Virgin Orbit Announces Renaming of Its National Security Arm and Introduction of New Board Members

Rhea-AI Summary

Virgin Orbit has rebranded its national security subsidiary from VOX Space to Virgin Orbit National Systems. This change reflects the company's commitment to supporting the U.S. national security and intelligence communities. Since its inception in 2017, the subsidiary has launched ten national security payloads. The board welcomes Major General Craig R. Cooning (USAF, Ret.), a former Boeing executive, to strengthen its leadership team. CEO Dan Hart emphasized the importance of this unit in Virgin Orbit's overall mission and future growth.

Positive

• Rebranding to 'Virgin Orbit National Systems' aligns with existing market presence.
• Addition of experienced board member Major General Craig R. Cooning enhances leadership.

Negative

• Potential concerns over strategic continuity with management changes.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Virgin Orbit (Nasdaq: VORB), a leading satellite launch provider, announced today the renaming of its national security arm. Formerly “VOX Space,” Virgin Orbit’s U.S.-based, wholly owned subsidiary engaged with national security organizations in the U.S. and its allies will now do so under the name “Virgin Orbit National Systems.”

Since its founding in 2017, the Virgin Orbit National Systems team has developed and provided services to the national security and intelligence communities, focused on defense and the protection of the United States and its allies through Virgin Orbit’s responsive space capabilities. To date, Virgin Orbit has launched ten national security payloads across its three successful flights. Each of those launches have been contracted through its Virgin Orbit National Systems subsidiary.

In addition, Virgin Orbit National Systems announced it has welcomed a new member to its board of directors: Major General Craig R. Cooning, (USAF, Ret.). General Cooning is a Former President of Boeing’s Space and Network Systems, an $ 8.5B annual revenue business of 10,000 plus employees and customers worldwide providing space exploration, satellites, missile defense, autonomous vehicles and cyber defense. He also served as Chairman of the Board of United Launch Alliance, a joint venture owned by Lockheed Martin and Boeing.

Virgin Orbit CEO Dan Hart remarked, “We’ve built Virgin Orbit National Systems as a team of deep experts to support the unique requirements of this critical set of mission partners. As the name makes clear, Virgin Orbit National Systems is very much part of our Virgin Orbit family, with all the tools, processes, and expertise to get the job done efficiently and effectively. We see our work serving the national security community as an important part of both our business and our purpose.”

Virgin Orbit National Systems President Brigadier General Mark Baird (USAF Ret.) added, “By bringing the brand under which we serve our national security customers into even closer alignment with the rest of Virgin Orbit’s established market presence, we show our laser focus on supporting the readiness of our national security space mission partners. I am delighted to welcome our new board member, General Craig Cooning, to our Virgin Orbit National Systems board, where he will join General Susan Mashiko. Our team is committed to meeting the evolving mission requirements of the national security community.”

About Virgin Orbit

Virgin Orbit (Nasdaq: VORB) operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 carrier aircraft that allows Virgin Orbit to operate from locations all over the world in order to best serve each customer’s needs. Learn more at www.virginorbit.com and visit us on LinkedIn, on Twitter @virginorbit, and on Instagram @virgin.orbit.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the Company’s ability to access sources of capital; its ability to grow market share in the developing space economy; market acceptance of its current and planned products and services and ability to achieve sufficient production volumes, as well as the factors, risks and uncertainties included in the Company’s Annual Report on Form 10-K filed on March 31, 2022, as well as in the Company’s subsequent filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Information section of the Company’s website at www.virginorbit.com. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Virgin Orbit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Virgin Orbit gives no assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005929/en/

INQUIRIES:

Investor Relations, Virgin Orbit:

investors@virginorbit.com



Media, Virgin Orbit:

Alison Patch, Senior Director of Communications

press@virginorbit.com

949-616-2504

Source: Virgin Orbit

FAQ

What is the new name of Virgin Orbit's national security subsidiary?

Virgin Orbit's national security subsidiary has been renamed to Virgin Orbit National Systems.

Who has joined Virgin Orbit's board of directors?

Major General Craig R. Cooning (USAF, Ret.) has joined Virgin Orbit's board of directors.

How many national security payloads has Virgin Orbit launched?

Virgin Orbit has successfully launched ten national security payloads.

What is the significance of the rebranding for Virgin Orbit?

The rebranding to Virgin Orbit National Systems reflects the company's focus on supporting U.S. national security and aligns with its existing market presence.