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SpaceDev Technology Powers SpaceShipOne In History Making Flight to Create World's First Private Sector Astronaut POWAY, Calif. --(Business Wire)-- June 21, 2004 -- SpaceDev's (OTCBB: SPDV) proprietary hybrid rocket motor technology successfully powered SpaceShipOne on its fourth and most important history-making flight to space."SpaceDev is pleased to be a part of the Paul Allen/Scaled Composites team in the development of the first private manned space capability," said founding chairman and CEO, Jim Benson. "During the development of Scaled's SpaceShipOne, SpaceDev competed for and won the contract that included SpaceDev's hybrid rocket technology and the development and production of critical motor components. Also, we developed the system for casting our proprietary rubber fuel into Scaled's composite motor case." At approximately 7:45 AM PDT on Monday, June 21st, SpaceDev powered SpaceShipOne well beyond the 50 mile altitude required to be considered a space flight, and created the world's first private sector astronaut. After being released by the White Knight, the carrier aircraft, SpaceShipOne's test pilot, Mike Melvill, fired the rocket motor at the planned altitude and the rocket motor then propelled SpaceShipOne to over 328,000 feet in approximately 80 seconds, flying near Mach 5.0. This successful flight brings the Paul Allen/Scaled Composites team closer to winning the $10 million Ansari X-Prize. "The SpaceDev rocket technology and motor components met our specifications and allowed us to meet our goals at the event that demonstrated the emergence of privately-developed manned space flight capability," said Burt Rutan. "Our two companies, working together, have developed the first man-rated spacecraft rocket motor to emerge in decades. This was critical to the goal of developing a safe space vehicle at the minimum possible flight operating cost," said Benson. "We look forward to furthering our participation that will lead to a new industry of affordable space tourism." About SpaceDev SpaceDev (OTCBB: SPDV) creates and sells affordable and innovative space products and solutions to government and commercial enterprises. Upon founding SpaceDev in 1997, Jim Benson started the trend of successful computer entrepreneurs moving into the space development arena. 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 developing 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. |
