SpaceDev 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, spacecraft systems 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.
