SpaceDev’s Benson to Receive AIAA Award for Outstanding Contribution to Aerospace Management

SpaceDev (OTCBB: SPDV) announced that its founding chairman and chief executive, Jim
Benson, has been selected by the American Institute of Aeronautics and
Astronautics San Diego (AIAA) to receive the AIAA award for
“Outstanding Contribution to Aerospace Management” for his work at
SpaceDev. Mr. Benson will be honored at the Annual Awards Banquet at
the Admiral Baker Clubhouse of the Admiral Baker Golf Course in
Mission Gorge on Thursday, May 20, 2004.

Mr. Benson started the trend of successful computer entrepreneurs
moving into the space sector when he founded SpaceDev in 1997. Mr.
Benson brings 30 years of successful, hands-on high-tech
entrepreneurial and management experience to SpaceDev. Prior to
founding SpaceDev, Mr. Benson was founder and President of Compusearch
Software Systems and ImageFast, both of McLean, Virginia.

Mr. Benson holds a Bachelor of Science degree in Geology from the
University of Missouri. He founded the non-profit Space Development
Institute, and is the Vice-Chairman and a private sector
representative on NASA’s national Space Grant Review Board.

About SpaceDev

SpaceDev (OTCBB: SPDV) creates and sells affordable and innovative
space products and solutions to government and commercial enterprises.
SpaceDev specializes in affordable, high-performance small satellites
and safe, affordable hybrid-based rocket motor propulsion systems. For
more information, visit www.spacedev.com.

This news release may contain forward-looking statements.
Forward-looking statements are based on the Company’s current
expectations. Actual results may differ materially from current
expectations. Readers are cautioned not to put undue reliance on
forward-looking statements contained in this release and to read it in
conjunction with the Company’s annual report on Form 10-KSB, including
the consolidated financial statements filed therewith.