AUSTIN, Texas, June 18, 2013 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, announced Resonant Inc., an STI spin-out, raised $7 million in a private placement exclusive of STI. Resonant was spun-out in July 2012 to leverage Reconfigurable Resonance™ (RcR) technology developed by STI for advanced wireless applications. This funding enables Resonant to continue to commercialize RcR technology for the rapidly growing mobile communications industry. After this June 2013 investment, Resonant's management and new investors own the majority of equity and equity equivalents, and STI holds a convertible note that represents a minority of Resonant's fully diluted equity.
"Over many years, STI has developed a rich intellectual property (IP) portfolio," stated Jeff Quiram, STI's president and chief executive officer. "STI remains highly focused on our 2G HTS wire program and will also continue to pursue alternatives to extract value on the deep reservoir of our IP unrelated to our wire. In the spin out, STI contributed patents to Resonant to form a company to assist mobile device manufacturers as they struggled to keep up with the explosion of mobile data demand from next generation mobile devices."
"In the past year, this data tidal wave has only accelerated. Under the leadership of the Resonant management team, the RcR technology has been successfully advanced. We believe the patented technology and highly specialized technical team can address these issues with unique, disruptive solutions. Others agree and additional sophisticated investors have validated the Resonant business model and progress. We are pleased our shareholders are positioned to enjoy the value being created by Resonant," concluded Quiram.
About Resonant & STI Relationship
In February 2012, STI signed a product development agreement with a global leader in mobile communications products to bring to market RcR technology by extending its world-leading expertise in radio frequency analog passive circuit design and active analog circuitry. In July 2012, STI contributed a group of patents and related technology to Resonant LLC (now wholly owned by Resonant Inc.), and two STI employees joined Resonant as key members of the management team. Resonant was founded as a company separate from STI and is controlled by its own board and management.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Austin, TX, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications, to develop applications for advanced RF wireless solutions and innovative adaptive filtering, and for government R&D. 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; the limited number of potential customers; 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; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; customer acceptance of our HTS wire; fluctuations in product demand from quarter to quarter; the impact of competitive filter products, technologies and pricing; manufacturing capacity constraints and difficulties; our ability to raise sufficient capital to fund our operations (whether through our equity sales agreement, registered direct offerings or otherwise), and the impact on our strategic wire initiative of any inability to raise such funds; the impact of any such financing activity on the level of our stock price; our ability to fully utilize our equity sales agreement as a source of future financings and the dilutive impact of any sales under such agreement, whether due to market conditions, our ability to satisfy various conditions required to sell shares under the agreement, the sales agent's performance of its obligations under the agreement or otherwise; the impact on the level of our stock price, which may decline, in connection with the sales under the equity sales facility, registered direct offerings or otherwise; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers, such as the current worldwide recession.
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, 2012 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.
|CONTACT: Investor Relations Contact|
|Cathy Mattison or Kirsten Chapman|
Superconductor Technologies Inc.
Santa Barbara, California, UNITED STATES
Day's Range: 0.00-0.00
Previous Close: 2.23
Market Cap: 25.87M
Day's Volume: 0
Superconductor Technologies Inc. Logo