"It is people who make a company successful, and in Jan King we have a true expert in designing and overseeing the development of low cost spacecraft. Jan has that rare combination of hands-on experience coupled with many years of innovative approaches to getting the job done, from small satellites to large spacecraft to launch vehicles," said Jim Benson, SpaceDev president and chairman.

Most recently, Mr. King has been Schriever Chair Professor in the Department of Astronautics of the United States Air Force Academy where he organized and managed the technical portion of the small satellite program.

As Vice President of Technology at Qualcomm in Boulder, Colorado, Mr. King developed, organized and conducted system level functional tests of the Globalstar communications transponder sub-system, which verified the overall Globalstar system traffic capacity.

Previous to his position at Qualcomm, Mr. King was Vice President of Boulder Operations for Orbital Sciences Corporation. He was an original member of the Pegasus launch vehicle team and of the Orbcomm spacecraft development team. In 1991 Mr. King was the co-recipient of the National Technology Medal presented to him by President George Bush.

As Vice President for Space Technology and founding Board member of Skylink Corporation, Mr. King was responsible for key spacecraft technologies associated with the Mobile Satellite Service (MSS). At the request of the U.S.Department of State, Mr. King served as a member of the U.S.delegation to the 1987 Mobile World Administrative Radio Conference.

Between 1968 and 1980, Mr. King was Aerospace Technologist employed by NASA at the Goddard Space Flight Center (GSFC). He worked in the Test and Evaluation Division, the Communications and Navigation Divisions and the Delta Launch Vehicle Project Office.

Mr. King was a co-founder of the Radio Amateur Satellite Corporation (AMSAT) in Washington, DC. From 1969 through 1995 he was a member of the Board of Directors of AMSAT. Mr. King served as project manager for a series of 12 small satellites, and served as Vice President of Engineering. Mr. King currently advises AMSAT on current and future small satellite projects.

"Jan King's combination of AMSAT experience, large corporation business experience and Air Force Academy teaching uniquely qualify him to instill a low cost, hands-on culture throughout our Space Mission Division. His years of experience, added to the expertise already found in SpaceDev's employees and consultants, should increase our ability to perform missions in both near Earth and deep space," added Mr. Benson.

SpaceDev, the world's first commercial space exploration and development company, intends to launch the first privately financed spacecraft to land on another planetary body. SpaceDev is selling rides for scientific instruments to governments and companies to transport their instruments and experiments through deep space to a near Earth asteroid. SpaceDev intends to sell the data acquired by its instruments as commercial products. Colorado-based SpaceDev has offices in San Diego, CA and Washington, DC.

FYI

The foregoing press 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 press 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.