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Technology Stocks : SatCon Technology (SATC) -- Ignore unavailable to you. Want to Upgrade?

To: Keith Fauci who wrote (406)	2/26/2003 12:59:12 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 440

SatCon Technology in Financing Agreement Tuesday February 18, 11:35 am ET Dow Jones Business News CAMBRIDGE, Mass. (Dow Jones)--After months of negotiations, SatCon Technology Corp. (NasdaqNM:SATC - News) reached a $4 million financing agreement that will provide working capital and allow it to meet the expectations of its senior lender. In a press release Tuesday, the energy management products company said that the deal includes about $3.2 million of equity financing and $800,000 of secured convertible subordinated debentures. Shares of SatCon traded recently at 86 cents a share, up 4 cents, on Nasdaq volume of 59,300 shares. Average daily volume is 76,664 shares. The company's shares are trading above a 52-week loss of 70 cents reached Feb. 12, but are well off their 52-week high of $4.50 a share, reached March 12. SatCon expects that the equity portion of the transaction will be funded by mid-week. The debt portion of the transaction should go through once the Securities and Exchange Commission (News - Websites) declares the company's registration statement effective, and once the company receives stockholder approval and satisfies other closing conditions. Silicon Valley Bank granted SatCon extensions on its forbearance agreement on Jan. 15 and on Feb. 12, giving the company more time to complete the debt and equity financing transaction. Last year, SatCon's accountants, Grant Thornton LLP, issued a going concern qualification with the company's full year 2002 results, citing the company's continuing losses, cash burn, and the need for immediate equity. ++++++++++++++ I think the last paragraph kind of sums up the issues with SATC. Yes, they are winning some contracts, but the company is still very much below the radar of most of the investment world. They need some consistent Q's of profits and a more solid financial footing.