American Superconductor Announces HTS Wire Distribution Agreement with Leading Korean Wire Manufacturer.Business/Technology Editors WESTBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 27, 2001 KISWIRE, Ltd. To be Exclusive Distributor of AMSC's HTS HTS Heights HTS Harmonized Tariff System HTS High Throughput Screening (biomolecular assay screening) HTS High-Throughput Screening (Pharmaceutical Industry) HTS Harmonized Tariff Schedule Wire in Korea American Superconductor American Superconductor is a technology company based in Westborough, Massachusetts specializing in the design and manufacture of superconducting wires and power converters. It is listed on Nasdaq under the symbol AMSC. Corporation (Nasdaq: AMSC AMSC Army Management Staff College AMSC American Mobile Satellite Corporation AMSC American Miniature Schnauzer Club AMSC Area Maritime Security Committee AMSC Acquisition Method Suffix Code AMSC Advanced Missile Signature Center ), a leading global supplier of superconductor A material that has little resistance to the flow of electricity. Traditional superconductors operate at absolute zero (-459.67 degrees Fahrenheit or -273.15 degrees Celsius). Experiments in the 1980s raised the temperature to -321 degrees Fahrenheit. products and power electronic converters for the electric power industry, today announced the signing of an agreement with Korean-based KISWIRE, Ltd. naming them the exclusive distributor of AMSC's HTS wire in Korea. Under the terms of the agreement, KISWIRE agrees to actively promote, sell and service AMSC's HTS wire in a variety of applications throughout Korea. AMSC retains the right to sell its HTS wire to other original equipment manufacturers (OEMs) outside Korea who might import their product to Korea. KISWIRE is a leading manufacturer of steel wire products for the automotive, ship building, and other industries. "American Superconductor is recognized for its leadership in developing the best performing HTS wire in the industry," said Mr. Sang-Duk Han, managing director of KISWIRE, Ltd. "We are delighted to be the distributor of this leading-edge product in Korea, a country that is making a major investment in commercializing applications using HTS wires. We look forward to a long and prosperous relationship with American Superconductor." KISWIRE will also be the distribution channel for AMSC's HTS wire into Korea's New Frontier New Frontier President John F. Kennedy’s legislative program, encompassing such areas as civil rights, the economy, and foreign relations. [Am. Hist.: WB, K:212] See : Aid, Governmental Program, a $200 million initiative to develop and commercialize electric power applications such as motors, generators, and power cables using HTS wire. The program is being managed by the government-sponsored Korean Electrotechnology Research Institute (KERI). KISWIRE will distribute American Superconductor's HTS wire to participating companies developing products that will use the new superconductor wire. "This agreement gives American Superconductor entrance to one of the top manufacturing markets in the world," said Greg Yurek, 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. of American Superconductor. "Our distribution agreement opens exciting new market opportunities for us and we look forward to working with KISWIRE and the New Frontier Program as they commercialize HTS technology in Korea." About KISWIRE Headquartered in Pusan, Korea, KISWIRE is one of the world's largest steel wire manufacturers for automotive, tires, ship building and other industrial uses. KISWIRE Group reported annual revenues of $500 million last year and has approximately 10 percent market share of the global tire cord business. Their manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. have been certified ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002, ISO14001, and QS9000 compliant. The company operates thirteen domestic and two foreign manufacturing facilities and has sales offices in Japan, the US, Europe and throughout the Asia Pacific region. About American Superconductor American Superconductor Corporation is a world leader in developing technologies and manufacturing products utilizing superconductor wire and power electronic converters for the electric power infrastructure. American Superconductor's products, and those sold by electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
Certain statements in this release, including statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include the uncertainties that: the company will be able to obtain the anticipated funding from corporate and government contracts; the company will be able to successfully develop and manufacture commercial products; a robust market will develop for the company's products; and the company will secure anticipated orders. Additionally such factors include: the risk that strategic alliances and other contracts may be terminated; the risk that certain technologies utilized by the company will infringe intellectual property rights of others; the competition encountered by the company, including several large Japanese companies This is a list of companies from Japan. Note that 株式会社 can be (and frequently is) read both kabushiki kaisha and kabushiki gaisha (with or without a hyphen). See that article for more details. ; the amount and timing of the company's future cash requirements and the availability of satisfactory financing sources. Reference is made to these and other factors discussed in the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operation" section of the company's periodic reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's estimates as of November 27, 2001. While the Company anticipates that subsequent events and developments may cause the Company's estimates to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to November 27, 2001. |
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