03/09 07:18 SpaceDev Wins
Micro-Satellite Award; Space Innovations
Limited to
<SPDV.OB>
SpaceDev Wins Micro-Satellite Award; Space Innovations
Limited to Provide Australian FedSat Research Satellite Bus
SAN DIEGO--(BUSINESS WIRE)--March 9, 1999--SpaceDev (OTC
BB:SPDV), the world's first commercial space exploration and
development company, today announced that its SIL
subsidiary has been awarded a multi-million dollar contract to
build the Australian FedSat research satellite bus.
FedSat, an Australian research micro-satellite, is being
procured by the CRCSS (Cooperative Research Centre on
Satellite Systems). The satellite will be integrated and
operated by the CRCSS, a collaborative effort by 12
Australian universities, companies and government agencies
with laboratories in six states and territories. The equipment
will be provided by SIL (Space Innovation Limited) of
Newbury, England, a wholly owned subsidiary of SpaceDev.
"After an intense international competition and careful
consideration by the Australian government, the choice of SIL
to build the FedSat bus indicates SIL has arrived in terms of
being a competitor on a global scale. We are very pleased
with the decision and look forward to working with CRCSS to
make their mission a success," said Jim Benson, chairman and
chief executive officer of SpaceDev.
"I believe that mastery of space and space technology will be
extremely important in the next century in terms of job
creation and economic stimulation." Benson added, "After
recent visits to Australia and the award of the contract, I see
Australia's interest in space is growing, and SpaceDev hopes
to collaborate closely with CRCSS over the next few years to
help foster this important development."
"This new scientific satellite will promote Australian space
engineering and scientific research." The Honorable Nick
Minchin, the Minister for Industry, Science and Resources
Centre, said today, "This project and the Space Activities Act
we introduced last year, show that the government has
strong faith in the important role space will play in Australia's
future."
Minister Minchin approved the contract for the supply of a
satellite platform or bus, together with its ground control
system, for the FedSat experimental micro-satellite that will
celebrate Australian scientific and technical capability in
2001, the Centenary of Federation.
"This contract represents a major milestone for the CRCSS,"
said its Executive Director, Dr. Brian Embleton. "We were
established just 13 months ago, with a charter to develop
low-cost space projects relevant to Australian business,
education and research needs. FedSat will be the first
satellite developed in Australia in thirty years, and it will
allow a new generation of space engineers, scientists and
businesses to acquire experience and to develop new
products and services that customers can afford."
This view was echoed by SIL's Marketing Director, Kim Ward,
who stressed the importance of the contract award to the
company, "We see the FedSat project as a vital next step in
SIL's growth. It gives us the opportunity to establish strong
relationships with a number of important organizations in
Australia and to demonstrate to the space community the
potential of our advanced 3-axis stabilized spacecraft bus to
many different mission applications in the future."
The FedSat satellite is scheduled to be launched during the
last quarter of the year 2000, in good time to participate in
celebrations marking the centennial of the Australian
Federation in mid-2001. The 58 Kg spacecraft, Australia's first
satellite mission of the new millennium, will carry
experiments for navigation, magnetic field measurement,
profiling the Earth's atmosphere, and testing new space
computers and new satellite communications technologies. It
will be placed into orbit some 800 Km above the Earth and
should operate for up to three years.
SIL, acquired in 1998 by SpaceDev, is a space products
company specializing in design and manufacture of
inexpensive satellite subsystems and turnkey mini-and
micro-satellites.
SpaceDev's capabilities include mission and spacecraft design
as well as construction of small satellites, ground stations,
spacecraft subsystems, and launch vehicles; plus aerospace
design and analysis services. With headquarters in San Diego,
SpaceDev is a Colorado chartered corporation with additional
sales offices in Washington, DC.
The foregoing press 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 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.
Note: News releases and other information on SpaceDev can
be accessed at: www.spacedev.com. ISS:
www.spaceinc.com; SIL: www.sil.com.
--30--ts/sd* sf/sd
CONTACT: SpaceDev
Jim Benson and Tom Brown, 619/684-3570
or
Ron Ventre, 760/943-9065 Today's News On The Net - Business
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