AUSTIN, Texas, June 18, 2013 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, announced Resonant Inc., an STI spin-out, raised $7 million in a private placement exclusive of STI. Resonant was spun-out in July 2012 to leverage Reconfigurable Resonance™ (RcR) technology developed by STI for advanced wireless applications. This funding enables Resonant to continue to commercialize RcR technology for the rapidly growing mobile communications industry. After this June 2013 investment, Resonant's management and new investors own the majority of equity and equity equivalents, and STI holds a convertible note that represents a minority of Resonant's fully diluted equity.
Resonant Completes $7 Million Private Placement
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