Richard, and to all - First two contracts from Phoenix Power Systems announced:
Subj: Maxwell Technologies' Phoenix Power Systems Awarded Two...
Date: 98-06-10 21:11:52 EDT
From: AOL News
BCC: JerryCo
Maxwell Technologies' Phoenix Power Systems Awarded Two Contracts With an Estimated Value of $6.5 Million
SAN DIEGO--(BUSINESS WIRE)--June 10, 1998--Maxwell Technologies, Inc. (NASDAQ/NMS:MXWL) today announced that its recently acquired Phoenix Power Systems operation has received two contracts with an estimated value $6.5 to $9 million over the next 3 to 5 years.
The two contracts include the sale of uninterruptible power systems (UPS) and power conditioning products.
"These are significant contract wins for our newly acquired Phoenix Power Systems division," said Kenneth F. Potashner, chairman and chief executive officer of Maxwell Technologies. "We expect Phoenix to be a growing, profitable contributor to the Company's overall performance, as well as making the kind of significant technical achievements that can enhance our competitive position."
Added Hassan Yarpezeshkan, president of Phoenix Power Systems: "The two contracts represent important milestones for our Company. In the case of the UPS award, we are working with a billion dollar corporation involved in the hospital equipment industry. PowerCache(TM) ultracapacitors are incorporated into the UPS systems.
"The ultracapacitors are designed into the electronic package to keep vital life support system microprocessors in operation during battery changes. We believe that our new technology can lead to substantial business opportunities for Phoenix in small UPS systems that can be integrated with microprocessors in a broad array of new applications.
"As a consequence of our work in this area, we have developed a proprietary new product -- our BattStat(TM) reserve status monitor -- allowing us to make battery measurements such as status of remaining battery charge, the in-service age of the battery, and the number of recharge cycles to date. Batteries can be exchanged or recharged in the UPS or in an external battery charger and then inserted into any of our new Medi-UPS products.
"The UPS will immediately determine the status of charge of the newly inserted battery pack and send the information to an LED bar graph or LCD display."
In the past, detailed battery status information could not be accurately monitored. This is an entirely new device for Maxwell with applicability in several major markets where battery status information is needed.
Yarpezeshkan also noted that the other contract was from a leader in the power conditioning equipment field, and that the devices to be supplied from Phoenix again represented significant technical achievements.
"Power conditioning equipment incorporating our technology will have compelling advantages over traditional designs. In particular, we have been able to reduce the number of circuit boards from 20 to 3 or 4," said Yarpezeshkan.
"Our ability to produce three-phase high-power devices in the 15 to 300 kilowatts range that are smaller, lighter weight and less expensive than competing devices was a major factor in winning the contract. Additionally, our technology advancements increase device efficiency from approximately 85% to as high as 95%."
Maxwell Technologies is a leader in pulsed power technologies, providing pulsed power based systems and components for a wide range of commercial applications and research and development for both commercial customers and the U.S. government.
The Company's advanced technology solutions address diverse markets such as utilities, telecommunications, medical equipment and products, food processing and packaging and transportation. The Company also offers industrial computers and subsystems, primarily to OEMs in computer telephony and other markets, and software products and services, both for government research and for various commercial applications.
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including product development based on new technologies, applications and acceptance of new products in major markets, demand for the product reaching anticipated levels, the impact of competitive products and pricing, and other risks detailed from time-to-time in the Company's SEC reports, including the report on Form 10-K for the year ended July 31, 1997.
Actual results may differ materially from those projected. These forward-looking statements represent the Company's judgement as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
--30--smm/sf* mb/ms/sf
CONTACT:
Maxwell Technologies
Tracy Perry, 619/576-7547
maxwell.com
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Date: 98-06-10 21:11:52 EDT
From: AOL News
BCC: JerryCo
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