SpaceDev Awarded Hybrid Rocket Motor Contract
Thursday November 17, 8:30 am ET
POWAY, Calif.--(BUSINESS WIRE)--Nov. 17, 2005--SpaceDev (OTCBB: SPDV - News) announced the award of a $2.7 million contract by the Air Force to begin work on a large hybrid rocket motor. SpaceDev is to design, develop and test a small common booster capable of producing about 100,000 pounds of thrust, almost nine times that of the SpaceDev rocket motor technology used in Paul Allen's SpaceShipOne which won the $10 million Ansari X Prize last year. Test firings of the prototype rocket motor are to begin next year.
Under the contract, SpaceDev will be paid on a cost plus fixed fee basis related to the project. SpaceDev will own the technology that it develops, although the Air Force will retain certain licensing rights related to the technology. SpaceDev anticipates that the technology will validate ground test configuration of critical elements of the hybrid motor, such as the injectors, igniters, the motor grain and insulation. The overall goal is to demonstrate successful ignition and operation of a booster stage hybrid motor that can produce a reliable and reproducible thrust profile, with high performance.
"We believe that this contract will enable us to improve in a cost-effective way on the technology we developed for the SpaceShipOne project," said SpaceDev founding chairman and chief executive, Jim Benson. "We also believe that this technology will be another significant step toward developing our own reliable, low cost, safe cargo and crew vehicles, like our proposed SpaceDev Dream Chaser(TM) orbital human space transportation vehicle. We believe the technology can also be adapted for use alone as a sounding rocket or target in our proposed SpaceDev Streaker(TM) small launch vehicle family."
About SpaceDev
SpaceDev (OTCBB: SPDV - News) is a high tech space development company that creates and sells affordable and innovative space products and solutions to government and commercial enterprises. SpaceDev's innovations include the design, manufacture, marketing and operation of sophisticated micro- and nano-satellites. SpaceDev designs and builds safe hybrid rocket motor propulsion systems for sub-orbital and orbital transportation systems for cargo and for human space flight. Upon founding SpaceDev in 1997, Jim Benson started the trend of successful computer entrepreneurs moving into the space development arena. For more information, visit www.spacedev.com.
Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism and satisfaction with current prospects, as well as words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company's current expectations. Such forward-looking statements are not guarantees of performance, and the Company's actual results could differ materially from the Company's current expectations based on many factors that are directly or indirectly related to the items discussed above. Factors directly related to the subject of this release that could cause or contribute to such differences include risks and uncertainties associated with rescheduling or cancellation of customer orders or government contracts; unforeseen development challenges and delays; and, the Company's ability to control costs and expenses. Reference is also made to other factors set forth in the Company's periodic reports filed with the Securities and Exchange Commission, including "Management's Discussion and Analysis" and other sections of the Company's most current Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB. These forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release.
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Investor:
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Mike Graff, 212-825-3210
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Source: SpaceDev
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
AI
