SpaceDev announced Tuesday that it has completed the acquisition of all the outstanding common stock of Space Innovations Limited (SIL) of Newbury, England, in exchange for SpaceDev common stock.
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.
