SPACEDEV TO ACQUIRE INTEGRATED SPACE SYSTEMS
December 8, 1997, Steamboat Springs, CO - SpaceDev Chairman, James W.
Benson, announced today the signing of a letter of intent whereby
SpaceDev, a development-stage company, in an exchange of stock, will
acquire 100% of San Diego-based Integrated Space Systems(ISS). On close
of this transaction, ISS will become a wholly-owned subsidiary of SpaceDev
(OTC:PSDM).
The acquisition will bring SpaceDev (www.SpaceDev.Com) closer to its goal
of being the first commercial company to launch a privately financed
spacecraft to scientifically analyze and land on a near earth asteroid as
well as becoming the premier provider of high quality, low cost
space-related consulting, design, planning and support services and
products.
ISS, a rapidly growing, profitable three-year-old aerospace engineering
and technical services firm with estimated sales of $2 million in 1997,
will provide SpaceDev with many of the aerospace engineering skills to
build the Near Earth Asteroid Prospector (NEAP) and to develop future deep
space missions for SpaceDev and its private and government customers.
"Bringing ISS and SpaceDev together is a strategic first step for the
growth of our business. The acquisition of ISS will give SpaceDev
important capabilities in mission and spacecraft design, construction and
testing; space and launch vehicle integration; and ground and mission
control and operations," said Benson. "This acquisition will help move the
mission from concept to reality."
"The exploration and economic development of space will be a hallmark of
the 21st century. We believe ISS skills and experience combined with
SpaceDev's vision is a great business opportunity as well as an exciting
venture into a new market with unlimited possibilities," said Phil Smith,
President and Chairman of ISS.
SpaceDev, the world's first commercial space exploration company, intends
to launch the first privately financed spacecraft to visit and land on
another planetary body. NEAP provides the first opportunity for
governments and companies to fly their instruments and experiments through
deep space to an asteroid. SpaceDev intends to sell the data acquired by
its own instruments as a commercial product to a wide variety of
governments and private companies around the world.
The Near Earth Asteroid Prospector, first in a series of SpaceDev
missions, is currently scheduled to carry three of its own instruments to
analyze the asteroid's size, and determine its composition and value. In
addition to these, payload space is available on NEAP for up to six
additional experiments or instruments. A price list outlining the cost for
rides on NEAP was published in November and is available on SpaceDev's
website, www.SpaceDev.Com.
ISS, which employs more than 35 full- and part- time aerospace engineers
and support staff will continue operations in its current San Diego
facility, where SpaceDev plans to tap into the large base of aerospace
expertise in California. The principals of ISS, formerly key program
engineers and designers at General Dynamics, formed ISS when General
Dynamics Space Systems Division was acquired by Martin Marietta in 1994.
ISS engineers have been working as mentors to students at the University
of California, San Diego on the NEAP mission for the past year. SpaceDev's
base of operations will move from Steamboat Springs, CO, to San Diego in
January.
This news release contains forward-looking statements. Actual results may
vary due to a variety of risk factors, including but not limited to,
execution of definitive agreements, completion of due diligence,
availability of substantial additional financing, dependence on
management, government regulations, successful building and launching of
spacecraft, dependence on outside contractors and other risks generally
associated with a start-up development venture.
Media contact: Gretchen Jaspering 314.477.8400
Investor contact: Jamie Driscoll 617.695.6360
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SpaceDev - NEAP (Near Earth Asteroid Prospector)
-o- Commercial Space Exploration & Development of Space Resources -o-
http://www.spacedev.com -o- Info@SpaceDev.Com