BW)(MA-BEACON-POWER)(BCON) Beacon Power Delisting Stayed by Nasdaq
Energy Editors/Business Editors
WILMINGTON, Mass.--(BUSINESS WIRE)--Aug. 14, 2003--Beacon Power (NASDAQ: BCON), a leader in sustainable energy storage and power conversion systems, today announced that it has been notified by the Nasdaq Stock Market that the Nasdaq Listing Qualifications Panel has determined that a continuation of the listing of the Company's securities on the Nasdaq SmallCap Market has been granted and that its stock will continue to be listed on the SmallCap Market until October 6, 2003.
As previously announced, on June 6, 2003, the staff of the Nasdaq Stock Market notified the Company that its stock would be removed from the SmallCap Market due to its failure to satisfy the $1.00 bid price requirement, and on July 18, 2003 the Company requested a hearing before the Nasdaq Listing Qualifications Panel to appeal the Company's delisting. The Panel exercised its discretionary authority and granted the Company an extension in light of a proposal that Nasdaq has made to the Securities and Exchange Commission that, if approved by the SEC, would provide two 180-day periods in which to satisfy the bid price requirement (in addition to the two 180-day periods currently provided by Nasdaq) for issuers, such as the Company, that meet core initial-listing criteria.
There is no way to predict what action, if any, the SEC will take on this matter before October 6, 2003, and there is no assurance that the Company's stock will continue to be listed on the Nasdaq SmallCap Market after that date. If the SEC rejects the Nasdaq's proposal and the Company is unable to satisfy the $1.00 bid price requirement, then the Nasdaq may cause the Company's stock to be removed from the SmallCap Market.
About Beacon Power Corporation
Beacon Power Corporation is a development-stage company which designs, develops, configures, and offers for sale power systems that provide highly reliable, high-quality, uninterruptible electric power. It is best known for its environmentally friendly, flywheel-based products (employing a flywheel made from proprietary composite materials) that can store and deliver energy in a variety of configurations. Such products have longer life, reduced maintenance, quicker recharging, remote monitoring and other advantages over competing solutions.
For more information, please contact James Spiezio, Chief Financial Officer at Beacon Power Corporation, tel. 978.694.9121; fax 978.694.9127; email spiezio@beaconpower.com, or send mail to 234 Ballardvale Street, Wilmington, MA 01887. Visit Beacon Power on the Internet at www.beaconpower.com
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995:
Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Beacon Power Corporation's current views about future events and financial performances. These forward-looking statements are identified by the use of terms and phrases such as "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Beacon Power Corporation's expectation. These factors include: a short operating history; a history of losses and anticipated continued losses from operations; a need to raise additional capital combined with a questionable ability to do so; conditions in target markets; no experience manufacturing any product on a commercial basis; no commercial contracts for sales to date; the dependence of sales on the achievement of product development and commercialization milestones; the uncertainty of the political and economic climate of any foreign countries into which Beacon hopes to sell, including the uncertainty of enforcing contracts and the potential substantial fluctuation in currency exchange rates in those countries; significant technological challenges to successfully complete product development; dependence on third-party suppliers; intense competition from companies with greater financial resources; possible government regulation that would impede the ability to market products; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property; the possible need in the future to hire and retain key executives, particularly in light of the substantial workforce reductions during 2001 and 2002; the recent volatility in the stock price of companies operating in the same sector; the power of controlling shareholders and the limited ability of others to influence the outcome of matters put to the vote of shareholders. These factors are elaborated upon and other factors may be disclosed from time to time in Beacon Power Corporation's filings with the Securities and Exchange Commission. Beacon Power Corporation expressly does not undertake any duty to update forward-looking statements.
--30--MA/bo*
CONTACT: Beacon Power Corporation
James Spiezio, 978-694-9121
spiezio@beaconpower.com
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: BANKING UTILITIES
SOURCE: Beacon Power Corporation
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