SOURCE: SpaceDev, Inc.

January 17, 2007 14:10 ET

SpaceDev's Starsys Division Awarded Contract From the Missile Defense Agency

Starsys to Develop Cover Seal Technology

POWAY, CA -- (MARKET WIRE) -- January 17, 2007 --SpaceDev (OTCBB: SPDV) announced today that its subsidiary, Starsys, Inc., in partnership with the University of Colorado Laboratory for Space Physics, has been awarded a contract from the Missile Defense Agency. Starsys will design and develop a non-sticking cover seal system for the Exo-atmospheric Kill Vehicle program, which is the kill vehicle component of the Ground Based Interceptor, the weapon element of the Ground-based Midcourse Defense System program. The contract has been awarded under the Small Business Technology Transfer Program that provides research funding for partnerships between industry and non-profit research institutions.

"The Starsys cover seal system is unique in that it provides an effective seal against external environments with very low forces required for cover deployment," said Jon Evans, Vice President of Business Development. "The technology forwarded in this program is an innovative use of a seal system designed for a very different application. The soft-metal seal at the heart of this effort was originally designed for on-orbit fluid transfer."

Mark N. Sirangelo, SpaceDev's Chairman and Chief Executive Officer, added, "This cross-functional application of technology is an excellent example of our Company's innovative and efficient approach to meeting design challenges. This technology is mission critical to our customer, the Missile Defense Agency, and we are committed to meeting their requirements and supporting a successful mission."

The program contract value is $750,000 with the effort scheduled to complete in 2008. The award is an extension of a Phase 1 program completed in 2006.

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 and www.starsys.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 integrate acquisitions; rescheduling or cancellation of customer orders; uncertainties in the government budgeting process; ability to control costs and expenses; and, the possible need for additional financing. 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