POWAY, Calif. -- Jan. 14, 2000 -- SpaceDev Inc. the world's first commercial space exploration and development company, and Space Innovations Limited (SIL), a wholly owned SpaceDev subsidiary in Newbury, England, today announced that SIL management has reacquired the company from SpaceDev.
Commenting on the decision, SpaceDev Chairman Jim Benson stated: ``During the past year it became clear to the boards of SPDV and SIL that continued joint operations was not of sufficient long-term benefit to either firm, due primarily to the stringent U.S. State Department restrictions on the transfer of technology-related information implemented about a year ago. At times we found it difficult to discuss basic marketing strategies or product enhancement plans with our own employees.''
Professor Leonard Culhane, chairman of SIL, said: ``We all thought at the time that this acquisition would be synergistic and would benefit both firms, but the environment changed unexpectedly. We look forward now to assisting SpaceDev as a customer rather than one of its subsidiaries.''
In October 1998, SpaceDev acquired 100 percent of SIL via a stock-exchange agreement. The SIL acquisition was one of several strategic moves made by SpaceDev during the past 18 months to position it as a worldwide, integrated provider of affordable, reliable space missions involving small satellites. The decision to rescind the merger agreement was made final on Dec. 17, 1999. Terms of the amicable separation agreement include a re-exchange of common stock and Culhane relinquishing his seat on SpaceDev's board.
Established in 1997, SpaceDev (www.spacedev.com) is the world's first commercial space exploration and development company. SpaceDev's corporate offices, its wholly owned subsidiary Integrated Space Systems (ISS, www.spaceinc.com) and the firm's Space Missions Division are located in Poway.
Besides low-cost Earth-orbiting missions such as CHIPSat, now under development by SpaceDev for the University of California at Berkeley, SpaceDev is offering lunar orbiters, Mars probe carriers and near-Earth asteroid missions for sale as turn-key commercial products. Such commercial deep-space missions are a first for the industry.
The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited ``safe harbor'' for certain forward-looking statements. Forward-looking statements in this news release 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, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. 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.
SpaceDev Inc., Poway
James Benson, 858/375-2020
The Financial Relations Board, 310/442-0599
Mihir Shah, general information
Lisa Mueller, investor contact
Mary Tokita, media contact