Geoff Sheerin, president and CEO of Canadian Arrow, and Dr. Chirinjeev Kathuria announced on May 17, 2005, the creation of PlanetSpace Corporation. It is through this enterprise that Canadian Arrow will complete the construction of their space craft, and within 24 months offer suborbital space flight to aspiring space tourists. Planetspace expects to fly about 2,000 new astronauts within five years of operation. The price is expected to be $250,000 for each flight, including fourteen days of training. Cape Breton Island, in Nova Scotia is being considered as a launch site, and a contract has been signed with the government of Nova Scotia to provide of land for the project.