SOURCE: SpaceDev, Inc.

August 23, 2007 14:26 ET

SpaceDev to Build Lunar Lander Prototype

Contract Initiates Construction of International Lunar Observatory

POWAY, CA--(Marketwire - August 23, 2007) - SpaceDev (OTCBB: SPDV) announced today that it has been awarded a contract to develop a prototype lunar lander vehicle for the International Lunar Observatory Association (ILOA). Since 2003, SpaceDev has performed four design and feasibility studies addressing various aspects of the ILO. The ILO will be a spacecraft to conduct optical and radio astronomy from the surface of the Moon, and potentially engage in commercial activities involving not only astronomy, but also photography, communications, and internet hosting. The prototype will achieve smooth landings via precision-controlled throttling of its hybrid rocket motors.

"This is a landmark phase for the ILO, as we carry the project beyond paper studies and into hardware development," said Mark N. Sirangelo, Chairman and Chief Executive Officer. "We believe that low-cost entrepreneurial endeavors will play an increasing role in space science, travel, and exploration, and we are excited to be part of that movement with our work on the ILO. This phase will demonstrate critical technologies, and will provide a perfect stepping stone toward further advancement of the mission."

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