Sierra Nevada Corporation Signs Agreement to Acquire Space Technology Company SpaceDev, Inc.

SpaceDev, Inc. adds to SNC's experience in the integrated space business 


SPARKS, Nev., Oct. 23  /PRNewswire/ -- Sierra Nevada Corporation (SNC) Chairman of the Board Eren Ozmen announced today that SNC has signed an agreement to acquire SpaceDev, Inc. (OTC:SPDV) (BULLETIN BOARD: SPDV) , a space technology company. Under the agreement, SNC seeks to acquire the outstanding equity of SpaceDev for the gross purchase price of $38 million, which after certain deductions is expected to result in a net price of between $0.68 and $0.72 per share to holders of SpaceDev common stock. The expected price represents a premium of between 42 and 50 percent over the average closing price of SpaceDev's common stock over the 30 trading days preceding this announcement.  The acquisition has been approved by SpaceDev's Board of Directors and will be presented to SpaceDev stockholders for a vote in December.

"The acquisition of SpaceDev, which has a tremendous space heritage with products that have flown on 250 spacecraft, represents a dynamic expansion of SNC's space technology capabilities, proven system integration, communications, networking and intelligence capabilities in the space sector," said Fatih Ozmen, Chief Executive Officer of SNC.  "We believe that combining SpaceDev's unique technological offerings, manufacturing capabilities and talented team with our existing space business and technology base will allow us to significantly increase our capacity and scalability while better serving our customers and making us a leader in space technology with access to a much wider customer and technology base."

SNC expects to form an integrated space technologies unit with this SpaceDev acquisition, SNC's subsidiary, MicroSat Systems, and the other SNC space operations and capabilities that will provide advanced satellite systems, propulsion systems, space vehicle systems and a wide array of subsystems and components to defense, civil government, and corporate customers.

"This is an exciting and positive step for us and our shareholders," said Mark N. Sirangelo, Chairman and Chief Executive Officer of SpaceDev.  "There are significant synergies between SNC and SpaceDev and we believe that our combined space products will be well received by the emerging space markets. We expect our employees and customers to greatly benefit in the future from this acquisition. My team and I look forward to working with the outstanding management and staff of SNC."

SpaceDev, Inc. has filed or will shortly file a Form 8-K containing additional information regarding this acquisition with the Securities and Exchange Commission.  Interested parties are encouraged to review SpaceDev's Form 8-K filing and its related exhibits.    The Form 8-K can be found at: http://www.spacedev.com/sec_filings_financial_reports.php, then click on Form 8-K or 8-K reports, or by going directly to the Securities and Exchange Commission's website (http://www.sec.gov/).

About SpaceDev, Inc.

SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information, visit http://www.spacedev.com/.

About Sierra Nevada Corporation

Sierra Nevada Corporation (SNC) is known for its rapid, innovative, and agile technology solutions in electronics, aerospace, avionics, space, micro- satellite, aircraft and communications systems for both the private and public sectors. Founded in 1963, SNC's seven unique business areas employ more than 1,300 people in 30 different locations in 20 states - all of whom are dedicated to providing leading-edge solutions to SNC's dynamic customer base.

Over its 45 year history, SNC has remained focused on providing its customers the very best in diversified technologies to meet their needs and has a strong and proven track record of success.  SNC has grown into one of the Top Woman-Owned Federal Contractors in the United States while maintaining its reputation for innovation and agility.  The company continues to focus its growth on the commercial sector through internal advancements and outside acquisitions, including the emerging markets of telemedicine, nanotechnology, energy and net-centric operations.  For more information on SNC visit http://www.sncorp.com/. 

DATASOURCE: Sierra Nevada Corporation



CONTACT:  Kristopher Jensen, [phone], , for

Sierra Nevada Corporation



Web site:  http://www.sncorp.com/

http://www.spacedev.com/ 

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