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news release:
Intermagnetics Engages Advisor to Examine
Options for Energy Technology Subsidiary
Latham, NY, Feb. 28: Intermagnetics General Corporation (NASDAQ:
IMGC) today
announced it has engaged Stephens Inc. as financial advisor to assist it in
exploring strategic options to maximize value in its SuperPower, Inc.
subsidiary. SuperPower is an industry leader in efforts to commercialize
second-generation high-temperature superconductors and related devices to
improve electric power transmission and distribution.
"This is the next step in progressing toward our previously announced plans to
pursue various liquidity alternatives designed to realize maximum near-term
value of SuperPower for Intermagnetics' stockholders," said Glenn H. Epstein,
Intermagnetics' chairman and chief executive officer. "Key demonstrations of
SuperPower's technological achievements are rapidly approaching, particularly
their high-temperature superconducting (HTS) transmission cable project as well
as volume production of second-generation HTS wire. As we have mentioned many
times in the past, the ultimate separation of SuperPower from Intermagnetics is
entirely consistent with our overall goal to focus our resources on expanding
our longer-term growth opportunities in the medical devices marketplace."
Stephens Inc. was founded in 1933 and is a privately held, full-service
investment banking firm that offers a full range of financial advisory services
to corporate finance, public finance, institutional and individual clients.
Stephens has substantial experience in investments and transactions involving
power, energy and alternative energy businesses.
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