Message #40 From:
NewsBot Date: December 14, 2007 06:49:48 AM
SpaceDev Attracts Institutional Investor
Raises $2.8 Million in Private Financing
SpaceDev, Inc. (OTCBB: SPDV) announced that it
has entered into a Stock Purchase Agreement and Stockholder Agreement with
Loeb Partners Corporation, a New York-based investment firm. Pursuant to
the Stock Purchase Agreement, SpaceDev issued and sold 3,750,000 shares of
SpaceDev common stock in a private transaction to Loeb for $2,812,500, or
$0.75 per share, an above market price at the time of the transaction.
"We are very pleased to have completed this financing with Loeb Partners
and to have them express confidence in our business plan and future
opportunities," said Mark N. Sirangelo, Chairman and CEO of SpaceDev. "As
we look to 2008 and beyond, having investment partners, such as Loeb, opens
expansion possibilities for SpaceDev. We appreciate the vote of confidence
that Loeb has placed in SpaceDev and its management team and we look
forward to their continued support as we grow our Company."
About Loeb Partners Corporation
Loeb Partners Corporation and its affiliates are members of a family of
privately owned companies engaging in a variety of different businesses,
including a registered broker/dealer, investment advisors and private
investment vehicles available to institutions and high net worth
participants. Loeb's management strategies include engaging in arbitrage,
event driven and deep value investing, distressed security transactions,
special situations, and private equity.
About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and
sells affordable and innovative space products and mission solutions. For
more information please visit www.spacedev.com.
For more information, the Company filed a Form 8-K on December 7, 2007 with
the SEC, which can be viewed on its website or at www.sec.gov.
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 manage schedule changes or cancellation of customer orders,
control costs and expenses, and obtain additional financing, if needed.
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 and subsequent Quarterly Reports on Form 10-QSB.
These forward-looking statements speak only as of the date of this release.
SpaceDev does not intend to update these forward-looking statements.
SpaceDev Investor Relations
Investor Contact:
Richard Slansky
Jessica Schwarz
Media Contact:
Mark Sirangelo
Scott Tibbitts
(858) 375-2026
