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Technology Stocks : American Superconductor (AMSC) -- Ignore unavailable to you. Want to Upgrade?

To: UUplink who wrote (356)	4/4/2000 9:36:00 AM
From: adsorb	Respond to of 973

Electricite de France Orders New Industrial Power Quality SMES Product; American Superconductor to Deliver its First PQ IVR This Summer Headlines Last Change 04/04 04:54 MIDDLETON, Wisc.--(BUSINESS WIRE)--April 4, 2000--American Superconductor (Nasdaq: AMSC) announced today an order for one of its new Power Quality-Industrial Voltage Restorer (PQ IVR?) units from Electricite de France (EDF), one of the world's largest utilities. The PQ IVR is based on American Superconductor's proprietary superconducting magnetic energy storage (SMES) technology. The company expects to install the PQ IVR in the summer of 2000 at an EDF demonstration site near Paris. American Superconductor's industrial power quality SMES products, which include the PQ VR? and the new PQ IVR, are designed to provide protection to critical equipment, such as microprocessors and motors, in manufacturing facilities from momentary sags in voltage. Normal operation of power delivery networks is designed to minimize power outages. However, severe weather, traffic accidents and unforeseen equipment failures can lead to momentary sags in the voltage on power lines, most being less than two seconds in duration. According to industry data, these momentary voltage sags cost manufacturers billions of dollars annually in damaged equipment and lost production. "We have evaluated American Superconductor's proprietary SMES technologies in depth, and have chosen the PQ IVR for our demonstration site," stated Gerard Menjon, executive vice president at EDF. "We intend to use the demonstration site to allow European customers to understand firsthand the full value of this new technology for protection against voltage sags for their specific manufacturing operations. We expect to start installation of SMES units at a customer site within the next 6 to 12 months." Menjon added that he believes American Superconductor's SMES product line, including the new PQ IVR, will provide a way for EDF to strongly differentiate its power offerings from the competition in Europe's newly deregulated and intensely competitive power market. The PQ IVR is a new power quality product offering from American Superconductor. It differs from the company's PQ VR product in that it can provide protection for larger electrical loads. This enhanced capability has been created by American Superconductor through its development of proprietary power electronics technology, which the company combines with its standard superconducting storage coil technology. "The recognition by electric utilities of their need to provide full solutions to power quality problems is growing as competition in the electric utility industry continues to increase," said Greg Yurek, American Superconductor's chief executive. "We believe the PQ IVR is the lowest cost, most effective industrial power quality solution on the market today. We are delighted that EDF will be the first to install this new product in Europe." Electricite de France Electricite de France, the Paris-based French utility, is one of the world's largest producers of electricity. With 1999 revenues of $31 billion, the company has interests in Europe, South America, Africa and China. For additional information, please visit the Electricite de France home page at www.edf.fr. American Superconductor American Superconductor Corporation, headquartered in Westborough, Mass., was founded in 1987 and is a world leader in developing and manufacturing products utilizing superconducting materials for electric power applications. The company's products, and products sold by electrical equipment manufacturers that incorporate its products, can dramatically increase the capacity and reliability of power delivery networks, significantly reduce the manufacturing costs of electrical equipment such as motors and generators, lower electrical operating costs and conserve resources that are used to produce electric power. American Superconductor manufactures its SMES product line in Middleton, Wisconsin. For more information, please visit us at www.amsuper.com. Certain statements in this release, including statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include the uncertainties that : the company will be able to obtain the anticipated funding from corporate and government contracts; the company will be able to successfully develop and manufacture commercial products; a robust market will develop for the company's products; and the company will secure anticipated orders. Additionally such factors include: the risk that strategic alliances and other contracts may be terminated; the risk that certain technologies utilized by the company will infringe intellectual property rights of others; the competition encountered by the company, including several large Japanese companies; the amount and timing of the company's future cash requirements and the availability of satisfactory financing sources. Reference is made to these and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operation" section of the company's periodic reports filed with the Securities and Exchange Commission.