SOURCE: SpaceDev, Inc.

October 02, 2007 08:00 ET

SpaceDev Selected as Contractor for DARPA Propulsion Program

$3.75M Prime Contract to Develop New Space Propulsion Technology for Small Satellites

POWAY, CA--(Marketwire - October 2, 2007) - SpaceDev (OTCBB: SPDV) has been awarded a contract from the United States Defense Advanced Research Projects Agency (DARPA). The first phase contract value is $3.75 million for the initial development of solar thermal propulsion (STP) and bus design for the High Delta-V Satellite Program. SpaceDev has assembled a team, including General Atomics and BAE Systems, to bring strong and proven capabilities to address the program technical challenges. The key program goals are to develop a space qualified, low-cost, high delta-V, modular STP system combined into a complete satellite, capable of performing the required missions.

"By using a combination of flight proven materials and subsystems in conjunction with the unique challenges within the HiDVE program, we see an opportunity to help transform how propulsion is accomplished on orbit," said Mark N. Sirangelo, SpaceDev's Chairman and CEO. "We view this initial phase as an opportunity to close the design solution and thus lead to fabricating ground test hardware and ultimately culminate in a full flight demonstration. This is an excellent and exciting opportunity to be part of a major shift in space propulsion and satellite technology."

About SpaceDev

SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information, visit www.spacedev.com.

Except for factual statements made herein, this news release consists of forward-looking statements that involve risks that are difficult to predict. Words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company's current expectations, and are not guarantees of performance. The Company's actual results could differ materially from its current expectations. Factors that could contribute to such differences include risks and uncertainties associated with the Company's ability to effectively manage schedule changes or cancellation of customer orders, control costs, and obtain additional financing, if needed. Reference is also made to other factors described in the Company's periodic reports filed with the SEC, including the Company's most current Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB. These forward-looking statements speak only as of the date of this release. SpaceDev does not intend to update these forward-looking statements.

Contact Information

  • SpaceDev Investor Relations
    Investor Contact:
    Richard Slansky/Jessica Schwarz
    Media Contact:
    Mark Sirangelo
    (858) 375-2026