News Release
The Investor Relations Group
The Investor Relations GroupInvestor Contact:
Dian Griesel/Tom Caden/Erika Moran
Media Contact:
Mike Graff
(212) 825-3210
SpaceDev Selected as a Finalist in NASA’s Commercial Orbital Transportation Services (COTS) Solicitation
POWAY, CA – May 15, 2006 – SpaceDev, Inc. (OTCBB: SPDV) recently received notification that it was selected as a finalist for the NASA Commercial Orbital Transportation Services (COTS) demonstration. COTS is a bold new NASA initiative designed to stimulate the commercial delivery of cargo and crew transportation to the International Space Station. More than 20 of the nation’s leading private spaceflight companies submitted proposals to compete in four specific service areas: external unpressurized cargo delivery and disposal; internal pressurized cargo delivery and disposal; internal pressurized cargo delivery, return and recovery; and, crew transportation. NASA plans to spend $500 million on this program through 2010.
Mark N. Sirangelo, SpaceDev’s Chief Executive Officer and Vice Chairman, commented, “Our employees, project team members, and subcontractors are thrilled that we have been chosen as a finalist for this opportunity. We continue to demonstrate the viability of our approach for safe, rapid, affordable and advanced space services to NASA. The most innovative space companies in the United States competed for this program; and, after a very thorough and detailed evaluation, SpaceDev’s commercial and technical approach was selected as one of the six finalists. We express our appreciation to NASA and all those who participated in this evaluation process; and, for giving SpaceDev, the platform to prove how our innovative business model and practical technology can advance and supplement NASA’s exciting programs now and in the future.”
NASA indicated that it will continue with the next phase of their evaluation of the finalist companies over the next several months. Concurrently, NASA will begin negotiations for a possible implementation of a Space Act Agreement by September.
About SpaceDev
SpaceDev (OTCBB: SPDV) creates and sells affordable and innovative space products and solutions to government and commercial enterprises. SpaceDev’s innovations include the design, manufacture, marketing and operation of sophisticated micro- and nano-satellites, hybrid rocket-based orbital Maneuvering and orbital Transfer Vehicles as well as sub-orbital and orbital hybrid rocket-based propulsion systems for safe human space flight. In addition, Starsys, Inc., a wholly-owned subsidiary of SpaceDev, is engaged in the design and manufacture of mechanical and electromechanical subsystems and components for spacecraft. Starsys' subsystems enable critical spacecraft functions such as pointing solar arrays and communication antennas and restraining, deploying and actuating of moving spacecraft components. For more information, visit www.spacedev.com and www.starsys.com .
Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism and satisfaction with current prospects, as well as 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. Such forward-looking statements are not guarantees of performance, and the Company's actual results could differ materially from the Company’s current expectations based on many factors that are directly or indirectly related to the items discussed above. Factors directly related to the subject of this release that could cause or contribute to such differences include risks and uncertainties associated with: i) the Company’s ability to successfully conclude a Space Act Agreement with NASA; ii) the Company's ability to effectively effectively execute on its COTS business plan; (iii) the uncertainties in the government and NASA’s budgeting process, (iv) the Company’s ability to control costs and expenses under the COTS program, (v) the possibility of cost overruns on a COTS fixed-price contract, and (vi) the need for additional financing to support the COTS business plan. Reference is also made to other factors set forth in the Company's periodic reports filed with the Securities and Exchange Commission, including "Management's Discussion and Analysis" and other sections of 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, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release.
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