SpaceDev, Inc., the world’s first publicly traded commercial space
exploration and development company, today announced that Mr. David B.
Smith has been named to the newly created position of Chief Technical
Officer. He will also assume the role as Vice President of Engineering
with responsibility for consolidating overall company technical
activities, and to ensure the development of quality hardware and
flight systems.

One of Smith’s first duties will be to assume management
responsibilities for the company’s commercial deep space missions,
including the company’s commercial Lunar, asteroid and Mars
exploration initiatives. Dave’s thirty-eight year career has focused
on multiple deep space and Earth-orbiting missions including Apollo,
MVM, Viking, Voyager, Galileo, and two shuttle radar missions: STS 59
& 68. He was awarded NASA’s Exceptional Achievement medal for his
leadership and management skills for the Earth orbiting shuttle
missions. His activities on these missions ranged from navigation,
mission design, systems engineering to the development and delivery of
the central computer system (CDS) to the Galileo spacecraft. He is
currently a key member of the Mars program architect studies at NASA’s
Jet Propulsion Laboratory (JPL), and will join SpaceDev on July 5.

“We are elated that Dave is joining our SpaceDev team – his
experience, professionalism, motivation, and leadership are
significant assets and will be key to furthering our deep space flight
systems development for our commercial and government customers” said
Stan Dubyn, SpaceDev’s President and COO. Added Stan, “in recognition
of our continuing growth, we have added the CTO position, of which
Dave is a perfect fit – his immense technical and management depth
will help to position us for multiple near-term space activities.”

SpaceDev is developing mission and spacecraft designs for three
separate commercial deep space missions, with the primary focus being
on a near-term robotic lunar mission to provide live, interactive
streaming video, with a web server and email forwarding from a
commercial lunar orbiter. The other missions include SpaceDev’s Near
Earth Asteroid Prospector (NEAP), and a 2003 Mars data relay orbiter
possibly combined with a Mars probe carrier. All three proposed
missions uniquely use the same spacecraft architecture and flight
software, which the company believes should result in lower costs,
faster development time and increased reliability.

Commenting on his appointment to SpaceDev, Dave said “I am very
excited about this outstanding opportunity to work in the area of
entrepreneurial space development, because SpaceDev is unique in the
field, and is already having an impact on the perception of lower cost
missions through standard business practices. I believe I can use my
years of hands-on deep space experience to help SpaceDev create
reliable and low-cost missions and spacecraft, and to provide these
capabilities to commercial customers and NASA alike.”

Dave Smith’s thirty years of experience include key positions on
the Pioneer-10 Navigation Team, the Mars Viking Orbiter and Lander
Navigation Team, the Apollo-11 and Voyager Mission Design Teams, and
the Galileo and SIR-C Development Teams.

Dave will be working with Stan Dubyn to map out the next steps in
SpaceDev’s strategic planning for the design and development of
commercial deep space missions, science investigations in concert with
NASA’s Space Science Enterprise, advanced propulsion technology
infusion, and strategic partnerships and acquisitions.

In related news at SpaceDev, Mr. Charles H. Lloyd, Chief Financial
Officer, has been made responsible for setting up a new business
structure for lunar and deep space mission funding. He will be working
with corporate sponsors and partners in the broadcast and Internet
arenas, and will be identifying future investors for SpaceDev’s
opportunities. As a result of increased interest in and work on the
potential commercial lunar mission, SpaceDev is seeking a new target
asteroid, with a later launch date, for its proposed Near Earth
Asteroid Prospector (NEAP). The mission still has a high corporate
priority, and the new target and tentative launch date will be
announced later in the year.

Forward-looking Statements

This news release may contain forward-looking statements
concerning the business and future prospects of the company and its
subsidiary, and other similar statements that do not concern matters
of historical fact. Forward-looking statements in this press release
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.