SOURCE: SpaceDev, Inc.

March 24, 2008 11:00 ET

SpaceDev to Develop Technologies for NASA Lunar Operations

Contract Award Builds on SpaceDev Cover Systems Heritage

POWAY, CA--(Marketwire - March 24, 2008) - SpaceDev, Inc. (OTCBB: SPDV) announced that it has been awarded a contract for the development of next-generation seal technologies for instrument covers. The Phase 1 Small Business Innovative Research contract is scheduled for a 6-month period, during which SpaceDev plans to perform feasibility studies for seals capable of repetitive use while maintaining integrity even in the presence of severe abrasive environments such as lunar dust. These seal technologies are intended to enhance performance and enable increased mission capabilities for future lunar operations such as rovers, robotic systems, on site resource utilization and science experiments.

"This contract builds upon our heritage developing cover systems and seals for important spacecraft such as the Chandra and Spitzer space telescopes," said Mark N. Sirangelo, SpaceDev's Chairman and CEO. "Once developed, they are expected to provide a key solution set to harsh environments that presented significant operational issues during the Apollo missions. Although our initial efforts are focused on NASA's lunar requirements, we expect these products to translate over to future Mars and terrestrial applications as well."

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