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.
"Over many years, STI has developed a rich intellectual property (IP) portfolio," stated Jeff Quiram, STI's president and chief executive officer. "STI remains highly focused on our 2G HTS wire program and will also continue to pursue alternatives to extract value on the deep reservoir of our IP unrelated to our wire. In the spin out, STI contributed patents to Resonant to form a company to assist mobile device manufacturers as they struggled to keep up with the explosion of mobile data demand from next generation mobile devices."
"In the past year, this data tidal wave has only accelerated. Under the leadership of the Resonant management team, the RcR technology has been successfully advanced. We believe the patented technology and highly specialized technical team can address these issues with unique, disruptive solutions. Others agree and additional sophisticated investors have validated the Resonant business model and progress. We are pleased our shareholders are positioned to enjoy the value being created by Resonant," concluded Quiram.About Resonant & STI Relationship In February 2012, STI signed a product development agreement with a global leader in mobile communications products to bring to market RcR technology by extending its world-leading expertise in radio frequency analog passive circuit design and active analog circuitry. In July 2012, STI contributed a group of patents and related technology to Resonant LLC (now wholly owned by Resonant Inc.), and two STI employees joined Resonant as key members of the management team. Resonant was founded as a company separate from STI and is controlled by its own board and management.