| To: Jim Oravetz who wrote (402) | 10/2/2002 3:02:06 PM | | From: Jim Oravetz | | | | Sipex Sells Hybrid Business to SatCon
Online staff -- Electronic News, 10/1/2002
Analog IC maker Sipex Corp. today announced it has sold its thin film and hybrid assembly business to SatCon Electronics Inc., a division of SatCon Technology Corp.
The sale is part of Sipex’s plan to exit the assembled products business. SatCon will acquire the hybrid business’ equipment and inventory and SatCon is expected to continue to service the existing customers of Sipex’s hybrid business.
The financial value of the deal was not disclosed, although Sipex said payment for the assets purchased by SatCon are deferred for up to three years. Payment would be made from the proceeds from future sales of equipment and inventory included in the sale, the company said.
"We are pleased to have acquired Sipex’s hybrid line and are looking forward to serving new and old customers for military and custom hybrids," said David Eisenhaure, SatCon’s president and CEO, in a statement.
Last month Sipex said it would close its 4-inch wafer plant in San Jose, cutting 50 jobs. |
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| To: Jim Oravetz who wrote (403) | 11/15/2002 11:35:33 AM | | From: bob oserin | | | | | Evident cup and handle. Any move to the downside will be tax-loss selling. At that time, risk-reward ratio would call for a 30-40% move up. |
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| To: Jim Oravetz who wrote (403) | 2/12/2003 11:54:34 AM | | From: Jim Oravetz | | | | SatCon Gets Extension Of Forbearance Pact
DOW JONES NEWSWIRES
CAMBRIDGE, Mass. -- SatCon Technology Corp. (SATC) got an extension on its forbearance agreement to Feb. 15, giving the company more time to to complete a debt and equity financing transaction.
In a press release Wednesday, SatCon said this extension is the second granted by Silicon Valley Bank.
SatCon received a similar extension on Jan. 15 for the $5 million revolving credit agreement.
Last year, SatCon's accountants, Grant Thornton LLP, issued a going concern qualification with the company's full year 2002 results.
SatCon Technology Corp. Nasdaq-listed shares recently traded at $0.79, down 12 cents, or 13.2%, on a composite volume of 110,700 shares. Average daily volume is 72,430 shares.
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SATCON IN NEGOTIATIONS TO REVISE LINE OF CREDIT COVENANT
Cambridge, MA -- December 3, 2002 -- SatCon Technology Corporation® (Nasdaq NM: SATC), a leader in critical power systems, announced today that it has not satisfied a covenant in its loan agreement with Silicon Valley Bank, requiring that SatCon raise a minimum of $4.0 million of new equity or subordinated debt by December 1, 2002. SatCon is in discussions with Silicon Valley Bank to seek to amend the agreement to extend the time period in which to raise the additional investmnet. Currently, SatCon is in discussions with potential investors regarding raising additional capital. |
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| To: Keith Fauci who wrote (406) | 2/26/2003 12:59:12 PM | | From: Jim Oravetz | | | | SatCon Technology in Financing Agreement
Tuesday February 18, 11:35 am ET
Dow Jones Business News
CAMBRIDGE, Mass. (Dow Jones)--After months of negotiations, SatCon Technology Corp. (NasdaqNM:SATC - News) reached a $4 million financing agreement that will provide working capital and allow it to meet the expectations of its senior lender.
In a press release Tuesday, the energy management products company said that the deal includes about $3.2 million of equity financing and $800,000 of secured convertible subordinated debentures.
Shares of SatCon traded recently at 86 cents a share, up 4 cents, on Nasdaq volume of 59,300 shares. Average daily volume is 76,664 shares.
The company's shares are trading above a 52-week loss of 70 cents reached Feb. 12, but are well off their 52-week high of $4.50 a share, reached March 12.
SatCon expects that the equity portion of the transaction will be funded by mid-week.
The debt portion of the transaction should go through once the Securities and Exchange Commission (News - Websites) declares the company's registration statement effective, and once the company receives stockholder approval and satisfies other closing conditions.
Silicon Valley Bank granted SatCon extensions on its forbearance agreement on Jan. 15 and on Feb. 12, giving the company more time to complete the debt and equity financing transaction.
Last year, SatCon's accountants, Grant Thornton LLP, issued a going concern qualification with the company's full year 2002 results, citing the company's continuing losses, cash burn, and the need for immediate equity.
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I think the last paragraph kind of sums up the issues with SATC. Yes, they are winning some contracts, but the company is still very much below the radar of most of the investment world. They need some consistent Q's of profits and a more solid financial footing. |
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| To: Jim Oravetz who wrote (407) | 6/18/2003 12:43:09 PM | | From: Jim Oravetz | | | | May14th: Satcon Tech Gets Nasdaq Sept. 15 Delisting Deadline
DOW JONES NEWSWIRES
WASHINGTON -- Satcon Technology Corp. (SATC) received a potential Nasdaq Stock Market delisting notice March 19 because its common stock has been trading below the $1-a-share minimum requirement.
Shares of the company recently traded at 69 cents, down 16 cents.
According to a quarterly report filed Tuesday with the Securities and Exchange Commission, the company hadn't met the requirement as of April 29.
Nasdaq has given the company until Sept. 15 to regain compliance or face delisting, the filing said.
Satcon Technology makes and sells power and energy management products for distributed power generation, telecom, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. |
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| To: Jim Oravetz who wrote (408) | 9/12/2003 12:25:51 PM | | From: Jim Oravetz | | | | SMARTMONEY.COM: One-Day Wonder: Power Surge
By LAWRENCE CARREL Of SMARTMONEY.COM
MOTEL 6 ISN'T the only company that promises to leave the light on for you.
SatCon Technology's (SATC) shares surged 22% to a new 52-week high of $2.24 on Thursday after the maker of uninterruptible power supply, or UPS, systems was cleared to market one of its key products to the federal government. Backup systems like the company's Rotary UPS are designed to keep mission-critical networks running during power outages. SatCon's stock has sizzled almost 400% higher since the Aug. 14 blackout that darkened a big chunk of North America.
The decision by the General Services Administration, which oversees government procurement, to allow SatCon to sell its Rotary UPS to federal agencies opens up a huge market. But here's the catch: While the turn of events has the potential to be a windfall for the Cambridge, Mass., company, SatCon hasn't announced any actual revenue-producing contracts with the feds.
"Although it's not a specific order, it's a big deal," says Bill O'Donnell, SatCon's director of communications. "Now, anyone in the federal government can pick up the phone and order it through the GSA list, which makes it easier to sell to the government." SatCon already sells other products to the government.
UPS systems are part generator, part energy-storing flywheel. In the event of a brief disruption in electrical flow, the system pulls stored power from a spinning flywheel so devices connected to the system continue to operate seamlessly. If the power doesn't come back after a few seconds, then the backup generator kicks in. The units, which are employed by facilities such as hospitals, airports and military bases that can't afford to lose power, can range in price from several hundred thousand dollars to more than $2 million.
A few new sales would be welcome. SatCon saw its net loss for the June quarter widen 33% to $6.7 million, or 36 cents a share, from a year earlier, as revenues plunged 46% to $6.4 million. On a positive note, on Tuesday the company reported a significant increase in order backlog at the end of the June quarter -- $22 million, with $17 million expected to be shipped in the next 12 months. That's a sharp increase over the $16 million backlog with $13 million shippable in the coming 12 months when its fiscal year ended last September. SatCon said the backlog included contracts for military and commercial power-control systems.
Looking ahead in light of the August blackout and the government approval, SatCon chose to be cautious.
"We've had inquiries since the blackout," says O'Donnell, "and we're in the process of commissioning a unit in Canada. I think people are waiting to see how it works before they commit to buying one. But there has been a lot of interest. We're trying to get to cash-flow neutral in the December quarter. That's the only revenue projection we have."
In a separate announcement Thursday, SatCon said it completed the sale of $762,500 of secured convertible subordinated debentures as part of a financing agreement. That deal, from Feb. 18, gave it a total of $4 million, which was necessary for SatCon to meet the expectations of its senior lender. The deal included about $3.2 million of equity financing and $800,000 of secured convertible subordinated debentures. Net of transaction costs, the company received $731,000. And not a moment too soon, considering it had only $1.1 million in cash at the end of the June quarter.
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"It's not an order, so I have tempered enthusiasm," says David Kurzman, an analyst at H.C. Wainwright & Co in New York. "Given that this is a company that has struggled to sell its large backup power systems and is competing against a number of established competitors [such as Caterpillar (CAT)], it's hard to speculate that there will be a sale. It does bode well for the company from the perspective that at least they are positioned for it, but I wouldn't speculate that there is an order. The convertible debenture gives them more flexibility, but the company has yet to prove to the marketplace that it has a sustainable business model that can generate cash." (Kurzman doesn't own shares of SatCon; H.C. Wainwright doesn't have an investment-banking relationship with the company.)
-For more information and analysis of companies and mutual funds, visit SmartMoney.com at smartmoney.com |
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| To: Keith Fauci who wrote (411) | 4/1/2004 12:52:30 PM | | From: Jim Oravetz | | | | SatCon Electronics Announces Over $3.0 M In New Contracts; SatCon's Electronics Unit Quarter-End Order Backlog Reaches 2 Yr High
DOW JONES NEWSWIRES
April 1, 2004 11:04 a.m.
CAMBRIDGE, Mass. -- SatCon Technology Corp.'s (SATC) electronics unit received more than $3 million in new contracts during the fiscal second quarter, boosting quarter-end backlog to its highest level in two years.
In a press release Thursday, the maker of electronic power control systems said the division's backlog is about $5 million. That includes $640,000 of orders for system-level assemblies used in military satellite communications mobile base stations.
For the quarter ended March 29, 2003, SatCon recorded revenue of $5.5 million, which included electronics unit product revenue of $2 million. The company's loss for the quarter was $12.2 million, or 69 cents a share.
For the quarter ended March 30, 2002, SatCon reported revenue of $10.3 million, including electronics unit product revenue of $2.5 million. The company's loss for the quater was $5 million, or 30 cents a share.
At about 11 a.m. EST Thursday, the company's shares traded at $2.84 on the Nasdaq National Market, up 23 cents, or 8.8%. Composite volume was 382,684 shares, compared with the stock's average daily trading volume of 365,548 shares. |
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