22 October 1997
News - Habitat (None)
SpaceDev Goes Public
Company Press Release
by Peter Wainwright
Steamboat Springs, CO (October 22, 1997) - SpaceDev, LLC a Colorado-based holding company announced that it has acquired a controlling interest in Pegasus Development Group, Inc. (OTC Bulletin Board: PSDM) of Denver, Colorado.

In connection with this transaction the LLC also agreed to exchange 1,000,000 shares of SpaceDev, a development-stage Nevada corporation engaged in commercially-based planetary space related services and programs. Upon completion of this second transaction, Pegasus will own 100% of SpaceDev and SpaceDev LLC will own more than 95% of Pegasus.

At a news conference held in Washington, DC on September 9th, SpaceDev announced the formation of its Near Earth Asteroid Prospector ("NEAP") mission. NEAP consists of building, testing, and launching the world's first private planetary exploration probe. The NEAP spacecraft will carry three state of the art, data gathering/reporting scientific instruments including an alpha-proton-x-ray spectrometer (a duplicate of the instrument used on NASA's recent Mars Sojourner Rover), a neutron spectrometer and a multi-band CCD camera.

"NEAP" is unique," said Jim Benson, chairman of SpaceDev "because for the first time, government agencies, universities and institutes around the world will be able to buy insured rides for their experiments and instruments on a fast turn around planetary mission offered by a private company."

Although SpaceDev intends to use existing and proven technology, no assurance can be given that the company will have adequate funds to implement its business plan or that the business plan will be successful.

The business plan currently calls for an expected first launch in 1999.

This news release contains forward-looking statements. Actually results may vary due to a wide variety of risk factors including but not limited to, availability of substantial additional financing, dependence on management, government relations, successful building and launching of spacecraft, dependence on outside contractors and other risks generally associated with a start-up development venture.
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Peter Wainwright 22 October 1997
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