SatCon and General Atomics Enter Into Teaming Agreement; SatCon Signs Strategic Teaming Agreement With Major Defense Contractor General Atomics.Energy Editors/Business Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 10, 2003 SatCon Technology Corporation(R) (Nasdaq: SATC SATC Sex and the City (HBO series) SATC Software Assurance Technology Center (NASA) SATC Sexual Assault Treatment Center (Broward County, Florida) ), a leader in power and energy management products, today announced that it has entered into a teaming agreement with defense contractor Noun 1. defense contractor - a contractor concerned with the development and manufacture of systems of defense armed forces, armed services, military, military machine, war machine - the military forces of a nation; "their military is the largest in the region"; 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). (GA) for the design, manufacture, installation and testing of high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to DC shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. power distribution systems. SatCon is currently working with General Atomics under the US Navy's Integrated-Fight-Though-Power System (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 ). General Atomics is the prime contractor for the program and SatCon builds power control modules for the system. Over several phases, the program has already represented some $12.0 million in revenues and backlog for SatCon since beginning the program 2 years ago. "This is an important agreement for us," said David Eisenhaure, SatCon president and chief executive officer. "General Atomics is one of the largest defense contractors in the country. Their ability to bid and win new business for which we could participate could represent some significant opportunity for the Company. We think we have performed very well under the Integrated Power System program and General Atomics' confidence in our ability and our products is evidenced by this teaming agreement." "SatCon has done an excellent job for GA on Power Control Modules for the Navy IFTP Program," said 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, Electromagnetic Systems for GA. "We see the IFTP zonal electric distribution system as offering significant advantages for a wide variety of future shipbuilding programs, and the GA/SatCon Team has developed full-scale system capability to meet future requirements." We have been developing Power Control Modules for the Integrated Power System designed for potential application to the U.S. Navy's "all-electric" ship since fiscal 2001. SatCon is under contract to deliver modular, electrical power converter and control assemblies, or Power Control Modules, for land testing. As part of the most recent phase of the Integrated-Fight-Through-Power System program, awarded in late fiscal year 2002, we are scheduled to deliver power control modules 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 as part of the Navy's on-going development of the "all-electric" ship platform. The benefit to the Navy is to improve shipboard energy and power management and distribution to reduce cost and weight and improve performance. The "all-electric ship" is designed to operate with a common source of power for all of its systems, namely electrical power. As such it can be rapidly reconfigured in case of damage. 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 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. 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 at all. 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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