AMSC Delivers Beta Version of Deployable Mine Countermeasure Payload System to U.S. Navy
July 31 2017 - 11:22AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced it has delivered
the beta version of its HTS Magnetic Influence Mine Countermeasure
Payload System to the U.S. Navy for on-the-water testing and
evaluation. AMSC’s HTS Magnetic Influence Mine Countermeasure
Payload System is a deployable mine countermeasure system designed
to operate in concert with multiple U.S. Navy vessel
platforms.
AMSC's deployable HTS Magnetic Influence Mine Countermeasure
Payload System is expected to provide the U.S. Navy with a robust
and efficient mine countermeasure capability that is anticipated to
minimize the risk to fleet assets and personnel during mine
countermeasure operations.
AMSC, the U.S. Navy and the Office of Naval Research have
collaborated on AMSC’s HTS-based ship protection systems including
HTS Advanced Degaussing Systems, as well as the deployable HTS
Magnetic Influence Mine Countermeasure Payload System. The core
components of AMSC’s HTS-based ship protection systems are common
and transferable to other applications being targeted for ship
implementation. AMSC is continuing its work to expand HTS
technology into the fleet through a variety of applications for
power, propulsion, and protection equipment.
About AMSC (NASDAQ:AMSC) AMSC generates the
ideas, technologies and solutions that meet the world's demand for
smarter, cleaner … better energy™. Through its Windtec™ Solutions,
AMSC provides wind turbine electronic controls and systems, designs
and engineering services that reduce the cost of wind energy.
Through its Gridtec™ Solutions, AMSC provides the engineering
planning services and advanced grid systems that optimize network
reliability, efficiency and performance. The Company's solutions
are now powering gigawatts of renewable energy globally and are
enhancing the performance and reliability of power networks in more
than a dozen countries. Founded in 1987, AMSC is headquartered near
Boston, Massachusetts with operations in Asia, Australia, Europe
and North America. For more information, please
visit www.amsc.com.
AMSC, Windtec, Gridtec, and Smarter, Cleaner … Better Energy are
trademarks or registered trademarks of American Superconductor
Corporation. All other brand names, product names, trademarks, or
service marks belong to their respective holders.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Such statements include, but are
not limited to, statements about our expectations regarding
intended uses of our HTS Magnetic Influence Mine Countermeasure
Payload System by the U.S. Navy; functionality, performance and
capabilities of our HTS Magnetic Influence Mine Countermeasure
Payload System; expanding HTS technology into the U.S. Navy fleet;
ongoing collaboration with the U.S. Navy and related plans and
goals; and other statements containing the words “believes,”
“anticipates,” “plans,” “expects,” “will” and similar expressions.
Such forward-looking statements represent management’s current
expectations and are inherently uncertain. There are a number of
important factors that could materially impact the value of our
common stock or cause actual results to differ materially from
those indicated by such forward-looking statements. These important
factors include, but are not limited to: We have a history of
operating losses and negative operating cash flows, which may
continue in the future and require us additional financing in the
future; Our operating results may fluctuate significantly from
quarter to quarter and may fall below expectations in any
particular fiscal quarter; Our financial condition may have an
adverse effect on our customer and supplier relationships; Our
success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; Failure to successfully execute any move of
our Devens, Massachusetts manufacturing facility or achieve
expected savings following any such move; We rely upon third-party
suppliers for the components and sub-assemblies of many of our Wind
and Grid products, making us vulnerable to supply shortages and
price fluctuations; Many of our revenue opportunities are dependent
upon subcontractors and other business collaborators; Our products
face intense competition; Our success depends upon the commercial
use of high temperature superconductor (“HTS”) products, which is
currently limited, and a widespread commercial market for our
products may not develop; Third parties have or may acquire patents
that cover the materials, processes and technologies we use or may
use in the future to manufacture our Amperium products, and our
success depends on our ability to license such patents or other
proprietary rights; We may not realize all of the sales expected
from our backlog of orders and contracts; We have operations in and
depend on sales in emerging markets, and global conditions could
negatively affect our operating results or limit our ability to
expand our operations outside of these countries; We face risks
related to our intellectual property; We face risks related to our
legal proceedings; and the important factors discussed under the
caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the
fiscal year ended March 31, 2017, and our other reports filed with
the SEC. These important factors, among others, could cause actual
results to differ materially from those indicated by
forward-looking statements made herein and presented elsewhere by
management from time to time. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
AMSC Contact:
Brion D. Tanous
Phone: 424-634-8592
Email: Brion.Tanous@amsc.com
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