SpaceDev, Inc.
(OTCBB: SPDV), the world’s first publicly-traded commercial space
exploration and development company, today announced that on April 17,
2001, the Australian Securities and Investments Commission (ASIC)
placed a stop order on a prospectus dated February 27, 2001, lodged on
behalf of SpaceDev’s majority-owned subsidiary, SpaceDev Australia,
Ltd.
The prospectus sought to raise approximately $8.0 million AUS. The
ASIC had concerns regarding the relationship of SpaceDev to Space
Projects Australia, Ltd (SPA), the division of funds raised in the
offering between the two entities, and the use of forecasts and
projections prepared by management and reviewed by an independent
Australian accountant for use in the offering. The use of forecasts
has become more limited under recent regulations adopted by ASIC.
“We are disappointed that we did not get ASIC approval of the
prospectus. As to the financial forecasts, we tried very hard to
follow the new regulations that were put in place a few weeks before
our registration,” said Charles H. Lloyd SpaceDev’s Chief Financial
Officer. “We remain optimistic about the company’s prospects in
Australia and Asia, and after discussions with ASIC, will make a
determination as to how to proceed with this opportunity to expand our
business.”
About SpaceDev. SpaceDev (www.spacedev.com) 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
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
innovation for the space industry. Established in 1997, SpaceDev’s
corporate offices are located near San Diego in Poway, California.
For more information, contact Charles H. Lloyd, CFO: 858/375-2030.
