SOURCE: SpaceDev, Inc.

December 18, 2006 13:25 ET

SpaceDev Awarded Study Contract by Benson Space Company

Contract Contributes to the Ongoing Development of the SpaceDev Dream Chaser™ Spaceship

POWAY, CA -- (MARKET WIRE) -- December 18, 2006 -- SpaceDev (OTCBB: SPDV) has been awarded a $330,000 Phase I study contract from Benson Space Company to further the SpaceDev Dream Chaser™ spaceship program. The study will contribute to the on-going development of the spaceship and will result in space vehicle and rocket motor designs ready for Phase II vehicle fabrication and testing. The SpaceDev Dream Chaser™ spaceship is based on NASA's design of the ten passenger orbital HL-20 Personnel Launch System, and will launch vertically and land horizontally in direct sight of viewers.

"We look forward to undertaking this exciting project with Jim, and to completing this first-phase study contract in March 2007," offered Mark N. Sirangelo, Chairman and CEO of SpaceDev. "We are confident that we can assist Jim Benson and Benson Space Company in his quest to take civilians to space, and we are proud to provide the technical know-how and products to help make that a reality."

"It's official -- we've entered the commercial race to space and have begun our countdown to what I expect will be Benson Space Company's first suborbital flights by the end of 2008," said Jim Benson, who until recently served as Chairman and CTO of SpaceDev. "I look forward to Benson Space Company becoming SpaceDev's largest customer, through our purchase of SpaceDev Dream Chaser™ spaceships and hybrid rocket motors. I am excited that retired NASA astronaut Hoot Gibson will join Benson Space Company as our chief test pilot, and will be responsible for Phase I program management, testing and operations."

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 and

About Benson Space Company

Established in September 2006 by SpaceDev founder, Jim Benson, Benson Space Company seeks to provide the first, safest and lowest cost astronaut-making spaceflights for the emerging space tourism market.

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 Gerstenkorn
    Media Contact:
    Mark Sirangelo
    (858) 375-2026