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SpaceDev Acquired by Sierra Nevada Corporation

POWAY, CA – December 16, 2008 – SpaceDev, Inc. (OTCBB: SPDV) announced today that privately held Sierra Nevada Corporation (SNC) has completed the acquisition of SpaceDev by way of a merger of a wholly owned subsidiary of SNC into SpaceDev.  As a result of the merger, SpaceDev is now a wholly owned subsidiary of SNC.  Pursuant to the merger agreement, all shares of SpaceDev common stock outstanding at the effective time of the merger have been converted into the right to receive $0.72658 per share in cash.  

The merger agreement for this transaction was considered at the SpaceDev Annual Stockholders Meeting held on December 15th.  At the Annual Meeting more than 87% of the shareholders were represented in person or by proxy.  A total of 38,347,576 shares of SpaceDev common stock were voted on the merger proposal, of which 94.25%, or 28,733,232 shares, voted in favor of the merger.  The holders of outstanding SpaceDev preferred stock also approved the merger.


About SpaceDev

For more information on SpaceDev please visit www.spacedev.com.

About Sierra Nevada Corporation

For more information on SNC please visit www.sncorp.com.

Except for factual statements made herein, this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company's current expectations, and are not guarantees of performance. The Company's actual results could differ materially from its current expectations. Factors that could contribute to such differences include risks and uncertainties associated with: the Company's ability to effectively integrate acquisitions; rescheduling or cancellation of customer orders; uncertainties in the government budgeting process; ability to control costs and expenses; and larger competitors’ competitive advantages. Reference is also made to other factors described in the Company's periodic reports filed with the SEC, including the Company's most current Annual Report on Form 10-KSB. These forward-looking statements speak only as of the date of this release. SpaceDev does not undertake to update these forward-looking statements.

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SpaceDev Investor Relations
Investor Contact:  Richard Slansky/Jessica Schwarz
Media Contact:  Mark Sirangelo
(858) 375-2026