AMSC Enters Into Purchase and Sale Agreement for Devens, Massachusetts Building
AYER, Mass., Feb. 01, 2018 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global energy solutions provider serving wind and power grid industry leaders, today announced it has entered into a purchase and sale agreement with 64 Jackson LLC for the sale of the real property located at 64 Jackson Road, Devens, MA, including the building that has served as AMSC's headquarters.
Pursuant to the terms of the agreement, AMSC has agreed to sell the real property for total consideration of $23.0 million. The transaction is expected to close at the end of March 2018.
For more details regarding the transaction, please refer to the Company's Current Report on Form 8-K which was filed today with the Securities and Exchange Commission.
"Our cost reduction initiatives earlier in the fiscal year, together with our footprint reduction underway, are expected to improve our operating cost basis in fiscal 2018," said Daniel P. McGahn, President and CEO, AMSC. "We are all excited at AMSC to begin this new chapter."
About AMSC (Nasdaq:AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency, and performance. AMSC's solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe, and North America. For more information, please visit www.amsc.com.
AMSC, Windtec, Gridtec, PowerModule, and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in this press release about our expectations regarding the closing of the transaction and the improvement of our operating cost basis in fiscal 2018, and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: the risk that the transaction may not close in the timeframe we expect, or at all; the risk that our cost reduction initiatives and footprint reduction will not improve our operating cost basis in fiscal 2018; and the important factors discussed under the caption "Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2017, and our other reports filed with the Securities and Exchange Commission. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
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Brion D. Tanous
CleanTech IR, Inc.
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