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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): JULY 8, 1997
ILLINOIS SUPERCONDUCTOR CORPORATION
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-22302 36-3688459
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(State or Other Jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.
451 KINGSTON COURT, MOUNT PROSPECT, ILLINOIS 60056
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (847) 391-9400
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ITEM 5. OTHER EVENTS.
On July 8, 1997, the Registrant issued the press release attached as Exhibit
99.1 announcing changes in the Registrant's management and Board of Directors.
The information contained in this press release is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release of Registrant dated July 8, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Illinois Superconductor Corporation
Dated: July 8, 1997 By: /s/ ORA E. SMITH
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Ora E. Smith
Chairman of the Board
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Exhibit Index
Exhibit # Item
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99.1 Press Release
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[LOGO] Exhibit 99.1
FOR IMMEDIATE RELEASE
Illinois Superconductor Corporation
Steve Wasko, 847-391-9400
Mary K. Williams, 847-391-9400
Internet: [email protected]
ILLINOIS SUPERCONDUCTOR ANNOUNCES
MANAGEMENT AND BOARD CHANGES
Ora Smith Elected Chairman of the Board;
Ted Laves Named President and CEO and Director
Mount Prospect, IL -- (July 8, 1997) -- Illinois Superconductor
Corporation (NASDAQ:ISCO), a leader in the commercialization of superconducting
technology for the wireless telecommunications industry, announced today that
the company's board of directors has elected Ora E. Smith, currently the
president and chief executive officer, as chairman of the board, succeeding
Steven Lazarus, managing general partner of ARCH Venture Partners, L.P., who
will remain a member of the board and chairman of its executive committee.
Lazarus, 66 years old, has served as chairman of the company since 1993.
Smith, 49 years old, will move from the position of president and chief
executive officer, which he has held since 1990, to become the company's first
executive chairman. Edward W. (Ted) Laves, Ph.D., has been appointed by the
board of directors to succeed Smith as president and chief executive officer
and has also been elected to the six-member board of directors to replace
Leonard A. Batterson who has resigned. Laves, 50 years old, previously was
executive vice president and chief operating officer.
Lazarus commented, "The board strongly supports Ora's elevation to
full-time chairman and Ted's promotion to become the company's new president
and chief executive officer. We believe that these management and board
changes are in the best interest of the company and its shareholders. We also
appreciate Len Batterson's long and diligent service as a director of Illinois
Superconductor. Len was one of the founding venture capital investors of the
company, and joined the board at the beginning, back in 1989. He has made many
contributions to ISC during these past eight years and we thank him."
Laves said, "This is a very exciting time for Illinois Superconductor as
we move from development into manufacturing ISC's revolutionary high
performance filter products for the wireless telecommunications industry and
further wireless market penetration."
"Our vision is for ISC to become the dominant supplier of high-performance
RF front-end equipment to the burgeoning cellular and PCS marketplaces. We
have started with filters, but we plan to expand beyond filters into areas
where our superconducting technology can benefit wireless users and provide ISC
with a competitive advantage. Building upon our proprietary technology and
solid operational strengths, we intend to establish ISC as one of America's
premier electronics companies. The foundations are firmly in place: our
management team is highly qualified, our manufacturing plant is up and running,
our market penetration is beginning to build and we posses significant
technology assets," stated Laves.
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"Under Ora's leadership, the foundations of success have been firmly
established. I look forward to the challenge of building upon and expanding
the foundation," Laves concluded.
Laves joined the company in 1994 and has served since that time as its
executive vice president and chief operating officer. As president and CEO,
Laves will be responsible for all aspects of the business including finance,
manufacturing, human resources, engineering and the sales and marketing of the
company's SpectrumMaster(TM) and RangeMaster(TM) filter products. He brings to
his new role extensive experience in the wireless industry. Before joining the
company, Laves served as general manager of the cellular infrastructure
division of Nippon Motorola, Ltd. where he led Motorola's successful
introduction of digital technology into the Japanese cellular market.
Additionally, Laves managed the development and introduction of Motorola's
CoveragePLUS wide area Special Mobile Radio (SMR) system to the market. Laves
holds Ph.D. and M.B.A. degrees from the University of Chicago, and received his
B.A. from Cornell University.
The company also announced that Stephen G. Wasko, 37 years old, chief
financial officer, will assume additional responsibilities as senior vice
president of corporate development, a newly created position. In his new
position, Wasko will now also be responsible for the company's strategic growth
opportunities and positioning.
Commenting on the changes, Smith said, "Illinois Superconductor is
entering a period of growth and substantial change. I am delighted that Ted
Laves has moved to the position of president and CEO of the company and that
Steve Wasko has agreed to take on the additional responsibilities associated
with analyzing the company's strategic growth opportunities. I am honored to
follow Steve Lazarus as chairman. Steve Lazarus has served the company in an
outstanding fashion as chairman of the board during the last four years of its
development and I look forward to his continued involvement as chairman of the
board's executive committee."
"Ted and I will continue to work together as an effective team. I expect
to spend an increased amount of my time developing strategic direction and
relationships for the company," Smith continued.
Prior to joining the ISC, Smith was the vice president and chief marketing
officer of Conductus, Inc., a superconducting electronics company. He
previously served in a number of executive positions with Rockwell
International Corporation, including corporate director of external technology
development. Smith holds S.B. and S.M. degrees in Mechanical Engineering from
the Massachusetts Institute of Technology and a J.D. from Harvard Law School.
Illinois Superconductor Corporation (ISC) is a leader in the
commercialization of high temperature superconducting (HTS) technology for the
wireless telecommunications industry. The company develops, manufactures, and
markets radio frequency (RF) products to enhance the quality and capacity of
cellular telephone and other wireless telecommunications services.
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