SOURCE: SpaceDev, Inc.

May 19, 2008 12:23 ET

SpaceDev Awarded DARPA Program Option

$3.6M Contract Extension to Develop Small Satellite Propulsion Technology

POWAY, CA--(Marketwire - May 19, 2008) - SpaceDev, Inc. (OTCBB: SPDV) has been notified that the United States Defense Advanced Research Projects Agency (DARPA), after the completion of a successful Critical Design Review (CDR), has elected to exercise its option for continuation of SpaceDev's High Delta-V (HiDVE) Satellite program. The key HiDVE program goals are to develop a space qualified, low-cost, modular solar thermal propulsion (STP) system combined into a complete satellite. This option award is valued at approximately $3.6 million to be performed during the next six months and allows for the next phase of development of the leading-edge STP, nano-sat bus design and operations program.

"We express our appreciation to DARPA for the continued confidence that they have shown in us. Along with our teammates, General Atomics and BAE Systems, we brought strong and proven capabilities to fully address the program's technical requirements, while performing on-time and on-budget," said Mark N. Sirangelo, SpaceDev's Chairman and CEO. "This program has the potential to transform small satellite design and how propulsion is accomplished on orbit. It could bring this class of space technologies development to another level while showing the significant value of government/commercial collaboration for this type of operational effort."

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.

This news release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks that are difficult to predict, 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, but are not limited to, risks associated with the Company's ability to effectively manage program, technical, schedule, cost, or customer changes, or cancellation of orders, or obtain additional financing, if needed. The Company also references other factors described in periodic reports filed with the SEC, including its 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 Contacts:
    Investor: Richard Slansky/Jessica Schwarz
    Media: Mark Sirangelo
    (858) 375-2026