PR Newswire, Monday, July 06, 1998 at 08:20
SAN DIEGO, July 6 /PRNewswire/ -- SpaceDev (BB: SPDV)
announced today it signed a letter of intent to acquire 100% of Space
Innovations Limited (SIL) of Newbury, England. SIL is a space engineering
company specializing in low-cost, high-quality products for space flight.
"The acquisition of SIL should provide additional strategic capabilities
to SpaceDev," said Jim Benson, SpaceDev Chairman and CEO. "It brings us
another step closer to one of our long-term goals, which is to become a
worldwide, integrated provider of affordable, reliable space access from
mission inception through completion."
SIL, with 40 employees, is a space engineering company that specializes in
the design and manufacture of satellite subsystems and small satellites, which
generally have payloads of 50 to 300 kilograms. These satellites are often
used for communications purposes, such as those in the constellations on
Motorola's Iridium project.
According to unaudited company records for the year ended December 31,
1997, SIL recorded sales of approximately 1.35 million U.K. pounds. Based on
current exchange rates, this would be approximately $2.2 million.
"SIL has great growth potential in the rapidly burgeoning small satellite
arena," Benson added. "Furthermore, with completion of this acquisition,
SpaceDev capabilities will include space engineering services,
spacecraftsystems and sub systems, and with our space missions division, the
potential for flying profitable space missions of all types."
SIL will become a wholly owned subsidiary of SpaceDev. Specific terms of
the deal were not disclosed pending completion of the acquisition.
SIL (www.sil.com) was formed in 1996 through the management buy out of the
former Satellites International Limited.
"Our engineers evaluated the scope and quality of SIL products and were
quite pleased. We are especially interested in SIL's deep space X-band
transceiver capabilities, one of many SIL subsystems applicable to our Near
Earth Asteroid Prospector (NEAP), many government missions and other possible
SpaceDev deep space missions.
"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. The
only missing piece is our own launch vehicle capability," said Benson.
SpaceDev, the world's first commercial space exploration company, intends
to launch the first private spacecraft to assess and to land on another
planetary body. SpaceDev is selling rides for scientific instruments to
governments and companies to transport their instruments and experiments
through deep space to a near earth asteroid. SpaceDev intends to sell the
scientific data acquired by its instruments as commercial products.
Colorado-based SpaceDev has offices in San Diego, CA and Washington, D.C.
Except for historical financial information contained herein, the matters
set forth in this release are forward-looking statements that are dependent on
certain risks and uncertainties including but not limited to such factors as
market demand, pricing, and changes in worldwide economic conditions.
Note: News releases and other information about SpaceDev Inc. can be
accessed at spacedev.com or ctaonline.com.
SOURCE SpaceDev
-0- 07/06/98
/CONTACT: Jim Benson, CEO of SpaceDev, 619-684-3570; Shirley Thompson,
President, or Mike Trueblood, A/E, both of Carl Thompson Associates,
800-959-9677/
/Web site: sil.com
/Web site: ctaonline.com
/Web site: spacedev.com |
