Leverages IP Portfolio to Incubate Technology Separate From Main 2G HTS Wire Business
AUSTIN, Texas, Feb. 6, 2012 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, signed a product development agreement with a global market leader to develop its innovative Reconfigurable Resonance™ (RcR) technology in the rapidly growing mobile communications products industry.
Jeff Quiram, STI's president and chief executive officer said, "While our main focus continues to be 2G HTS wire, STI has long sought to exploit other parts of its intellectual property portfolio where opportunities present themselves. This agreement is the result of these ongoing efforts. Our RcR technology shows exciting promise and this agreement is an important validation of our strategy."
The planned development project intends to advance STI's proprietary RcR technology from innovation to commercialization. STI developed this novel technology by extending its world-leading expertise in analog passive circuit design into the arena of active analog circuitry. This research effort has produced an entirely new circuit design methodology, which has the potential to be broadly applicable to many of the critical challenges facing analog circuit design today.
STI's newly formed subsidiary, Resonant Inc., entered the product development agreement, and will have responsibility for the development effort. Resonant will require financing in order to commence active development, and STI is currently exploring financing options. While there is no assurance as to whether Resonant will obtain the necessary financing, STI expects to transfer the RcR technology and related personnel to Resonant when such financing is obtained. The creation of this new entity positions STI to advance one of several innovative technologies that are distinctly separate from the Company's primary focus on HTS wire development.
The development agreement includes quarterly milestones with a project scope that involves development and qualification testing of new mobile communications products using STI's RcR technology for sales into an existing multi-billion dollar mobile communications market.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., founded in Santa Barbara, CA, and now 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.