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news release:
Superconductive Components, Inc. Completes Private Equity Financing
Columbus, Ohio, Oct. 19: Supercondcutive Components, Inc. (OTC
Bulletin Board: SCCI), a manufacturer of ceramics and metals for advanced applications in batteries,
photonic/optical, and high temperature superconductive products, today announced the
successful completion of a private equity financing. The company received $1,386,000 in
cash for 693,000 shares of the Company's common stock at a price of $2 per share and five-year warrants to
purchase an additional 173,250 shares of common stock at $3 per share. The company also converted
$587,110 of liabilities into 293,555 shares of common stock and five-year warrants to
purchase an additional 73,389 shares of common stock at $3 per share.
Dan
Rooney, Chairman, President and Chief Executive Officer, commented, "We are very pleased to have
successfully completed this private equity placement. It represents the largest single financing in the
company's 18- year history and significantly strengthened our capital structure and balance
sheet. This financing also enables the company to continue implementing its long-term growth strategy. Our plan
is to use most of these funds to further expand manufacturing capacity in response to increased
demand for our products in the photonic/optical and thin-film battery markets."
Mr. Rooney added, "As a
result of this private equity placement, we have further diversified our shareholder base. We are actively
pursuing plans to increase shareholder value and also improve liquidity for the company's common
stock."
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