<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
ILLINOIS SUPERCONDUCTOR CORPORATION
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement)
Payment of filing fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title of each class of securities to which transaction applies:
- --------------------------------------------------------------------------------
2) Aggregate number of securities to which transaction applies:
- --------------------------------------------------------------------------------
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
- --------------------------------------------------------------------------------
4) Proposed maximum aggregate value of transaction:
- --------------------------------------------------------------------------------
5) Total fee paid:
- --------------------------------------------------------------------------------
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
- --------------------------------------------------------------------------------
2) Form, Schedule or Registration Statement No.:
- --------------------------------------------------------------------------------
3) Filing Party:
- --------------------------------------------------------------------------------
4) Date Filed:
- --------------------------------------------------------------------------------
<PAGE> 2
[ISC LOGO] NEWS
RELEASE
FOR IMMEDIATE RELEASE
ILLINOIS SUPERCONDUCTOR SEEKS SHAREHOLDER AUTHORIZATION
FOR ADDITIONAL COMMON SHARES TO SUPPORT GROWTH STRATEGIES
Mount Prospect, IL, March 16, 1998 -- Illinois Superconductor Corporation
(Nasdaq: ISCO), a leading supplier of superconducting technology for the
wireless telephone industry, today announced it has filed definitive proxy
materials with the Securities and Exchange Commission seeking shareholder
approval to increase the number of authorized shares of the Company's common
stock by 15 million shares. It expects to use the additional authorized shares
for general corporate purposes including future equity and/or debt financings.
The Company does not expect to issue additional floating convertible preferred
stock as a result of this authorization.
Edward W. (Ted) Laves, president and chief executive officer, commented,
"We are also pleased to report that only $1.2 million of the convertible
preferred stock issued during 1997 remains outstanding, which signals that the
conversion of this stock into new common shares has been substantially
completed."
Laves added, "We urge shareholders to carefully review their proxy
materials, since their decision will be critically important to our Company's
ability to execute our strategies for growth and long-term value creation."
The Company, which will report year-end earnings later today and expects
to report first quarter results in April, said it continues to make measurable
progress in growing revenues as
<PAGE> 3
a result of increased customer interest in and acceptance of its
technology-leading products for the wireless telephony industry.
Illinois Superconductor Corporation is a leader in the commercialization
of high temperature superconducting technology for the wireless telephony
industry. The company develops, manufactures and markets radio frequency (RF)
products to enhance the quality and capacity of cellular telephone, personal
communications services and other wireless telecommunications services. More
information about Illinois Superconductor is available on the company's
internet web site at http://www.ilsc.com.
###
CONTACTS:
- ---------
Craig Simundza, Fleishman Hillard
PHONE: (312) 751-8878
Mary K. Williams, Illinois Superconductor
PHONE: (847) 391-9426
E-MAIL: [email protected]
