AUSTIN, Texas, April 23, 2019 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq: SCON) announced that the Institute for Plasma Research, India, (IPR) has selected STI’s Conductus® wire for use in IPR’s next generation Tokamak fusion development.
“IPR is well-respected and experienced in the world of superconductor magnet development for plasma and Tokamak applications. We are pleased our Conductus wire was selected by IPR for development of its future Tokamak fusion device,” stated Jeff Quiram, STI’s president and CEO. “IPR’s selection process included rigorous analysis of many leading suppliers, with a focus on wire performance, the company’s experience in superconductivity and local support. Conductus wire’s performance was successfully tested by IPR to insure it met the required specifications. We look forward to working with IPR as they move forward with the development of fusion device components utilizing the next generation wire technology of our Conductus HTS wire. We would also like to recognize the fine work done by TING Corporation, STI’s distribution partner in India, in securing this first success in India.”
“This order for Conductus wire from the prestigious Institute for Plasma Research, India, is a big win for STI and TING Corporation, and opens up the Indian market to the best wire optimized for superconducting magnet applications,” said Prateek Dokania, Vice President TING Corporation. “STI's proprietary & leading-edge manufacturing process coupled with TING Corporation’s experience and knowledge of the Indian market will deliver a superior product - at a reasonable cost. We look forward to working with STI and providing additional customers with high performance magnet wire that delivers a competitive advantage.”
The Institute for Plasma Research (IPR) is an autonomous R & D organization. This institute is largely involved in theoretical and experimental studies in plasma science including basic plasma physics, magnetically confined hot plasmas and plasma technologies for industrial application. The institute owns two operational tokamaks (a machine for controlling thermonuclear fusion) - ADITYA and Steady State Tokamak (SST) - 1. FCIPT, ITER-India and CPP-IPR, located in Gandhinagar and Guwahati are three divisions under IPR.
About TING Corporation
TING Corporation provides its global clients with state-of-the-art technology from North America and the European Union. Their niche is the supply of specialized engineering and technological solutions including 2G HTS wire. TING Corporation is headquartered in the U.S. with offices in Europe and India. It has established strong business alliances with major North American and European companies that develop and manufacture products for steel, power, petrochemical and mining industries. TING serves as a key representative for these companies in Asia.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years, STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, 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; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, before cash reserves are depleted (which reserves are expected to be sufficient into the third quarter of 2019), to implement our current business plan and maintain our viability; the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; the limited number of potential customers and customer pressures on the selling prices of our products; 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; the impact of competitive products, technologies and pricing; manufacturing capacity constraints and difficulties; the impact of any financing activity on the level of our stock price; the dilutive impact of any issuances of securities to raise capital; the steps required to maintain the listing of our common stock with a U.S. national securities exchange and the impact on the liquidity and trading price of our common stock if we fail to maintain such listing; the cost and uncertainty from compliance with environmental regulations; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers.
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, 2018 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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