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EXHIBIT 99.1
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NEWS|
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[ILLINOIS SUPERCONDUCTOR CORPORATION LOGO]
FOR IMMEDIATE RELEASE CONTACT: MAUREEN MURNANE
PHONE: 847-391-9426
INTERNET: [email protected]
ILLINOIS SUPERCONDUCTOR MEETING ADJOURNED TO JULY 18
Mt. Prospect, IL (June 30, 2000) -- Illinois Superconductor Corporation
(OTC: ISCO) announced today that its annual stockholders' meeting has been
adjourned from June 30 to July 18, 2000 in order to afford additional time for
shareholders to submit proxies. The adjourned meeting will be held at the
offices of Sonnenschein Nath & Rosenthal, located at 8000 Sears Tower, Chicago,
Illinois 60606 beginning at 10:00 A.M. local time. The record date for
determining stockholders entitled to vote at the meeting remains unchanged, at
June 6, 2000. The deadline under the November 1999 financing arrangements to
increase the Company's authorized shares, referred to in the Company's proxy
material, has similarly been extended until July 18, 2000.
Dr. George Calhoun, ISC's Chief Executive Officer, said: "We are very
close to having the requisite vote. Our proposals enjoy strong support among
stockholders who have submitted proxy cards, but we need to allow a bit more
time to reach those from whom we have not yet heard. We have approximately
40,000 shareholders that we have to reach, and it is likely that summer
schedules may have delayed a number of people from addressing this issue
promptly. Resetting the record date to June 6 has proven very helpful, but as a
result we left ourselves only three weeks to solicit the new record holders
before June 30, as opposed to the normal five weeks. We are hopeful that we will
have the vote in hand by the time of the adjourned meeting date."
Stockholders who have questions about the annual meeting or would like
additional copies of the proxy materials or the proxy card should contact the
Company's proxy solicitor:
MACKENZIE PARTNERS, INC.
156 Fifth Avenue
New York, New York 10010
By telephone: (212) 929-5500 (call collect)
By facsimile: (212) 929-0308
By email: [email protected]
or
Call toll free: (800) 322-2885
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Illinois Superconductor Corporation is a leader in the commercialization of high
temperature superconducting 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, personal
communications services and other wireless telecommunications services. More
information about Illinois Superconductor Corporation is available on the
Company's internet web site at http://www.ilsc.com.
Statements contained in this news release that are not historical facts are
forward-looking statements. Such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and reflect the Company's current expectations regarding the future results
of operations, performance and achievements of the Company. The Company has
tried, wherever possible, to identify these forward-looking statements by using
words such as "anticipates," "believes," "estimates," "expects," "plans,"
"intends," and similar expressions. These statements reflect the Company's
current beliefs and are based on information currently available to it.
Accordingly, these statements are subject to certain risks, uncertainties, and
contingencies, which could cause the Company's actual results, performance or
achievements for 2000 and beyond to differ materially from those expressed in,
or implied by, such statements. These important factors include, without
limitation, the failure of the SSI transaction to close, the ability to
integrate SSI's and ISC's businesses in the event that the SSI transaction is
completed, the Company's history of net losses and the lack of assurance that
the Company's earnings will be sufficient to cover fixed charges in the future;
the degree to which the Company is leveraged and restrictions imposed on the
Company under its existing debt instruments which may adversely affect the
Company's ability to finance its future operations, uncertainty about the
Company's ability to compete effectively against better capitalized competitors
and to withstand downturns in its business or the economy generally; the adverse
effects on liquidity of the Company's common stock because of its de-listing
from the NASDAQ National Market in June 1999; continued downward pressure on the
prices charged for the Company's products due to the competition of rival
manufacturers of front end systems for the wireless telecommunications market;
the timing and receipt of customer orders; the Company's ability to attract and
retain key personnel; and the effects of legal proceedings. A more complete
description of these risks, uncertainties and assumptions is included in the
Company's filings with the Securities and Exchange Commission, including those
described under the heading "Risk Factors" in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1999. The Company undertakes no
obligation to update or revise these forward-looking statements to reflect new
events or uncertainties.
