AUSTIN, Texas, March 09, 2016 (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, is hosting today a special meeting at the request of the ARMA at STI’s Advanced Manufacturing Center of Excellence (AMCE) in Austin, TX. Congressman Michael McCaul, Chairman of the House Committee on Homeland Security and Texas 10th Congressional District representative, will be the keynote speaker.
Congressman McCaul said, “Manufacturing plays a vital role in regional job growth, technological progress, and economic well-being, and I commend ARMA for its work as an advocate of manufacturing in the Austin metropolitan area. In my role as Chairman of the House Committee on Homeland Security, I am committed to the U.S. Department of Homeland Security’s work to secure the nation's electric power grids and improve resiliency against extreme weather, acts of terrorism, or other catastrophic events. I am excited that STI, a manufacturer of HTS wire that enables the superconducting solutions expected to play a critical role in improving the efficiency and reliability of the Smart Grid, chose to locate its state-of-the-art manufacturing facility in Texas.”
Jeff Quiram, STI’s president and chief executive officer, said, “We appreciate Congressman McCaul’s support of advanced technology manufacturing. STI chose to locate our AMCE in Austin due to the availability of the world class engineering and material sciences expertise we needed to launch our Conductus® wire manufacturing operation. To date, we have successfully installed our new manufacturing equipment and expect to ramp production to meet the industry demand for superconducting wire.”
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 (which reserves are expected to be sufficient into the fourth quarter 2016,) 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; 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, 2014 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 Contact
Cathy Mattison or Kirsten Chapman
LHA +1-415-433-3777 invest@suptech.com