Jim Benson,
Founder, Chairman, and CEO of SpaceDev, will attend the AIAA Space
2003 Conference and Exhibition at the Long Beach Convention Center in
Long Beach, California, September 23-25, 2003, 10 a.m. – 4 p.m. PDT.

Benson will be at SpaceDev’s booth (#521) to demonstrate products
and solutions, which include the design, manufacture, marketing and
operation of sophisticated micro and nano satellites, hybrid
rocket-based orbital Maneuvering and orbital Transfer Vehicles (MTVs)

At the conference, Benson will answer questions concerning
SpaceDev’s recent “win” as the sole supplier of operating components
for Scaled Composites’ hybrid rocket motor.

The Space 2003 Conference and Exposition is designed to review the
many achievements in space and highlight new initiatives and plans
while surfacing key issues and concerns that need to be addressed in
order to define clear roadmaps for future progress.

Space 2003 is attended by leaders from all elements of the space
community and provides an opportunity to focus on critical issues at a
pivotal time for the next decade of space development.

As a reminder, SpaceDev has scheduled a conference call with Jim
Benson today at 1 p.m. EST. To participate, please call the following

From the U.S. and Canada: 1-800-915-4836

Participants are asked to call the above numbers 5-10 minutes
prior to the starting time.

A telephone replay of this call will be available from 2:00 p.m.
on Monday, September 22, 2003 through 11:59 p.m. on Monday, October 6,
2003. Please call 1-800-428-6051 and use the access number 307418.

About SpaceDev

SpaceDev creates and sells affordable and innovative
space products and solutions to government and commercial enterprises.
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 developing 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.