Sierra Nevada Corporation Signed Agreement to Acquire
Space Technology Company SpaceDev, Inc.
SpaceDev, Inc. adds to SNC’s experience in the integrated space business

Sparks, Nev. – October 20, 2008 – Sierra Nevada Corporation (SNC) Chairwoman of the Board, Eren Ozmen, announced today that it has signed an agreement to acquire SpaceDev, Inc. (OTCBB: SPDV), a space technology company. Under the Agreement, SNC seeks to acquire the outstanding equity of SpaceDev for the gross purchase price of $38 million, which after certain deductions is expected to result in a net price to holders of

“The acquisition of SpaceDev, which has a tremendous space heritage with products that have flown on 250 spacecraft, represents a dynamic expansion of SNC’s space technology capabilities, proven system integration, communications, networking and intelligence capabilities in the space sector,” said Fatih Ozmen, Chief Executive Officer of SNC.  “We believe that combining SpaceDev’s unique technological offerings, manufacturing capabilities and talented team with our existing space business and technology base will allow us to significantly increase our capacity and scalability while better serving our customers and making us a leader in space technology with access to a much wider customer and technology base.”

SNC expects to form an integrated space technologies unit with this SpaceDev acquisition, SNC’s subsidiary, MicroSat Systems, and the other SNC space operations and capabilities that will provide advanced satellite systems, propulsion systems, space vehicle systems and a wide array of subsystems and components to defense, civil government, and corporate customers.

“This is an exciting and positive step for us and our shareholders,” said Mark N. Sirangelo,
	Chairman and Chief Executive Officer of SpaceDev.  “There are significant synergies between SNC and SpaceDev and we believe that our combined space products will be well received by the emerging space markets. We expect our employees and customers to greatly benefit in the future from this acquisition. My team and I look forward to working with the outstanding management and staff of SNC.”

SpaceDev, Inc. has filed or will shortly file a Form 8-K with the Securities and Exchange Commission containing additional information regarding this acquisition.  Interested parties are encouraged to review SpaceDev’s Form 8-K filing and its related exhibits.    The Form 8-K can be found at:  www.spacedev.com/sec_filings_financial_reports.php, then click on Form 8-K or 8-K reports, or by going directly to the Securities and Exchange Commission’s website (http://www.sec.gov).

 About SpaceDev, Inc.
SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information, visit www.spacedev.com.

About Sierra Nevada Corporation
Sierra Nevada Corporation (SNC) is known for its rapid, innovative, and agile technology solutions in electronics, aerospace, avionics, space, micro-satellite, aircraft and communications systems for both the private and public sectors. Founded in 1963, SNC’s seven unique business areas employ more than 1,300 people in 30 different locations in 20 states – all of whom are dedicated to providing leading-edge solutions to SNC’s dynamic customer base.