Aussie Goes for Rocket-Powered World Land Speed Record; SpaceDev Expected to Provide Rocket Motors.

PERTH, Australia -- Rosco McGlashan, the "Fastest Aussie on Earth" will attempt to become the fastest man in the world by exceeding 900 mph in his new rocket powered Aussie Invader race car. McGlashan announced that he is engaged in ongoing design discussions for the world's fastest car with rocket motor developer SpaceDev (OTCBB: SPDV) of Poway, California, and with car designer John "Ackers" Ackroyd of the Isle of Wight.

In 1997, McGlashan was awarded the Order of Australia Medal for driving a jet-propelled car to a speed of 642 mph. McGlashan announced that he will attempt to set a new World Land Speed Record in a car propelled by a rocket motor which he expects to be provided by SpaceDev. SpaceDev recently provided the critical rocket motor propulsion technology for the history-making SpaceShipOne in its winning of the $10 million Ansari X Prize on October 4, 2004.

"This is an exciting once-in-a-lifetime adventure that I have been looking forward to for most of my life," said McGlashan. "The only way these speeds can be accomplished is with the power produced by a rocket motor, and the only rocket motor I trust and that has a successful track record is the rubber-burning hybrid rocket motors developed by SpaceDev, and that is why I have selected SpaceDev and Ackers, pending project funding."

SpaceDev has provided preliminary conceptual designs and analyses of high thrust rocket motors equivalent to 200,000 hp. McGlashan said he intends to put SpaceDev under contract to develop and deliver the rocket motors, immediately upon raising initial funds for this project. SpaceDev's non-exploding rocket motors use inert synthetic rubber as the fuel, and to make the rubber burn, the motors use nitrous oxide (N2O), commonly known as laughing gas, as the oxidizer. Several months ago, McGlashan approached SpaceDev to design, build, test and integrate the world's largest rocket motor of its kind into the race car in a facility near SpaceDev's headquarters.

"I am very proud that Rosco approached SpaceDev to determine the feasibility of powering the world's fastest car, and that he intends to contract with us to design and provide the rocket motors for his race car," said Jim Benson, SpaceDev's founding chairman and chief executive. "I love a challenge, and this would be a really fun application for SpaceDev's unique rocket motors. We are seriously investigating this opportunity, and are assisting Rosco in his fund-raising efforts. We recently helped create the world's first private sector astronauts, and now we have been asked to help Rosco become the world's fastest man!"

The 16,000-pound race car is expected to be designed by John "Ackers" Ackroyd of the Isle of Wight. Ackers designed the World Land Speed Record setter Thrust 2 which "stopped the clocks" at 633 mph in 1983 at Black Rock in Nevada. Ackers has also worked with the Aussie Invader Team for many years as well as several hot air balloon projects and countless special projects where a fast thinking, no nonsense engineer is mandatory.

The project is expected to take three years and cost less than (US) $10 million. McGlashan is busy planning the design and development of the Aussie Invader and its rocket motor with Ackers and SpaceDev, and has mounted a money raising campaign to obtain the necessary funding for the project. Sponsors and contributors are being sought from throughout the world for this highly visible, challenging, and history-making attempt. More information can be found at www.aussieinvader.com.

About SpaceDev

SpaceDev (OTCBB: SPDV) creates and sells affordable and innovative space products and solutions to government and commercial enterprises. SpaceDev's innovations include the design, manufacture, marketing and operation of sophisticated micro- and nano- satellites, hybrid rocket-based orbital Maneuvering and orbital Transfer Vehicles as well as sub-orbital sand orbital hybrid rocket-based propulsion systems for safe human space flight. For more information, visit www.spacedev.com.

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