Siemens major contract approved:
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delayed 20 mins - disclaimerTuesday October 6, 7:31 am Eastern Time
Company Press Release
Siemens AG Board and Partnership Committee of Siemens Matsushita Components Approve Ultracapacitor Agreement With Maxwell Technologies
Contract Projected to Bring Maxwell $30 Million in Ultracapacitor Royalties Over the Next 10 Years
SAN DIEGO, Calif.--(AutomotiveWire)--Oct. 6, 1998-- Maxwell Technologies, Inc. (NMS:MXWL) announced today that the Board of Directors of Siemens AG and the partnership committee of Siemens Matsushita Components GmbH have approved a broad-based agreement with Maxwell in the ultracapacitor business area projected to bring Maxwell $30 million in royalties over the next ten years.
Siemens Matsushita will receive non-exclusive licensing rights to sell PowerCache(tm) ultracapacitors throughout the world, excluding NAFTA countries, and estimates that their sales will approach $100 million per year within five years.
Siemens Matsushita Components is a joint venture of Siemens AG and Matsushita Electrical Industries in the field of passive electric components, with annual sales of approximately $1.2 billion. The comprehensive partnering agreement with Maxwell includes the transfer of technology, sharing of on-going product development, and the rights to manufacture, market, and sell Maxwell's PowerCache ultracapacitors by Siemens Matsushita Components. The agreement, and an initial agreement previously concluded, were announced in July when the parties finalized the terms and conditions of the relationship, subject to Board approval.
''We are excited about the growth opportunities associated with this business and are looking forward to working with the Maxwell Technologies team,'' said Gerhard Pegam, president of Siemens Matsushita Components, Capacitor Division.
''We are pleased that the Siemens AG Board of Directors and the governing partnership committee of Siemens Matsushita have approved our agreement,'' said Kenneth F. Potashner, chairman and ceo of Maxwell. ''We believe that their commitment to become a strategic partner is indicative of the value of our PowerCache technology and of the long-term opportunities for both our companies.''
''This agreement has the potential to be one of the largest commercial developments for Maxwell, involving the manufacture and sale of Maxwell's ultracapacitors into diverse markets, initial licensing fees, and long-term royalties. Both companies are pursuing design-ins of the ultracapacitors for automotive applications, power quality systems, consumer electronics, power tools, robotics, telecommunications devices, and other electrical and electronic products.''
Potashner continued, ''This partnership will enable us to accelerate our ultracapacitor product launch on a global basis. The combined strength of both companies will further improve the market penetration we will be able to achieve in the short-term.''
''Maxwell recently announced a 24% increase in sales for our fiscal 1998 year over the prior year,'' Potashner added. ''That gain included strong growth in our Energy Products subsidiary which shipped limited production runs of ultracapacitors to a large number of customers for testing and evaluation. The high-volume commercial production runs of ultracapacitors expected from the agreement will contribute substantially to Maxwell Energy Products' long-term growth.''
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 manufacturing and product development based on new technologies, successful technology transfer to, and product introduction by, strategic partners and licensees, applications and acceptance of new products in major markets, demand for the OEM's 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 judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
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Contact:
Maxwell Technologies, Inc.
Tracy L. Perry, 619/576-7547 (Media)
Larry Selwitz, 949/645-8410 (Investors)
Eugene Anton, 714/426-0228 (Investors)
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