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April 15, 1999

* SpaceDev Inc., which says it's the world's first commercial space exploration business, agreed to settle charges by the Securities and Exchange Commission that it used the Internet to mislead investors about company finances. The San Diego-based company neither admitted nor denied wrongdoing. The SEC alleged that the company projected $2 million in earnings and $10 million in revenue last year without a reasonable basis for the estimates. SpaceDev also misrepresented a financing agreement it had with a small broker-dealer, the SEC contended. SpaceDev and its chairman, James W. Benson, agreed to be subject to stiffer sanctions for any similar future violations. Neither paid any fines. SpaceDev shares fell 22 cents to close at $2.06 in over-the-counter training.

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* DuPont Co. said it will form a joint venture with Teijin Ltd., Japan's largest polyester maker, and Alpek, the petrochemical business of Mexico's Alfa, to make polyester filament yarn used in apparel and home furnishings. DuPont, the biggest U.S. chemical company, said it will be a 50% partner in the venture, which is expected to have annual sales of about $600 million and begin by the end of this year. Financial terms of the agreement were not disclosed. The move is the latest in Wilmington, Del.-based DuPont's efforts to cut costs and improve profitability in its polyester business. The joint venture is subject to regulatory approval.

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