SpaceDev Completes Acquisition of Starsys Research Corporation<br /><br />Starsys Becomes Subsidiary of SpaceDev After Stockholders Overwhelmingly Approve Merger<br /><br /> <br /><br />POWAY, CA –February 2, 2006--SpaceDev (OTCBB: SPDV) has completed the acquisition of Starsys Research Corporation after each company obtained approval from over 98% of shares voting on the merger and unanimous approvals from both companies’ Board of Directors. The combined company is headquartered in California and maintains operating centers in California, Colorado and North Carolina, with over 50 active projects. It will have almost 200 employees dedicated to the design and manufacture of affordable and innovative space products for commercial, military and civilian government use. <br /><br /> <br /><br />“The merger of SpaceDev and Starsys represents a major milestone for our company and for our industry, and brings us to a new plateau in our corporate development” said Mark N. Sirangelo, Chief Executive Officer and Vice-Chairman of SpaceDev. “By combining the broad range of high tech space product development and production capabilities of Starsys with SpaceDev’s capabilities for designing and building high performance, low cost satellites, spacecraft and propulsion systems, we are creating a dynamic mid-sized company focused on filling the expanding need for affordable and rapid access to space.”<br /><br /> <br /><br />Starsys designs, engineers and manufactures mechanical systems, structures, and mechanisms that open, close, release, and move components on spacecrafts. This includes motion-control actuators, cover systems, deployment systems, and separation systems. Starsys’ components have been utilized with 100% operational success on over 200 missions, including the Mars Rover, Cassini, and Deep Impact. Starsys’ quality is exemplified by the Mars Rover missions, in which Starsys provided 25 mechanisms for each rover controlling almost everything that moves, including cameras, scienc