SIL now becomes SpaceDev's second wholly owned subsidiary along with Integrated Space Systems (ISS) of San Diego.

SIL is a space engineering company that specializes in the design and manufacture of satellite products, subsystems and complete small satellites, which generally weigh between 50 and 500 kilograms. This type of Earth orbiting satellite is often used for scientific and remote sensing applications. They could also form the basis of satellites for constellations similar to Teledesic, Globelstar and Iridium.

SIL recorded sales of approximately 745,000 U.K. pounds and profits of 20,800 U.K. pounds according to unaudited company records for the six-month period ended June 30, 1998. Based on current exchange rates, this is approximately $1.25 million in sales and approximately $35,000 in profits.

"The acquisition of SIL adds an important element in building a compressive space company," said Jim Benson, SpaceDev chairman and CEO. "SpaceDev now has the ability to design missions, small satellites and spacecraft, to build and test satellites and spacecraft, to perform launch vehicle integration, and to build and operate ground control stations.

"Furthermore, we intend to continue looking for other small, profitable space-related companies that can help complete the SpaceDev vision," said Benson.

SpaceDev, the world's first commercial space exploration company, intends to launch the first private mission to leave Earth orbit, assess and to land on another planetary body with its Near Earth Asteroid Prospector (NEAP).

SpaceDev is selling commercial rides for scientific instruments to governments and companies to transport their instruments and experiments through deep space to near Earth asteroid 1982 DB Nereus. SpaceDev intends to sell the scientific data acquired by its own instruments as commercial products. Colorado-based SpaceDev has offices in San Diego and Washington, D.C.

FYI

The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news 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.

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