SCON sold 2.47 million shares for $8.04 mil last week,
that's $3.25/share!
Its trading at 28 now!
Friday February 11, 9:37 am Eastern Time
Company Press Release
Superconductor Technologies Inc. STI Announces Sale of $8
Million in Common Stock
New Funding Will Enable STI to Accelerate Progress in Fast-growing Wireless Communications and
Wireless Internet Access Markets
SANTA BARBARA, CA--(BUSINESS WIRE)--Feb. 11, 2000-- Superconductor Technologies Inc. (NASDAQ: SCON - news;
``STI'), a leading developer and manufacturer of superconducting products for wireless communications and wireless Internet access,
today announced the completion of a public offering of 2,473,701 shares of registered common stock, providing gross proceeds to STI of
$8,039,528. The majority of the shares were purchased by the State of Wisconsin Investment Board (``SWIB'), one of the largest pension
funds in the world, with the remainder purchased by Wilmington Securities, Inc., a wholly owned subsidiary of The Hillman Company.
John Nelson, Small Company Stock Investment Director for the State of Wisconsin Investment Board (``SWIB') commented: ``SWIB
manages over $60 billion in pension fund monies for 450,000 participants. We are delighted to make an initial investment in
Superconductor Technologies, Inc. at this exciting phase of their development. We are impressed with STI's management, scientific and
engineering talent, their manufacturing and their market position in wireless systems, and their potential for significant growth.'
M. Peter Thomas, President and Chief Executive Officer of STI, stated: ``We are very pleased that an investor of the caliber of the State of
Wisconsin Investment Board recognizes STI's achievements as a technology and market leader in superconducting products for enhancing
wireless networks; including 1G (analog), 2G (digital), and 3G networks that will support high bandwidth wireless internet and multimedia
communications. We are also gratified to have the continuing support of The Hillman Company. This addition of capital provides a solid
financial infrastructure to support our near term growth.'
Superconductor Technologies Inc. (NASDAQ: SCON - news) is a leading developer and manufacturer of superconducting products for
wireless communications and wireless Internet access. The Company has additional applications in government communications and
cryogenic markets. With headquarters in Santa Barbara, California, Superconductor Technologies Inc. (``STI') designs and manufactures
systems for high-performance wireless applications, including SuperFilter© Systems that utilize high-temperature superconducting
technology, along with proprietary cryogenic cooling, to create a front-end filter and amplifier system utilized in wireless base stations to
enhance their performance. These enhancements include extending the range of the base station, lowering dropped calls, enabling otherwise
difficult handoffs, improving call quality and, in general, improving customer service and cell site traffic for the wireless service provider.
Additional information on STI may be obtained by visiting the Company's web site at suptech.com.
``Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that
are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act, including without limitation, statements regarding the Company's expectations, beliefs, estimates, intentions and strategies
about the future. Words such as ``anticipates', ``expects', ``intends', ``plans', ``believes', ``seeks', ``estimates', variations of such words
and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ
materially from those expressed or forecasted in any such forward-looking statements as a result of certain factors including, but not limited
to, product demand and market acceptance risks, general economic conditions, the impact of competitive products, technologies and
pricing, equipment capacity constraints or difficulties, and other risks described in the Company's Securities and Exchange Commission
filings.
SuperFilter© is a registered trademark of Superconductor Technologies Inc. All other marks are properties of their respective owners. |
