AUSTIN, Texas, Oct. 22, 2015 (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, entered a distribution agreement with TING Corporation to supply the India market with Conductus® second generation (2G) HTS wire. TING Corporation, an export management and consulting firm with more than two decades of international experience and global outreach, will serve as STI's key distribution partner in India.
Prateek Dokania, VP of Operations at TING Corporation stated: "Based on our extensive knowledge of the HTS wire market in India, we believe STI's Conductus wire delivers market leading performance that will provide a competitive advantage and differentiate TING in the marketplace. We are excited about the opportunities for HTS products in India and look forward to a productive relationship with STI."
"We are proud to be selected as TING's key 2G HTS wire supplier for the India market," stated Jeff Quiram, STI's president and chief executive officer. "TING has been marketing HTS wire since 2013 and has a proven track record of selling superconducting wire. It is targeting new and established customers with a focus on applications that include HTS Cables, power storage solutions, fault current limiters, magnets and motors. We believe this new partnership enables STI to effectively address the HTS wire market in India."
About TING Corporation
TING Corporation provides its global clients with state-of-the-art technology from North America and the European Union and specializes in the supply of 2G HTS wire to India. TING Corporation is headquartered in the U.S. with offices in Europe and India. It has established strong business alliances with major North American and European companies that develop and manufacture products for steel, power, petrochemical and mining industries. TING serves as a key representative for these companies in Asia.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, 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.
Safe Harbor Statement
Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, to implement our current business plan and maintain our viability; the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; the performance of our third party partners; the limited number of potential customers and customer pressures on the selling prices of our products; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; the impact of competitive products, technologies and pricing; manufacturing capacity constraints and difficulties; the impact of any financing activity on the level of our stock price; the dilutive impact of any issuances of securities to raise capital; cost and uncertainty from compliance with environmental regulations; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2014 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
Investor Relations Contact
Cathy Mattison or Kirsten Chapman
Source:Superconductor Technologies Inc.