SpaceDev $pace Milestone

SpaceDev, Inc. [OTCBB: SPDV] reported its financial results for the three months ended March 31st, 2008 with revenue of more than $10.3 million, an increase of over 14 percent, net income of approximately $57,000 and Adjusted EBITDA of over $490,000. This was a new revenue milestone for SpaceDev this quarter with their first $10 million quarter. SpaceDev continues to create major new programs, and is closing-out some of the legacy long-term fixed price development programs. Most of the revenue increase was due to the growth of non-government sector programs by approximately $2.0 million offset by a slight decline in government based contracts. SpaceDev is a space systems company that develops high performance, innovative components and systems that enable getting to, exploring, and using space. Their products include; spacecraft actuators that power the Mars rovers, to hybrid rocket technologies that powered the first commercial astronaut to space, and from microsatellites controlled by the Internet to Dream Chaser, a winged and piloted orbital commercial spacecraft—Poway, California