WILMINGTON, Mass., Sept. 13, 2001 – Beacon Power Corporation announced today that it has been advised by SatCon Technology Corporation of its intention to make a pro rata distribution of 5,000,000 shares of Beacon Power’s common stock held by SatCon to its shareholders, effective September 28, 2001.
SatCon currently owns 9,705,910 shares, or approximately 23 percent of Beacon Power’s outstanding common stock. Beacon Power was founded by SatCon as its wholly owned subsidiary in 1997. After the distribution, SatCon will own 4,705,910 shares, or approximately 11 percent of Beacon Power’s outstanding common shares.
William E. Stanton, President and CEO of Beacon Power stated, “While this distribution of our stock is a transaction between SatCon and its shareholders, we view it as a `win/win’ situation for Beacon Power because it will increase both the float and the retail and institutional distribution of our stock, as well as maintain our existing strategic relationship with SatCon. Both SatCon’s Chairman, President and CEO, David Eisenhaure, and Alan Goldberg, also a director of SatCon, will continue to play important roles on Beacon Power’s board. In addition, Beacon Power continues to hold its 1997 perpetual, exclusive, royalty-free, worldwide right and license to use SatCon’s flywheel technology in stationary markets and Beacon Power’s strategic supply relationship with SatCon will continue. We look forward to building a relationship with this important constituency of investors who have been indirect shareholders of Beacon Power through SatCon.”
About Beacon Power Corporation
Beacon Power Corporation designs, manufactures, and markets advanced flywheel technology products that provide reliable electric power required by the information economy. Beacon Power Corporation is the only company to have developed a flywheel made from proprietary composite materials that can store and deliver the energy needed for long-duration backup of remote communications sites.
Beacon Power Corporation is initially targeting this $4 billion communications segment of the $12 billion power quality and reliability market with products that offer better return on investment with superior performance to environmentally hazardous lead-acid battery back-up power systems, including higher reliability, longer life, reduced maintenance, quicker recharging, remote monitoring and environmental friendliness.
For more information, please contact Tom Nealon, Director of Investor Relations at Beacon Power Corporation, 978.694.9121; fax 978.694.9127; email firstname.lastname@example.org; or write to 234 Ballardvale Street, Wilmington, MA 01887. Visit Beacon Power on the Internet at www.beaconpower.com