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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: Steve in Vegas who wrote (2606)	4/22/1998 3:12:00 PM
From: counsel777	Read Replies (1) \| Respond to of 3448

Intermagnetics Announces Patent For Advanced 'Subcooler' System Doubles Energy Savings of Traditional Refrigeration Subcoolers LATHAM, N.Y., April 22, /PRNewswire/ -- Intermagnetics General Corporation (Amex: IMG - news) today announced that its subsidiary InterCool Energy Corporation has received a patent for an advanced subcooling system that initially will be marketed to 135,000 supermarkets and convenience stores in the United States and Canada. The innovative system, identified on the patent as a ''Precooled Vapor-Liquid Refrigeration Cycle,'' could as much as double the energy savings of traditional subcooling equipment. ''This is a superior technology -- which we call a PreCooler(TM) System -- that improves energy efficiency, increases capacity and/or allows for lower-temperature operations in new and existing refrigeration systems,'' said Carl H. Rosner, chairman and CEO of Intermagnetics. ''As initial target markets we have identified the 35,000 supermarkets and more than 100,000 convenience stores in the U.S. and Canada, as well as other refrigeration equipment applications and commercial air conditioning systems.'' Rosner added that the patented system can improve energy efficiency -- and thereby reduce costs -- in cooling systems as much as 40 percent, about twice the savings possible with traditional mechanical subcoolers. Subcoolers are used to cool refrigerants prior to their utilization in a primary refrigeration unit to improve the overall operating efficiency of the refrigeration system. ''The relatively short-term payback of installing a system based on our PreCooler technology should make these systems far more attractive for supermarket refrigerator food racks, for example,'' Rosner said. ''The products and services we plan based on the PreCooler patent build upon InterCool Energy's strong technology base, as demonstrated by the outstanding performance of its first commercial refrigerant product, FRIGC(R) FR-12(TM) refrigerant to replace ozone-depleting Freon(1). The PreCooler System also utilizes environmentally attractive refrigerants, in keeping with the objectives agreed upon at the recent U.N.-sponsored Kyoto Convention on Climate Change.'' Gary Hamilton, senior vice president of InterCool, added: ''InterCool has initiated talks with several large end-users including energy performance contractors, as a first step to commercializing this exciting new product. The PreCooler product line offers superior efficiency with attractive return-on-investment, along with several other operational enhancements for users. The PreCooler has been successfully tested in a Canadian national laboratory setting and commercial testing in a supermarket is now under way.'' Intermagnetics is a leading developer and manufacturer of low-temperature (LTS) and high-temperature (HTS) superconducting magnets, wire and cable as well as associated low-temperature refrigeration equipment, and radio-frequency (RF) coils, the combination of which is essential to successful application of superconductivity, especially in equipment for Magnetic Resonance Imaging (MRI). The Company is dedicated to the development and commercialization of applied superconductivity and refrigeration systems. The Company also supplies permanent magnet systems, materials separation equipment and FRIGC(R) refrigerants as replacements for ozone-depleting refrigerants. (1) Freon is a registered trademark of E.I. duPont deNemours & Co. SAFE HARBOR STATEMENT: This press release contains ''forward-looking statements'' that involve various important assumptions, risks, uncertainties and other factors. These include, without limitation, the assumptions, risks, and uncertainties set forth in the Company's 1997 Form 10-K including the Company's ability to win market acceptance for the PreCooler System, as well as appropriate pricing and energy costs. SOURCE: Intermagnetics General Corporation