SpaceDev Inc.
, the world’s first publicly traded commercial space
exploration and development company, today announced that Robert S.
Walker has joined SpaceDev’s Board of Directors, and that The Wexler
Group will assist SpaceDev with its public affairs activities.

Bob Walker is chairman and CEO of The Wexler Group. As a former
congressman (1977-1997), chairman of the House Science Committee, vice
chairman of the Budget Committee, and a long-time member of the House
Republican leadership, Walker became a leader in advancing the
nation’s space program, especially the arena of commercial space, for
which he was the first sitting House Member to be awarded NASA’s
highest honor, the Distinguished Service Medal.

“SpaceDev is an exciting company with a dynamic future in the
space business. Its micro-satellite and micro-propulsion products have
the potential of revolutionizing the way we work in and from space,”
said Walker. “I am looking forward to being a part of what SpaceDev
can bring to space development.” Walker is a strong supporter of space
commercialization and reducing the cost of access to space. He will
assist SpaceDev in opening the doors to a larger market for space
planes built using its clean, safe and affordable hybrid rocket
motors, and for its newly emerging product line of on-orbit
maneuvering and orbital transfer space vehicles.

“I have known Bob for several years, and I am very pleased that he
has joined our Board,” said Jim Benson, chairman and CEO of SpaceDev.
“We are putting together a stellar group of people to help SpaceDev
exceed expectations of ordinary space companies. With the aggressive
new Bush Administration focused on the strategic importance of space,
SpaceDev may be the right company in the right place at the right
time. I believe SpaceDev will greatly benefit from Bob’s experience
with the Executive and Congressional branches of our government.”

Bob Walker is a frequent speaker at conferences and forums. His
main issues include the breadth and scope of space regulation today,
and how deregulation could unleash the telecommunications, space
tourism, broadcast and Internet industries.

The Wexler Group is a Washington-based, full-service government
relations firm founded in 1981, one of the oldest lobbying firms in
the nation’s capital. Wexler Group principals have served in Congress,
in the White House and federal agencies, as congressional staff, in
state and local governments and in political campaigns. The Wexler
Group is a leader on the technology issues of the twenty-first
century.

About SpaceDev. SpaceDev (www.spacedev.com) offers fixed-price
package delivery for science instruments and technology demonstrations
into earth orbit, to deep space and to other planetary bodies.
SpaceDev designs and sells smaller, low-cost Earth-orbiting commercial
and research satellites. The company is currently designing
inexpensive hybrid rocket-based orbital maneuvering and transfer
vehicles and secondary payload micro-kick motors for the Air Force.
SpaceDev has recently performed design work for safe, clean hybrid
rocket-based manned or unmanned sub-orbital space planes. SpaceDev
offers low-cost commercial missions and spacecraft for lunar orbiters,
Mars orbiters and probe carriers, and asteroid rendezvous and landers.
SpaceDev’s sale of these turnkey, fixed-price, commercial products is
a leading edge innovation for the space industry. Established in 1997,
SpaceDev’s corporate offices are located near San Diego in Poway,
Calif. SpaceDev and The Boeing Company (NYSE:BA – news), the world’s largest
aerospace company, have teamed to investigate opportunities of mutual
strategic interest in the commercial deep-space arena.

For More information, contact Jim Benson – 858.375.2020

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, 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.