SpaceDev, Inc. (OTC BB:SPDV.OB) announced that it has entered into a Stock Purchase Agreement and Stockholder Agreement with Loeb Partners Corporation, a New York-based investment firm. Pursuant to the Stock Purchase Agreement, SpaceDev issued and sold 3,750,000 shares of SpaceDev common stock in a private transaction to Loeb for $2,812,500, or $0.75 per share, an above market price at the time of the transaction.
“We are very pleased to have completed this financing with Loeb Partners and to have them express confidence in our business plan and future opportunities,” said Mark N. Sirangelo, Chairman and CEO of SpaceDev. “As we look to 2008 and beyond, having investment partners, such as Loeb, opens expansion possibilities for SpaceDev. We appreciate the vote of confidence that Loeb has placed in SpaceDev and its management team and we look forward to their continued support as we grow our Company.”
About Loeb Partners Corporation
Loeb Partners Corporation and its affiliates are members of a family of privately owned companies engaging in a variety of different businesses, including a registered broker/dealer, investment advisors and private investment vehicles available to institutions and high net worth participants. Loeb’s management strategies include engaging in arbitrage, event driven and deep value investing, distressed security transactions, special situations, and private equity.
About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information please visit www.spacedev.com. For more information, the Company filed a Form 8-K on December 7, 2007 with the SEC, which can be viewed on its website or at www.sec.gov.
Except for factual statements made herein, this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words such as “believe,” “intends,” “expects,” “plans,” “anticipates” and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company’s current expectations, and are not guarantees of performance. The Company’s actual results could differ materially from its current expectations. Factors that could contribute to such differences include risks and uncertainties associated with the Company’s ability to effectively manage schedule changes or cancellation of customer orders, control costs and expenses, and obtain additional financing, if needed. Reference is also made to other factors described in the Company’s periodic reports filed with the SEC, including the Company’s most current Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB. These forward-looking statements speak only as of the date of this release. SpaceDev does not intend to update these forward-looking statements.
