AUSTIN, Texas, May 30, 2014 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, filed a SEC Form 3 on May 28, 2014 reporting its minority stakeholder position in Resonant Inc. (Nasdaq:RESN). Resonant closed its initial public offering (IPO) of 2,700,000 shares of Class A common stock on May 29, 2014.
"We wish to congratulate the Resonant team on its strong IPO," stated Jeff Quiram, STI's president and chief executive officer. "Resonant's Reconfigurable Resonance™ (RcR) technology, also referred to as Infinite Synthesized Networks™ or ISN™, was developed at STI for advanced wireless applications. In July 2012, STI spun-out Resonant to commercialize the RcR technology for the rapidly growing mobile device industry. STI contributed several key patents in exchange for an ownership stake in Resonant. We are extremely pleased with the value the Resonant IPO creates for our shareholders."
"STI's strives to continuously expand our extensive intellectual property position. In addition to our HTS wire program, we will continue to pursue opportunities to unlock the value of our 100 plus patent portfolio," Quiram concluded.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Austin, TX, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications, to develop applications for advanced RF wireless solutions and innovative adaptive filtering, and for government R&D. Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol "SCON." For more information about STI, please visit http://www.suptech.com.
Safe Harbor Statement
Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; the limited number of potential customers; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; customer acceptance of our HTS wire; fluctuations in product demand from quarter to quarter; the impact of competitive filter products, technologies and pricing; manufacturing capacity constraints and difficulties; our ability to raise sufficient capital to fund our operations, and the impact on our strategic wire initiative of any inability to raise such funds; the impact of any such financing activity on the level of our stock price, and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers, such as the current worldwide recession.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2013 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
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|Cathy Mattison or Kirsten Chapman|