Superconductive Components, Inc. Completes Private Equity Financing
October 19 2005 - 1:26PM
PR Newswire (US)
COLUMBUS, Ohio, Oct. 19 /PRNewswire-FirstCall/ -- Superconductive
Components, Inc. (OTC:SCCI) (BULLETIN BOARD: SCCI) , a manufacturer
of ceramics and metals for advanced applications in batteries,
photonic/optical, and high temperature superconductive products,
today announced the successful completion of a private equity
financing. The company received $1,386,000 in cash for 693,000
shares of the Company's common stock at a price of $2 per share and
five-year warrants to purchase an additional 173,250 shares of
common stock at $3 per share. The company also converted $587,110
of liabilities into 293,555 shares of common stock and five-year
warrants to purchase an additional 73,389 shares of common stock at
$3 per share. Dan Rooney, Chairman, President and Chief Executive
Officer, commented, "We are very pleased to have successfully
completed this private equity placement. It represents the largest
single financing in the company's 18- year history and
significantly strengthened our capital structure and balance sheet.
This financing also enables the company to continue implementing
its long-term growth strategy. Our plan is to use most of these
funds to further expand manufacturing capacity in response to
increased demand for our products in the photonic/optical and
thin-film battery markets." Mr. Rooney added, "As a result of this
private equity placement, we have further diversified our
shareholder base. We are actively pursuing plans to increase
shareholder value and also improve liquidity for the company's
common stock." About Superconductive Components, Inc.
Superconductive Components, Inc. operates through SCI Engineered
Materials and manufactures ceramics and metals for advanced
applications such as thin film batteries, superconductors, and
advanced optical systems. The company also provides materials for
thin film applications used in photovoltaics, electronic switches,
hardness and decorative coatings. The company is a global materials
supplier with clients in more than 40 countries. Additional
information is available at http://www.sciengineeredmaterials.com/.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Those statements include, but are not limited to,
all statements regarding intent, beliefs, expectations,
projections, forecasts, and plans of the company and its
management, and specifically include statements regarding the
company's planned use of the proceeds (paragraph 2), and plans to
increase shareholder value and improve liquidity for its common
stock (paragraph 3). These forward-looking statements involve
numerous risks and uncertainties, including, without limitation:
the development of the thin film battery market, the impact of
competitive products and services, the ability to adapt to
technological changes, the availability of capital, and other risks
and uncertainties detailed from time to time in the company's
Securities and Exchange Commission filings, including the company's
Annual Report on Form 10-KSB for the year ended December 31, 2004.
One or more of these factors have affected, and could in the future
affect, the company's projections. Therefore, there can be no
assurances that the forward-looking statements included in this
press release will prove to be accurate. In light of the
significant uncertainties in the forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by the company, or any other persons,
that the objectives and plans of the company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to the management of the company.
The company assumes no obligation to update any forward-looking
statements. DATASOURCE: Superconductive Components, Inc. CONTACT:
Robert Lentz, Investor Relations for Superconductive Components,
Inc., +1-614-876-2000 Web site:
http://www.sciengineeredmaterials.com/
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