From: SpaceDev, Inc.
Posted: Friday, April 18, 2003
SpaceDev announced today that it is competing to supply a safe hybrid rocket propulsion system for the SpaceShipOne program, a private sector manned sub-orbital space program. SpaceShipOne, announced today by Scaled Composites founder Burt Rutan, has the goal of providing safe, affordable sub-orbital human space flight. The project has enabled SpaceDev to successfully demonstrate its unique patented hybrid propulsion technology.
"SpaceDev is excited to be a SpaceShipOne team member and to be part of today's dramatic unveiling of this historic program," said Jim Benson, chairman and chief executive officer of SpaceDev. "This project is a great opportunity for us to demonstrate SpaceDev's safe, low-cost hybrid rocket propulsion capabilities for a wide variety of commercial and military applications."
SpaceDev used its extensive propulsion experience to design and build its advanced hybrid rocket motor system. SpaceDev began working on this proprietary hybrid propulsion research program in September 2001, in competition with one other company. SpaceDev's work has resulted in successful test firings of SpaceDev's safe, unique hybrid propulsion system, believed to be the largest of its type in the world, that uses Nitrous Oxide (Laughing Gas) and HTPB (tire rubber) as the safe, clean and inexpensive propellants.
SpaceDev (BULLETIN BOARD: SPDV) creates and sells affordable and innovative space products and solutions to government and commercial enterprises. SpaceDev products and solutions include the design, manufacture, marketing and operation of sophisticated micro and nano satellites, hybrid rocket-based orbital Maneuvering and orbital Transfer Vehicles (MTVs) as well as safe sub-orbital and orbital hybrid rocket-based propulsion systems. SpaceDev has been awarded contracts from Air Force Research Laboratory (AFRL), Boeing, California Space Authority (CSA), Jet Propulsion Laboratory (JPL), Lockheed Martin, National Reconnaissance Office (NRO), University of California at Berkeley (UCB) via NASA and several commercial customers. SpaceDev is also developing commercial hybrid rocket motors and small high performance space vehicles and subsystems. For more information, visit www.spacedev.com .
This news release may contain forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. Forward-looking statements relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, risks associated with new product development and availability of raw resources and suppliers, risks to marketed products and availability of financing and other sources of income, as well as risks discussed in the company's periodic reports filed with the U.S. Securities & Exchange Commission. The company's 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. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
CONTACT: Jennifer Clark of SpaceDev, +1-858-375-2075, firstname.lastname@example.org
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