SpaceDev has been awarded a contract for a proprietary research program valued in excess of $1 million that could lead to a total value of $2.2 million. Specific information about this new work cannot be released at this time.
SpaceDev believes this new contract is indicative of an increased demand for its technology and expertise in the space industry. In an effort to meet that demand, SpaceDev has recently expanded its Board of Directors and focused SpaceDev¿s expertise on developing products to sell into emerging markets.
“Winning this competition is one of the most significant victories in SpaceDev¿s history, and as we complete the various phases of the project we look forward to announcing the breakthroughs that SpaceDev has been able to successfully accomplish,” said Jim Benson, SpaceDev¿s chairman and CEO.
Since its founding, SpaceDev has positioned itself at the forefront of this new economic wave¿pioneering the Infinite Frontier¿and this win validates the hard work and preparation of SpaceDev¿s first years. SpaceDev remains focused on continuing along a path of strong fundamental growth. This recent contract should result in an increase in revenues in both the fourth quarter of this year and first quarter of 2002.
“This recent announcement marks yet another step towards SpaceDev¿s successful implementation and execution of its business goals,” stated Charles Lloyd, COO and CFO of SpaceDev. “Our recent efforts to generate increased revenues for the company, while reducing our operating costs, is significant as we work towards our goal of reaching profitability over the next 12 to 18 months.”
