Item
1.01. Entry
into a Material Definitive Agreement
On August
15, 2008, we were awarded a multi-year cost plus fixed fee contract with Scaled
Composites, LLC of Mojave, CA to provide certain services and goods in order to
develop, test and supply technology and hardware relating to hybrid rocket motor
systems and component parts and integrate them into the SpaceShipTwo vehicle
system design. The spacecraft is being designed by Scaled for Virgin Galactic
and is part of a complete space system that also includes the WhiteKnightTwo
carrier aircraft. The contract runs through 2012 and has an initial
value of approximately $15 million, with a majority of the work anticipated to
be completed over the next two years.
This
contract is a follow-on arrangement to the successful SpaceShipOne
program. The goal of the program is to design, build and flight test
a SpaceShipTwo suborbital tourism vehicle with a hybrid rocket motor
system. The design of this vehicle is expected to be passed to The
SpaceShip Company, a separate joint venture company between Scaled and Virgin,
which will be responsible for building the first commercial vehicles for public
use. As part of this contract, we will be re-creating the team that
was successful during the SpaceShipOne program and will be providing services to
support and enhance the existing hardware, according to a detailed statement of
work provided by Scaled.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
SPACEDEV, INC.
Date: August
18,
2008 By: /s/ Richard B. Slansky
Richard B.
Slansky
President &
Chief Financial Officer