SpaceDev Inc.
, the world’s first publicly-traded commercial space
exploration and development company, today announced that General
Howell M. Estes, III (USAF Retired) has joined SpaceDev’s Board of

General Estes retired from the United States Air Force in 1998
after serving for 33 years. At that time he was the Commander-in-Chief
of the North American Aerospace Defense Command (CINCNORAD) and the
United States Space Command (CINCSPACE), and the Commander of the Air
Force Space Command (COMAFSPC) headquartered at Peterson AFB, Colo. In
addition to a Bachelor of Science Degree from the Air Force Academy,
he holds a Master of Arts Degree in Public Administration from Auburn
University and is a graduate of the Program for Senior Managers in
Government at Harvard’s JFK School of Government.

“We are very honored that General Estes has joined our Board,”
said Jim Benson, chairman and CEO of SpaceDev. “General Estes is both
a hero and a visionary who has spent many years advocating increased
investment in space and closer ties with the commercial space sector
because of the importance of space to our national security. I believe
he will be able to help us match SpaceDev business goals and technical
capabilities with current and future needs of our nation, and with
those who will be making important space-related decisions over the
next several years.”

“I believe the next five to 10 years will see exciting, new
opportunities in space, both commercial and government, for which
SpaceDev is well positioned,” commented General Estes. “I look forward
to working with the other Board members to fully develop these
opportunities, while at the same time helping in some manner to
maintain our country’s leadership role in space.”

Gen. Howell Estes is the President of Howell Estes & Associates
Inc., a wholly owned consulting firm to CEOs, Presidents and General
Managers of aerospace and telecommunications companies worldwide. He
serves as vice chairman of the Board of Trustees at The Aerospace
Corp. He served as a consultant to the Defense Science Board Task
Force on SPACE SUPERIORITY and more recently as a commissioner on the
U.S. Congressional Commission to Assess United States National
Security Space Management and Organization (the “Rumsfeld

About SpaceDev. SpaceDev ( is currently designing
inexpensive hybrid rocket-based orbital maneuvering and orbital
transfer vehicles (MTVs) 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 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. 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 , 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.