in March requested approval to take over the company's operating licenses, arguing that it had de facto ...

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FCC rejects Liberty Media bid for Sirius XM control