AMSC Named One of the World's 50 Most Innovative Companies
David Rotman, editor of Technology Review, said, "In choosing the TR50, we picked companies with this year's most important inventions and breakthroughs as well as companies that are successfully growing businesses and markets around innovative new products. American Superconductor's innovative electricity cables could help modernize the power grid and make remote sources of renewable wind and solar power far more accessible. Its superconductor cables could truly play a key role in updating our electricity infrastructure."
The TR50 list spans a range of industries including energy, computing, the Web, biomedicine and materials. Each company in the 2010 TR50 was evaluated based on its business model, strategies for deploying and scaling up its technologies, and its likelihood of success. Companies selected for this list have excelled not only at inventing technology but also at using it to transform how society lives and works. The 2010 TR50 highlights the significant changes underway in technology, particularly in the areas of computing and energy. In addition to AMSC, the 2010 TR50 list includes companies such as Apple, DuPont, First Solar, GE, IBM and Nissan. For more information and a complete listing, visit http://www.technologyreview.com/companywatch/tr50/.
"From our beginnings in 1987, innovation has been the lifeblood of American Superconductor," said Greg Yurek, AMSC founder and chief executive officer. "Today, we have a broad range of products and solutions for the renewable energy and Smart Grid infrastructure markets. These range from proprietary wind turbine designs and advanced, megawatt-scale power electronics that are key enablers for today's clean tech revolution to high temperature superconductor products to help transform power grids around the world."
About Technology Review, Inc.
Technology Review, Inc., an independent media company owned by MIT, is the authority on the future of technology, identifying emerging technologies and analyzing their impact for leaders. Technology Review's media properties include Technology Review magazine, the oldest technology magazine in the world (founded in 1899); the daily news website TechnologyReview.com; and events such as the annual EmTech@MIT Conference.
About American Superconductor (NASDAQ: AMSC)
AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure - from generation to delivery to end use. The company is a leader in alternative energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC's technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule, PQ-IVR, Secure Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders. The Windtec logo and design is a registered European Union Community Trademark.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company 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. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: we have a history of operating losses, and we may incur losses in the future; a significant portion of our revenues are derived from a single customer, and a reduction in business with this customer could adversely affect our operating results; adverse changes in domestic and global economic conditions could adversely affect our operating results; changes in exchange rates could adversely affect our results from operations; our common stock may experience extreme market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management's attention; if we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected; we may not realize all of the sales expected from our backlog of orders and contracts; many of our revenue opportunities are dependent upon subcontractors and other business collaborators, and a reduction in orders stemming from these companies could adversely affect our operating results; our products face intense competition, which could limit our ability to acquire or retain customers; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; and our international operations are subject to risks that we do not face in the U.S., which could have an adverse effect on our operating results. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
SOURCE: American Superconductor Corporation
AMSC Jason Fredette, 978-842-3177 Director, Corporate Communications jfredette@amsc.com