GLXP News: Earthrise Space Becomes Non-Profit

ORLANDO, FLA., EarthriseSpace PR (Oct. 12, 2012) – Earthrise Space Inc., the parent company for Omega Envoy, the Florida team competing in the Google Lunar X PRIZE (GLXP), is extremely proud to announce that it has been approved to be listed as a 501(c)3 non-profit organization by the U.S. federal government.

“We’re very excited about being approved for 501(c)3 status,” said Earthrise Space Inc.’s Chief Operating Officer (COO) Joseph Palaia. “This means that we can do so much more and it is just one more step that we have taken on the road to the Moon.”

Launching spacecraft to points beyond low-Earth-orbit (LEO) is expensive and being designated as a non-profit will allow Earthrise Space Inc. to reduce costs as it produces the lander and rover that will journey to the lunar surface.

About 501c3 Non-Profit Status

Being a 501(c)3 means that an organization is viewed as a non-profit organization by the U.S. federal government. The 501(c)3 designation comes from the Internal Revenue Code and provides that 28 types of nonprofit organizations are exempt from some federal income taxes.

About Earthrise Space, Inc.

Earthrise Space, Inc. is a Florida-based non-profit corporation dedicated to developing space technology in collaboration with industry and academic institutions. ESI’s Omega Envoy Project is creating a key set of lunar spacecraft infrastructure which will fulfill the requirements of the Google Lunar X PRIZE and provide a platform for the delivery of commercial payloads to the lunar surface. All ESI efforts involve significant numbers of students and young professionals through paid internships, providing them with hands on experience building real spacecraft, and preparing them for future employment in the entrepreneurial space industry.

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