AMSC Enters Into Purchase and Sale Agreement for Devens, Massachusetts Building
February 01 2018 - 11:45AM
AMSC (Nasdaq:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced it has entered
into a purchase and sale agreement with 64 Jackson LLC for the sale
of the real property located at 64 Jackson Road, Devens, MA,
including the building that has served as AMSC’s headquarters.
Pursuant to the terms of the agreement, AMSC has agreed to sell
the real property for total consideration of $23.0 million. The
transaction is expected to close at the end of March
2018.
For more details regarding the transaction, please refer to the
Company’s Current Report on Form 8-K which was filed today with the
Securities and Exchange Commission.
“Our cost reduction initiatives earlier in the fiscal year,
together with our footprint reduction underway, are expected to
improve our operating cost basis in fiscal 2018,” said Daniel P.
McGahn, President and CEO, AMSC. “We are all excited at AMSC to
begin this new chapter.”
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. AMSC'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, PowerModule, 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 StatementsThis press release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Any statements in this press release about our expectations
regarding the closing of the transaction and the improvement of our
operating cost basis in fiscal 2018, and other statements
containing the words “believes,” “anticipates,” “plans,” “expects,”
“will” and similar expressions, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. 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: the risk that the transaction may not close in the timeframe we
expect, or at all; the risk that our cost reduction initiatives and
footprint reduction will not improve our operating cost basis in
fiscal 2018; 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
Securities and Exchange Commission. 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.
Investor Relations Contact:Brion D.
TanousCleanTech IR, Inc. Phone: 424-634-8592Email:
Brion.Tanous@amsc.com
Public Relations Contact:Nicol GolezPhone:
978-399-8344Email: Nicol.Golez@amsc.com
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