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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): June 11, 1998
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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 June 11, 1998, the Registrant issued the press release attached hereto as
Exhibit 99.1. 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 June 11, 1998.
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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: June 11, 1998 By: /s/ EDWARD W. LAVES
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Edward W. Laves
President and Chief Executive Officer
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Exhibit Index
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Exhibit # Item
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99.1 Press Release
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EXHIBIT 99.1
News/RELEASE
Contact: Julie Rand
Phone: (312) 751-8878
ILLINOIS SUPERCONDUCTOR
ANNOUNCES BOARD AND MANAGEMENT CHANGES;
COMPANY ELECTS NEW DIRECTOR
Mount Prospect, IL, June 11, 1998/PRNewswire/ -- Illinois
Superconductor Corporation (Nasdaq: ISCO), a leading supplier of very high
performance filters for the wireless telephony industry, today announced the
election of Mark D. Brodsky of Elliott Associates, L.P., to its board of
directors. The Company also announced that Edward W. Laves, president and
chief executive officer has been elected chairman. Laves replaces Ora E.
Smith, who has resigned from both the Company and its board to pursue other
interests. The company also announced the resignation of Stephen G. Wasko,
Chief Financial Officer, who is also leaving to pursue other interests.
Mark D. Brodsky, 44, is a portfolio manager for Elliott Associates,
L.P., a private investment fund. Mr. Brodsky received his B.A. and M.A., summa
cum laude, from the University of Pennsylvania in 1974 and his J.D., cum laude,
from Harvard University in 1977. From 1977 until 1994 he practiced law at two
major New York City law firms, and was a partner. His practice included work
in corporate finance and acquisitions. Prior to joining Elliott Associates in
early 1996, Mr. Brodsky served as an analyst and partner at another private
investment fund. Mr. Brodsky is filling one of the two board seats available
through nomination by the investors in the company's recent financing.
Commenting on the board changes, Ted Laves, president and chief
executive officer said, "We are delighted to welcome Mark Brodsky to the
company's board of directors. Mark's broad experience in the investment
community will significantly strengthen the company's board. Mark's firm was
the lead investor in the company's recent financing and we are pleased that he
will continue to work closely with the company." Laves said. "I also wanted to
take the opportunity to thank Ora Smith and Steve Wasko for their long and
meritorious service with the company." Laves said the company is currently
conducting a search for a new chief financial officer.
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Illinois Superconductor
Announces Management Changes
ADD -2-
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 that enhance the quality and capacity of cellular telephone, personal
communications services (PCS) and other wireless telecommunications services.
More information about Illinois Superconductor is available on the company's
internet web site at http://www.ilsc.com.
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