General Atomics Extends Strategic Alliance with SatCon Technology Corporation to Develop Integrated Power Supply for U.S. Navy's ''All-Electric Ship'' Project.Business Editors/High-Tech Writers CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 30, 2003 SatCon Technology Corporation(C) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: SATC SATC Sex and the City (HBO series) SATC Software Assurance Technology Center (NASA) SATC Sexual Assault Treatment Center (Broward County, Florida) ), a developer and manufacturer of electronic power control systems for industrial and military applications, today announced that General Atomics General Atomics is a nuclear physics and defense contractor headquartered in San Diego, California. Among other things, it is the manufacturer of the Predator unmanned aerial vehicle (UAV). has extended its strategic teaming agreement with SatCon's Applied Technology Business Unit to continue development of a DC power distribution system for the Navy's next-generation "all-electric ship" program. SatCon's exclusive teaming agreement with General Atomics (GA), initially signed in March 2003, has been extended from three years to five years and will run through March 2007. General Atomics has partnered exclusively with SatCon to develop Power Control Modules for the Integrated Power System (IPS) for the U.S. Navy's on-going development of the "all-electric" ship platform. SatCon is under contract to deliver a second set of these modular power converter and control assemblies for installation on the RV Triton The RV Triton is a trimaran vessel owned by Gardline Marine Sciences Limited and a former prototype British warship demonstrator for the QinetiQ defence research company. , a British research vessel A research vessel (R/V) is a ship primarily constructed to carry out scientific research at sea. Role of research vessels Research vessels carry out a number of roles at sea. Some of these can be combined into a single vessel, others require a dedicated vessel. , for at-sea testing. SatCon's technology is designed to improve shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. energy power management and distribution performance, while reducing energy costs. The Navy has made a major commitment to the DDX DDx abbreviation for differential diagnosis; used in medical records. all-electric ship project, its next-generation, surface combat ship program. After further testing, the Navy may include the IPS systems in up to 48 DDX platforms, as it transitions its fleets to all-electric platforms over the next several decades. The inclusion of SatCon's power control technology in this project helps to establish the GA/SatCon team as a leader in power management and distribution systems for military applications. "This contract extension with General Atomics is an important milestone for us," said David Eisenhaure, SatCon president and chief executive officer. "This strategic alliance partners SatCon with one of the larger defense contractors in the country. The extension of the teaming agreement helps validate our IPS technology and strengthens our relationship with GA. It also opens the door to future potentially lucrative opportunities for our IPS systems both domestically and internationally." Mike Reed Professor G. Mike Reed is an American computer scientist and Director of UNU/IIST, Macau, part of the United Nations University since 2005. Previously he was at the Oxford University Computing Laboratory where he was also a Fellow in Computation of St Edmund Hall, Oxford , Director of Electromagnetic Systems at General Atomics, stated that "The recent highly successful demonstration of a complete ship zone of IFTP IFTP Integrated Fight Through Power IFTP Institut de Formation Théologique et Pastorale (Chicoutimi, Quebec, Canada) IFTP Informal File Transfer Protocol area IFTP Identity Fraud Trends and Patterns power conversion modules by the GA/SatCon Team shows the near term readiness for the system to be selected for ship applications where power quality, increased performance, and improved electric distribution survivability sur·viv·a·ble adj. 1. Capable of surviving: survivable organisms in a hostile environment. 2. That can be survived: a survivable, but very serious, illness. are required and needed. Extending the GA/SatCon agreement allows us to better plan for future programs and support." About SatCon Technology Corporation SatCon Technology Corporation manufactures and sells critical power products including power systems for distributed power generation; power quality and factory automation; inverter (1) A logic gate that converts the input to the opposite state for output. If the input is true, the output is false, and vice versa. An inverter performs the Boolean logic NOT operation. (2) A circuit that converts DC current into AC current. Contrast with rectifier. electronics from 5 kilowatts to 5 megawatts; power switches; telecommunications electronics; and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon also develops advanced technology in digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. For further information, please visit the SatCon website at www.satcon.com. Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the Company's expectation. There can be no assurance that the company will secure additional orders under this teaming agreement, or maintain past revenue levels with this customer, if any. Additional information concerning risk factors is contained from time to time in the Company's SEC filings. The Company expressly disclaims any obligation to update the information contained in this release. |
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