Veteran Financial Expert Rejoins Superconductor Technologies Board of Directors
December 27 2017 - 4:05PM
Superconductor Technologies Inc. (STI) (Nasdaq:SCON) announced the
appointment of David Vellequette to its board of directors
effective December 26, 2017. Vellequette, 61, previously served on
STI’s board from 2007 to 2014.
“David’s strong background in innovative technology companies
will be a significant asset as we implement our strategy to
commercialize Conductus® wire’s unique HTS technology,” stated Jeff
Quiram, STI’s president and CEO. “We are very pleased to welcome
back such a distinguished member to our Board.”
“STI’s next generation HTS wire addresses a growing market
opportunity,” stated Mr. Vellequette. “I’m excited to rejoin STI’s
board and I look forward to helping position the company for the
future, including capitalizing on the numerous applications for our
world class Conductus wire for existing and emerging next
generation applications.”
Vellequette will serve as Chairman of the Audit Committee and is
also designated as STI’s financial expert as defined by The
Securities and Exchange Commission (SEC) and NASDAQ guidelines.
Also, effective December 26th Dan L. Halvorson has resigned from
STI’s board of directors as a condition of the terms of his new
employment position. Accordingly, STI’s board will continue to have
four members.
Mr. Quiram added, “I would like to thank Dan for his many
valuable contributions during his tenure on the board of directors.
We wish him well as he pursues his new, exciting opportunity.”
David Vellequette most recently served as Senior Vice President
of Finance of Avaya, a global provider of business collaboration
and communications solutions. Previously, he served as Avaya’s
senior vice president, chief financial officer from October 1, 2012
through October 23, 2017. From 2005 to 2012, he was chief financial
officer of JDS Uniphase, Inc., a telecommunications equipment
company. He joined JDS Uniphase as Vice President and Operations
Controller in 2004. From 2002 to 2004, he served as Vice President
of Worldwide Sales and Service Operations at Openwave Systems,
Inc., an independent provider of software solutions for the mobile
communications and media industries. From 1992 and 2002, Mr.
Vellequette held positions of increasing responsibility at Cisco
Systems, first as Corporate Controller of StrataCom Corporation
(acquired by Cisco in 1996) and from 2000 as Vice President of
Finance. From 1984 to 1992, Mr. Vellequette was Corporate
Controller of Altera Corporation, a supplier of programmable
silicon solutions to the electronics industry. Mr. Vellequette
began his finance career as an auditor with Ernst & Young. He
holds a B.S. in Accounting from the University of California,
Berkeley, and is a CPA.
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 StatementStatements 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 (which
reserves are expected to be sufficient into the first quarter of
2017), 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, 2016 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 ContactCathy Mattison or
Kirsten Chapman LHA
+1-415-433-3777
invest@suptech.com
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