Superconductor Technologies To Explore Strategic Alternatives
October 29 2019 - 6:30AM
Superconductor Technologies Inc. (STI) (Nasdaq: SCON) today
announced that its Board of Directors, supported by its management
team, has commenced a process to explore strategic alternatives
focused on maximizing shareholder value.
Jeff Quiram, STI’s president and CEO, stated “We have made
significant strides in the development of our best in class
Conductus 2G HTS wire for superconducting magnet applications. The
customer interest in high performance magnet wire has never been
higher, driven in part by the next generation fusion devices being
developed by multiple well-funded companies. As we continue to
focus our efforts on ramping production capacity to enhance
shareholder value organically, the Board has initiated a review to
investigate potential strategic alternatives to best position the
company for the future.”
Strategic alternatives to consider may include, among others, a
strategic investment financing which would allow the company to
pursue its current business plan to commercialize the Conductus
wire platform, a business combination such as a merger with another
party, or a sale of STI.
STI has not set a timetable for the conclusion of this review,
nor has it made any decisions related to any potential strategic
alternatives at this time. There can be no assurance that the
strategic exploration review will result in a transaction or other
strategic change or outcome. The company does not intend to provide
updates unless or until it determines that further disclosure is
appropriate or necessary.
Third Quarter 2019 Investor Conference CallSTI
plans to report its third quarter of 2019 results on, November 12,
2019, and will hold a conference call at 11:00 a.m. Eastern Time /
8:00 a.m. Pacific Time to discuss its results.
About Superconductor Technologies Inc.
(STI)Superconductor Technologies Inc. is a global leader
in superconducting innovation. Its Conductus® superconducting wire
platform offers high performance, cost-effective and scalable
superconducting wire. With 100 times the current carrying capacity
of conventional copper and aluminum, superconducting wire offers
zero resistance with extreme high current density. This provides a
significant benefit for electric power transmission and also
enables much smaller or more powerful magnets for motors,
generators, energy storage and medical equipment. Since 1987, STI
has led innovation in HTS materials, developing more than 100
patents as well as proprietary trade secrets and manufacturing
expertise. For more than 20 years STI utilized its unique HTS
manufacturing process for solutions to maximize capacity
utilization and coverage for Tier 1 telecommunications operators.
Headquartered in Austin, TX, 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; our need to materially grow our revenues from
commercial operations and/or to raise additional capital (which
financing may not be available on acceptable terms or at all) in
the very near future, before cash reserves are depleted, to
implement our current business plan and maintain our viability; the
performance and use of our equipment to produce wire in accordance
with our timetable; overcoming technical challenges in attaining
milestones to develop and manufacture commercial lengths of our HTS
wire; the possibility of delays in customer evaluation and
acceptance of our HTS wire; the limited number of potential
customers and customer pressures on the selling prices of our
products; 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; the impact of competitive products,
technologies and pricing; manufacturing capacity constraints and
difficulties; the impact of any financing activity on the level of
our stock price; the dilutive impact of any issuances of securities
to raise capital; the steps required to maintain the listing of our
common stock with a U.S. national securities exchange and the
impact on the liquidity and trading price of our common stock if we
fail to maintain such listing; the cost and uncertainty from
compliance with environmental regulations; and local, regional, and
national and international economic conditions and events and the
impact they may have on us and our customers.
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, 2018, 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.
Investor Relations ContactMoriah Shilton or
Kirsten Chapman LHA
+1-415-433-3777
invest@suptech.com
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