SAN DIEGO, Sept. 19, 2017 /PRNewswire/ -- Maxwell
Technologies, Inc. (NASDAQ: MXWL) ("Maxwell" or the "Company"), a
leading developer and manufacturer of capacitor energy storage and
power delivery solutions, announced today that it entered into an
Amended and Restated Agreement (the "Agreement") with Viex Capital
Advisors, LLC and its affiliates ("Viex"), which amends and
restates a prior agreement with Viex. In connection with entering
into the new Agreement, including the removal by Viex of certain
restrictive covenants in the Agreement, Maxwell agreed to provide a
cash payment in the amount of $600,000 to Viex upon the closing of a successful
convertible debt financing (the "Qualified Financing"); provided,
however, that if Viex is eligible to participate in the Qualified
Financing, then Viex has agreed to re-invest the cash consideration
into the Qualified Financing. Additionally, Viex agreed to support
certain initiatives related to the Company's 2018 Annual Meeting of
Stockholders, including, notably, the nomination and election of
directors standing for election at the meeting.
The complete agreement between Maxwell and Viex will be included
as an exhibit to a Current Report on Form 8-K, which will be filed
with the Securities and Exchange Commission.
About Maxwell Technologies
Maxwell is a global leader in the development and manufacture of
innovative, cost-effective energy storage and power delivery
solutions. Our ultracapacitor products provide safe and reliable
power solutions for applications in consumer and industrial
electronics, transportation, renewable energy and information
technology. Our CONDIS® high-voltage grading and coupling
capacitors help to ensure the safety and reliability of electric
utility infrastructure and other applications involving transport,
distribution and measurement of high-voltage electrical energy. For
more information, visit www.maxwell.com.
Forward-Looking Statements
Statements in this news release that are "forward-looking
statements" are based on current expectations and assumptions that
are subject to risks and uncertainties and are subject to the Safe
Harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such risks, uncertainties and contingencies
include, but are not limited to, the following:
- Dependence upon the sale of products to a small number of
customers and vertical markets, some of which are heavily dependent
on government funding or government subsidy programs which could be
reduced, modified or discontinued in the future;
- Uncertainties related to the global geopolitical landscape and
the recent elections in the United
States;
- Risks related to acquisitions and potential for unsuccessful
integration of acquired businesses;
- Risk that our restructuring efforts may not be successful and
that we may not be able to realize the anticipated cost savings and
other benefits;
- Our ability to obtain sufficient capital to meet our operating
or other needs;
- Regulatory and other approvals related to the completion of
financing transactions;
- Downward pressures on product pricing from increased
competition and shifts in sales mix with respect to low margin and
high margin business;
- Our ability to manage and minimize the impact of unfavorable
legal proceedings;
- Risk that activist stockholders attempt to effect changes to
our company which could adversely affect our corporate
governance;
- Risks related to our international operations including, but
not limited to, our ability to adequately comply with the changing
rules and regulations in countries where our business is conducted,
our ability to oversee and control our foreign subsidiaries and
their operations, our ability to effectively manage foreign
currency exchange rate fluctuations arising from our international
operations, and our ability to continue to comply with the U.S.
Foreign Corrupt Practices Act as well as the anti-bribery laws of
foreign jurisdictions;
- Dependence upon the sale of products into Asia and Europe, where macroeconomic factors outside
our control may adversely affect our sales;
- Our ability to remain competitive and stimulate customer demand
through successful introduction of new products, and to educate our
prospective customers on the products we offer;
- Successful acquisition, development and retention of key
personnel;
- Our ability to effectively manage our reliance upon certain
suppliers of key component parts, specialty equipment and
logistical services;
- Our ability to manage product quality problems;
- Our ability to protect our intellectual property rights and to
defend claims against us;
- Our ability to effectively identify, enter into, manage and
benefit from strategic alliances;
- Occurrence of a catastrophic event at any of our
facilities;
- Occurrence of a technology systems failure, network disruption,
or breach in data security; and
- Our ability to match production volume to actual customer
demand.
For further information regarding risks and uncertainties
associated with Maxwell's business, please refer to the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections of our SEC
filings, including, but not limited to, our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of these documents
may be obtained by contacting Maxwell's investor relations
department at (858) 503-3368, or at our investor relations website:
investors.maxwell.com.
Investor Contact: Soohwan
Kim, CFA, The Blueshirt Group, +1 (858) 503-3368,
ir@maxwell.com
Media Contact: Sylvie
Tse, Metis Communications, +1 (617) 236-0500,
maxwell@metiscomm.com
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SOURCE Maxwell Technologies, Inc.