AUSTIN, Texas, March 27, 2014 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, announced that more than 1.4 million warrants to purchase shares, which were issued as part of an underwritten public offering that closed in August 2013, have been exercised from January 1 through March 21, 2014. These exercised warrants generated net proceeds of approximately $3.7 million and represent 14% of the 10 million total warrants issued under the August 2013 offering.
Proceeds from the exercise of these warrants serve to increase the company's cash reserves, which were $7.5 million as of December 31, 2013 as reported in the March 27th press release announcing fourth quarter and year-end 2013 results.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Austin, TX, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications, to develop applications for advanced RF wireless solutions and innovative adaptive filtering, and for government R&D. 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.
|Contact: Investor Relations Contact|
|Cathy Mattison or Kirsten Chapman|
Source:Superconductor Technologies Inc.