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Technology Stocks : Beacon Power (BCON) -- Ignore unavailable to you. Want to Upgrade?

To: Rich23241 who wrote (16)	3/13/2002 1:03:57 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 49

Beacon Power to Restructure Operations DOW JONES NEWSWIRES WILMINGTON, Mass. -- Beacon Power Corp. (BCON) will cut 37% of its work force, or 33 employees, as part of a restructuring program. In a press release Wednesday, Beacon Power said with the restructuring it expects to have "sufficient" cash on hand to fund its operations for "slightly more" than 24 months. Becon Power said the restructuring is in response to delays in achieving commercialization of its flywheel systems given the pullback in capital spending in targeted telecommunications markets. A Beacon Power representative couldn't immediately be reached for additional information on the restructuring. As of Sept. 30, the company had cash and cash equivalents of $40.9 million. Shares of Beacon Power, a maker of flywheel energy storage systems, closed Nasdaq-trading Tuesday at 77 cents, up 2 cents, or 2.7%. Company Web site: beaconpower.com