Active Power Realigns Development Initiatives; Development Resources to Focus On Products Targeting Growth Markets.Business Editors & High-Tech/Energy Writers AUSTIN, Texas--(BUSINESS WIRE)--Oct. 18, 2001 Active Power, Inc. (Nasdaq:ACPW ACPW Asymmetrical Coplanar Waveguide ACPW Advisory Committee of the Purity of Water (Australia) ) of Austin, TX, a developer and manufacturer of battery-free power quality solutions today announced it has realigned its development initiatives to complement its manufacturing capability and focus on growth markets. Active Power is significantly reducing its development expenditures on advanced engineering products below 25kW and will focus resources on mid to high power products. This realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of Active Power development projects affects the HIT6 DC product availability under the Marconi distribution agreement. The new development initiatives now under way include a high power electronics platform that will enhance the value of Caterpillar's standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. and prime power generation systems, and extends the existing Cat(R) UPS line. To support this project, Cat plans to provide joint development funding over the next 18 months. In addition, the company has launched a major development initiative to develop a fully integrated, battery-free power quality system targeting the 30-150kVA power range. This is currently the fastest growing segment as reported by the Darnell Group and is estimated to be a $1.4 billion market by the Venture Development Corporation. The commercial launch of this product is projected for the first half of 2003. "This realignment will allow us to achieve higher growth and optimize our financial results," said Joe Pinkerton, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of Active Power. About Active Power: Active Power, Inc. (www.activepower.com) designs, manufactures and markets battery-free power quality products that provide the consistent, reliable electric power required by today's digital economy. Active Power is the first company to commercialize a flywheel energy storage Flywheel Energy Storage (FES) works by accelerating a rotor (flywheel) to a very high speed and maintaining the energy in the system as rotational energy. The energy is converted back by slowing down the flywheel. system, CleanSource(R) that provides a highly reliable, low-cost and non-toxic replacement for lead-acid batteries Noun 1. lead-acid battery - a battery with lead electrodes with dilute sulphuric acid as the electrolyte; each cell generates about 2 volts lead-acid accumulator used in conventional power quality installations. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision Any forward looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Specific risks that could cause actual results to materially differ from those in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are: a potential decrease in the demand for power quality products; the acceptance of the new technology in our current and future products by the power quality market; inability to successfully integrate new OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners; and inability to design or manufacture current and future products in a cost-effective manner. Please refer to Active Power filings with the Securities and Exchange Commission for more information on the risk factors that could cause actual results to differ. CleanSource is a registered trademark of Active Power, Inc. All other trademarks are the properties of their respective companies. |
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