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Letter of Intent for Funding Signed By SPSY and Swiss Venture Capital Firm

Posted on: Friday, 31 March 2006, 18:00 CST

Space Propulsion Systems, Inc. (OTC: SPSY) announced that on March 31, 2006, the Company signed a Letter of Intent with a Swiss Venture Capital firm for the full funding of the final commercialization stage of the Company's New Generation Solid Propellant technology. The funding level is sufficient to complete all aspects of the program goals established by the Company for successful program completion. Details of this agreement will be forthcoming in a later announcement.

Space Propulsion Systems (the "Company") is an aerospace company that specializes in the research and development of patent pending state-of-the-art manufacturing and chemical process technologies that are both environmentally friendly, and cost efficient. These processes are used in the design, development and manufacture of superior performance products that are critical for achieving significant improvements in commercial and military aerospace operations. Principal among these advanced products are the New Generation rocket, missile, and satellite propulsion technologies that are based on the Company's patented Micro-Fuel Cell(TM) (MFC(TM)) propellants.

Space Propulsion Systems has developed a strong professional relationship with the University of South Florida (USF) (www.usf.edu) which provides expertise and support in the development of manufacturing and control systems technologies for the Company's products, as well as in applied research in both materials processing and chemical analysis techniques. USF also provides support in the development of predictive mathematical models, which provide critical information on the design and performance aspects of both the manufacturing technologies used by the Company, and the products produced by the Company.

The Company's propulsion and manufacturing technologies have undergone an extensive review process by both US Government propulsion laboratories and aerospace companies. These reviews have led to numerous offers of teaming agreements and joint ventures for the development, testing and commercialization of the Company's principal propulsion technology.

Safe Harbor:

Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.

 Joe Longo Space Propulsion Systems 4707 140th Ave. N, Suite 303 Clearwater, FL 33762-3840 tel: (727) 524-8808 fax: (727) 524-1617  

SOURCE: Space Propulsion Systems, Inc.

Source: MARKET WIRE

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