Press Release

SpaceDev Awarded Contract by the Air Force Research Laboratory for a Sophisticated Nanosatellite

By SpaceRef Editor
March 29, 2006
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SpaceDev Awarded Contract by the Air Force Research Laboratory for a Sophisticated Nanosatellite
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SpaceDev (OTCBB: SPDV – News) has been awarded a $1.25 million contract from the Air Force Research Laboratory Space Vehicles Directorate, for the preliminary design of a nanosatellite capable of independently providing localized Space Situational Awareness of the local space environment of a host satellite. SpaceDev’s design for the satellite, otherwise known as an Autonomous NanoSatellite Guardian for Evaluating Local Space (ANGELS), includes the satellite hardware assembly, detailed design schematics, software and flight algorithms, operations manuals, testing plans, and interface control documents.

“SpaceDev is honored to have been awarded a contract for the next phase of this nanosat program. We received this contract after performing significant design work on the prior phase but also after a highly competitive proposal process,” said Mark Sirangelo, SpaceDev’s chief executive officer. “We have assembled a highly capable team, including BAE Systems, Emergent, SAIC, Schafer, and Vacco, to design and construct these sophisticated satellites in a short timeframe and at a low cost.”

The purpose of the AFRL experiment is to scale Space Situational Awareness capabilities and functionality into a nanosatellite package. The contract requires the nanosatellite to be capable of flight experimentation by early 2009. The satellite will be designed to have a one-year mission life at geosynchronous orbit, with a three year goal of operational life from the time of launch. Nanosatellite solutions are required to be compact, affordable, and effectively designed. The vehicle is expected to allow operations with minimal ground intervention.

SpaceDev received the contract award from the AFRL to carry the design to a Preliminary Design Review level. This award includes an option to carry the design to a Critical Design Review level with technology at a system Technology Readiness Level of 5, by no later than May 2007.

About SpaceDev

SpaceDev (OTCBB: SPDV – News) 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 Research Corporation was acquired by SpaceDev on January 31, 2006, renamed Starsys, Inc., and is now a wholly-owned subsidiary of SpaceDev. Starsys 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.

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 the Company’s acquisition of Starsys Research Corporation, including (i) the Company’s ability to effectively integrate operations and effectively execute the business plan (ii) any loss of a major customer or rescheduling or cancellation of customer orders, (iii) the uncertainties in the government budgeting process, (iv) the combined company’s ability to control costs and expenses, (vi) the possibility of further cost overruns on fixed-price contracts, and (vii) the need for additional financing to support the combined business. 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.

SpaceRef staff editor.