American Superconductor Appoints John R. Ring, Jr. General Manager of its Power Electronics Business
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 12, 2001-- Expands its Operations in New Facility for Product Development,
Prototype Assembly and Test
American Superconductor Corporation (Nasdaq:AMSC, news, msgs), a leading global supplier of superconductor products and power electronic converters for the electric power industry, today announced the appointment of Mr. John R. (Jake) Ring Jr. as general manager of its Power Electronics business unit. The company also announced that it has expanded its business operations and moved into a new 50,000-square-foot facility in suburban Milwaukee, Wisconsin that will be used for product development and prototype assembly and test of its PowerModule(TM) power electronics converter. The PowerModule(TM) is a key component of American Superconductor's superconductor magnetic energy storage (SMES) solution, but is gaining wider market acceptance in a variety of power applications including power quality and reliability solutions, distributed and stand-by generation, and electric motor drives.
American Superconductor Announces HTS Wire Distribution Agreement with Leading Korean Wire Manufacturer
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 27, 2001-- KISWIRE, Ltd. To be Exclusive Distributor of AMSC's HTS Wire in Korea
American Superconductor Corporation (Nasdaq: AMSC, news, msgs), a leading global supplier of superconductor products and power electronic converters for the electric power industry, today announced the signing of an agreement with Korean-based KISWIRE, Ltd. naming them the exclusive distributor of AMSC's HTS wire in Korea. Under the terms of the agreement, KISWIRE agrees to actively promote, sell and service AMSC's HTS wire in a variety of applications throughout Korea. AMSC retains the right to sell its HTS wire to other original equipment manufacturers (OEMs) outside Korea who might import their product to Korea. KISWIRE is a leading manufacturer of steel wire products for the automotive, ship building, and other industries.
"American Superconductor is recognized for its leadership in developing the best performing HTS wire in the industry," said Mr. Sang-Duk Han, managing director of KISWIRE, Ltd. "We are delighted to be the distributor of this leading-edge product in Korea, a country that is making a major investment in commercializing applications using HTS wires. We look forward to a long and prosperous relationship with American Superconductor."
KISWIRE will also be the distribution channel for AMSC's HTS wire into Korea's New Frontier Program, a $200 million initiative to develop and commercialize electric power applications such as motors, generators, and power cables using HTS wire. The program is being managed by the government-sponsored Korean Electrotechnology Research Institute (KERI). KISWIRE will distribute American Superconductor's HTS wire to participating companies developing products that will use the new superconductor wire.
"This agreement gives American Superconductor entrance to one of the top manufacturing markets in the world," said Greg Yurek, CEO of American Superconductor. "Our distribution agreement opens exciting new market opportunities for us and we look forward to working with KISWIRE and the New Frontier Program as they commercialize HTS technology in Korea."
About KISWIRE
Headquartered in Pusan, Korea, KISWIRE is one of the world's largest steel wire manufacturers for automotive, tires, ship building and other industrial uses. KISWIRE Group reported annual revenues of $500 million last year and has approximately 10 percent market share of the global tire cord business. Their manufacturing operations have been certified ISO9002, ISO14001, and QS9000 compliant. The company operates thirteen domestic and two foreign manufacturing facilities and has sales offices in Japan, the US, Europe and throughout the Asia Pacific region.
About American Superconductor
American Superconductor Corporation is a world leader in developing technologies and manufacturing products utilizing superconductor wire and power electronic converters for the electric power infrastructure. American Superconductor's products, and those sold by electrical equipment manufacturers that incorporate its products, can dramatically increase the bandwidth and reliability of power delivery grids, reduce manufacturing and operating costs, and conserve resources used to produce electric power. Founded in 1987, the company is headquartered in Westborough, Mass. For more information, visit http://www.amsuper.com/.
CONTACT: American Superconductor Media Contact: Jeff Nestel-Patt 508-621-4375 mailto:jnestel-patt@amsuper.com or Investor Contact: Stan Piekos 508-621-4220 mailto:spiekos@amsuper.com
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