SOURCE: SpaceDev, Inc.

September 06, 2007 14:40 ET

SpaceDev Awarded Contract From Mitsubishi

Contract Expands SpaceDev's International Commercial Space Business

POWAY, CA--(Marketwire - September 6, 2007) - SpaceDev (OTCBB: SPDV) has been awarded three contracts to deliver over 200 satellite components for Mitsubishi Electric Corporation. The contracts, totaling approximately $800,000, will provide hardware in support of several commercial satellites and will expand the Company's business in Japan. SpaceDev will provide its patented Starsys Cell Shorting Device (CSD), a battery cell bypass device incorporating its Starsys high output paraffin technology. The device monitors the health of individual battery cells and automatically isolates a cell from the spacecraft, preserving the integrity of the spacecraft power supply. Deliveries are scheduled to begin in November 2007.

"We are very pleased with our relationship with Mitsubishi and in the confidence they have shown in us with this order. We are highly positive about growing our commercial business in Japan. We believe that this type of contract will continue to expand our client diversity and grow our core and commercial satellite business," said Mark N. Sirangelo, SpaceDev's Chairman and CEO. "The CSD is a space flight proven product, with hundreds of units on orbit and over 11 million hours of successful in-service operation. As satellite power needs and duty cycles increase, the batteries provide crucial mission capabilities. High efficiency cell shorting devices prolong the battery life and improve the system reliability of these valuable assets."

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, uncertainties and assumptions 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 expenses, 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