SpaceDev announced today that Richard B. Slansky
has joined the Company as its chief financial officer and corporate secretary.

Slansky brings two decades of experience as a chief financial officer to
SpaceDev, with a track record of proven success in financial management,
operations, human resources and information technology at emerging growth,
high-tech companies.

“We are very pleased to have Richard join our executive management team,”
said Jim Benson, chairman and chief executive officer of SpaceDev. “He has an
impressive financial management background and his knowledge and experience
will be vital in helping us to build our business.”

In his role as chief financial officer, Slansky will assume responsibility
for SpaceDev’s financial management including SEC reporting, strategic
financial planning, investor relations, accounting management, banking
relationships and cash flow management.

“I am excited to join the very talented team of professionals at SpaceDev
and I look forward to assisting the management team as we grow and expand our
innovative space product and technology offerings,” said Slansky.

Slansky holds a bachelor’s degree in economics from the Wharton School at
the University of Pennsylvania and a master’s degree in business
administration from the University of Arizona.

About SpaceDev

SpaceDev provides 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 NASA, National Reconnaissance Organization (NRO),
Boeing, Jet Propulsion Laboratory (JPL), California Space Authority (CSA) 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.