Superconductor Technologies Reports Ownership of 700,000 Shares of Common Stock in Resonant Inc. on May 28, 2014
May 30 2014 - 6:30AM
Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world
leader in the development and production of high temperature
superconducting (HTS) materials and associated technologies, filed
a SEC Form 3 on May 28, 2014 reporting its minority stakeholder
position in Resonant Inc. (Nasdaq:RESN). Resonant closed its
initial public offering (IPO) of 2,700,000 shares of Class A common
stock on May 29, 2014.
"We wish to congratulate the Resonant team on its strong IPO,"
stated Jeff Quiram, STI's president and chief executive officer.
"Resonant's Reconfigurable Resonance™ (RcR) technology, also
referred to as Infinite Synthesized Networks™ or ISN™, was
developed at STI for advanced wireless applications. In July 2012,
STI spun-out Resonant to commercialize the RcR technology for the
rapidly growing mobile device industry. STI contributed several key
patents in exchange for an ownership stake in Resonant. We are
extremely pleased with the value the Resonant IPO creates for our
shareholders."
"STI's strives to continuously expand our extensive intellectual
property position. In addition to our HTS wire program, we will
continue to pursue opportunities to unlock the value of our 100
plus patent portfolio," Quiram concluded.
About Superconductor Technologies Inc.
(STI)
Superconductor Technologies Inc., headquartered in Austin, TX,
has been a world leader in HTS materials since 1987, developing
more than 100 patents as well as proprietary trade secrets and
manufacturing expertise. For more than a decade, STI has been
providing innovative interference elimination and network
enhancement solutions to the commercial wireless industry. The
company is currently leveraging its key enabling technologies,
including RF filtering, HTS materials and cryogenics to develop
energy efficient, cost-effective and high performance second
generation (2G) HTS wire for existing and emerging power
applications, to develop applications for advanced RF wireless
solutions and innovative adaptive filtering, and for government
R&D. Superconductor Technologies Inc.'s common stock is listed
on the NASDAQ Capital Market under the ticker symbol "SCON." For
more information about STI, please visit
http://www.suptech.com.
Safe Harbor Statement
Statements in this press release regarding our business that are
not historical facts are "forward-looking statements" that involve
risks and uncertainties. Forward-looking statements are not
guarantees of future performance and are inherently subject to
uncertainties and other factors, which could cause actual results
to differ materially from the forward-looking statements. These
factors and uncertainties include, but are not limited to: our
limited cash and a history of losses; the limited number of
potential customers; the limited number of suppliers for some of
our components and our HTS wire; there being no significant backlog
from quarter to quarter; our market being characterized by rapidly
advancing technology; overcoming technical challenges in attaining
milestones to develop and manufacture commercial lengths of our HTS
wire; customer acceptance of our HTS wire; fluctuations in product
demand from quarter to quarter; the impact of competitive filter
products, technologies and pricing; manufacturing capacity
constraints and difficulties; our ability to raise sufficient
capital to fund our operations, and the impact on our strategic
wire initiative of any inability to raise such funds; the impact of
any such financing activity on the level of our stock price, and
local, regional, and national and international economic conditions
and events and the impact they may have on us and our customers,
such as the current worldwide recession.
Forward-looking statements can be affected by many other
factors, including, those described in the "Business" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of STI's Annual Report on Form 10-K
for the year ended December 31, 2013 and in STI's other public
filings. These documents are available online at STI's website,
www.suptech.com, or through the SEC's website, www.sec.gov.
Forward-looking statements are based on information presently
available to senior management, and STI has not assumed any duty to
update any forward-looking statements.
Contact: Investor Relations
Contact |
Cathy Mattison or Kirsten Chapman |
LHA |
+1-415-433-3777 |
invest@suptech.com |
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