SpaceDev Inc., the world’s first publicly traded commercial space
exploration and development company, announced today the company will hold its
annual meeting of shareholders on July 20, 2001 at 1:00 p.m. PDT.
The meeting
will be held at SpaceDev’s corporate office located at 13855 Stowe Drive,
Poway, Calif.
At the meeting, shareholders will elect the Board of Directors,
approve the continuation of Nation Smith Hermes Diamond, Accountants &
Consultants, P.C. as the company’s independent public accountants for the
fiscal year ending December 31, 2001, and transact such other business as may
properly come before the meeting or any adjournment thereof.

Jim Benson, chairman and CEO, and Charles Lloyd, chief financial officer,
will provide insights into SpaceDev’s organization, business model and product
Furthermore, the presentations will cover the company’s financial
performance and the company’s continued focus in the high-growth space
exploration market.
A question and answer session will follow the

Proxy material is being distributed to shareholders of record as of
June 26, 2001 who are entitled to vote at the meeting.
Others may request a
copy of the proxy statement by contacting Investor Relations at 949-642-7700.

Founded in 1997, SpaceDev is the world’s first publicly traded commercial
space exploration and development company.
SpaceDev designs, assembles and
tests affordable space systems including sophisticated micro-satellites,
hybrid rocket-based orbital maneuvering and orbital transfer vehicles (MTVs),
and safe hybrid rocket motors for sub-orbital space tourism applications.
SpaceDev is working with Sea Launch to explore offering low-cost secondary
launch opportunities; with Boeing to explore commercial missions beyond earth
orbit; and in conjunction with the United States Air Force, to develop kick
motors for micro-satellites and orbital maneuvering vehicles.

For further information, please contact:
Elyesse Concepcion of
eConcep Public Relations, 949-642-7700, for SpaceDev Inc.