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EXHIBIT 99.1
NEWS
RELEASE
[ISCO LOGO] CONTACT: Maureen Murnane
PHONE: 847-391-9492
INTERNET: [email protected]
ISCO ACQUIRES ANF FROM LOCKHEED MARTIN CANADA
PRESIDENT & CEO OF LOCKHEED MARTIN CANADA ELECTED TO ISCO BOARD OF DIRECTORS
Mt. Prospect, IL (December 26, 2000) - Illinois Superconductor Corporation (OTC
Bulletin Board: ISCO), a leading supplier of interference management solutions
for the wireless telecommunications industry, announced today that it has closed
the previously announced acquisition of Lockheed Martin Canada's Adaptive Notch
Filtering ("ANF") Business Unit. As part of the acquisition, Lockheed Martin
Canada becomes a significant shareholder in ISCO and its President & CEO, Daniel
R. Spoor, was elected to ISCO's Board of Directors.
Lockheed Martin Canada is a highly diversified global enterprise principally
engaged in the research, design, manufacture, and integration of
advanced-technology products. Prior to becoming Lockheed Martin Canada's
President and CEO in 1999, Mr. Spoor was Vice President-Operations for the
Lockheed Martin Electronics Sector and held executive positions at the Lockheed
Martin Ocean, Radar & Sensor Systems business, Vice President-Traffic Management
and Vice President-Manufacturing Operations. From 1989 to 1995, Mr. Spoor was
Vice President with General Signal. Earlier, during his 12 years with General
Electric, he held a variety of management positions.
Dr. George Calhoun, Chief Executive Officer of ISCO, said: "The acquisition of
ANF provides ISCO with three key benefits. First, ANF provides ISCO with a
unique, proprietary device that both measures and filters in-band interference
in wireless networks. This product complements our existing product line, which
filters out-of-band interference.
"Second, Lockheed Martin Canada is now our third largest shareholder, with 2.5
million shares of common stock. That Lockheed Martin Canada accepted a pure
stock transaction is, in our opinion, a strong validation of our technology and
leadership in the interference management arena. We hope to find other ways of
building our relationship with Lockheed Martin Canada in the future.
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"Third, our board has been augmented by Dan Spoor, Lockheed Martin Canada's top
officer and a veteran of three major international businesses -- Lockheed
Martin, General Signal, and General Electric. In particular, Dan's experience
with advanced technology products puts him in a good position to contribute
insights to ISCO as we move into the market development and manufacturing phase.
Lockheed Martin Canada's choice of it's top executive to sit on ISCO's board is
a very positive signal. We welcome Dan with enthusiasm."
Illinois Superconductor Corporation is a leading supplier of interference
management solutions for the wireless telecommunications industry and is the
industry leader in the commercialization of high temperature superconducting
technology for the wireless telecommunications industry. ISCO develops,
manufactures, and markets radio frequency (RF) products to enhance the quality
and capacity of cellular telephone, personal communications services (PCS) and
other wireless services and systems.
ISCO offers the broadest range of interference management solutions in the
industry. It offers the only patented product in the world that suppresses
in-band interference within 20 milliseconds. The company offers the widest range
of configurations for HTS out-of-band interference solutions that support
cellular, PCS and 3G systems. Its products include the smallest HTS filter
systems on the market today, as well as the only failure-proof all-temperature
HTS filter architecture, our patented ATP(TM) system. ISCO has sold more than
300 systems worldwide and has on-going field trials with domestic and
international service providers. ISCO is also developing ultra-high-performance
superconducting front-end products, including both transmitter and receiver
products for emerging third generation (3G) wireless systems. 3G wireless
systems are expected to replace current wireless systems over the next several
years.
Illinois Superconductor Corporation is a leading supplier of interference
management solutions for the wireless telecommunications industry and the
industry leader in commercialization of high temperature superconducting
technology for wireless telecommunication applications. The Company develops,
manufactures and markets radio frequency (RF) products to enhance the quality
and capacity of cellular telephone, personal communications 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.
Because the Company wants to provide investors with more meaningful and useful
information, this news release contains, and incorporates by reference, certain
"forward-looking statements" that 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 to differ materially from those expressed
in, or implied by, such statements. These factors include, among others, the
following: the Company's ability to obtain additional financing in the near
future; 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, the fact that its assets are pledged
and the restrictions imposed on the Company under its existing debt instruments,
all of
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which may adversely affect the Company's ability to finance its future
operations; and acceptance of, the Company's products; 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 release
publicly the results of any revisions to any such forward-looking statements
that may be made to reflect events or circumstances after the date of this
Report or to reflect the occurrence of unanticipated events.
