Intermagnetics Expands Technology Portfolio with License of HTS Patents from Lucent Technologies

Intermagnetics Expands Technology Portfolio with License of HTS Patents from Lucent Technologies
08/03/2000

 

Latham, NY - Intermagnetics General Corporation (AMEX: IMG), today announced a license agreement with Lucent Technologies (NYSE: LU) for a portfolio of 120 U.S. and international patents and pending patents for superconducting materials and devices. Intermagnetics paid Lucent an undisclosed amount in cash and granted Lucent warrants to purchase Intermagnetics Common Stock in exchange for the license.

“Finalization of this license agreement represents an important step in our strategy of commercializing cost-effective, second-generation high-temperature superconducting (HTS) material and the devices that will employ that material,” said Glenn H. Epstein, president and chief executive officer of Intermagnetics. “Coupled with the technology transfer agreements we recently announced with the U.S. Department of Energy national laboratories, we believe we are now uniquely positioned to pursue commercialization of products aimed at the multibillion-dollar market for vastly improved power transmission and distribution devices for the electric utility industry.

“Our recently formed IGC-SuperPower subsidiary is aggressively working on combining technology from the national lab and Lucent Technologies—as well as our internal research and development advances—to develop commercially feasible materials and devices for this emerging market.”

Dan McCurdy, president of Lucent's Intellectual Property Business said, "Bell Labs has a long history of innovation in breakthrough technologies such as high temperature superconductivity. We are excited that our technology -- coupled with the tremendous expertise Intermagnetics brings in this arena -- will help to rapidly advance the industry. Through partnerships such as this, technologies developed within Lucent can have a far-reaching impact on many industries."

Under terms of the non-exclusive license agreement, Intermagnetics receives rights to all of Lucent’s patents and pending patents relating to superconducting materials and devices including the issuance of its yttrium barium copper oxide patent application as a United States Patent. This patent is expected to issue within the next six to ten months. YBCO based superconductors have extensive application potential for electrical power devices and also may be useable in wireless communications (e.g., for filter and receiver subsystems for PCS and cellular base stations), medical diagnostics and scientific instrumentation. The license can be utilized towards any field of use that Intermagnetics may elect to pursue.

“We believe recent technological breakthroughs and dramatic ongoing changes in the deregulating electric utility industry are converging to create a market opportunity with potential to reach into the billions of dollars worldwide,” Epstein said. “HTS transmission and distribution devices could significantly reduce power losses, reduce energy usage, improve reliability and efficiency and reduce environmental concerns for the electric utility industry.

“We view the ‘first-generation’ conductors that we and others have used to date in the development of prototype HTS electric power devices are unlikely to reach performance and cost targets that will be required for most commercially significant markets. On the other hand we envision that ‘second-generation’ HTS conductors, especially those incorporating YBCO material, can present a path to cost-effective manufacture of power devices with outstanding performance characteristics.”

Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and delivers the systems, software, silicon and services for next-generation communications networks for service providers and enterprises. Backed by the research and development of Bell Labs, Lucent focuses on high-growth areas such as optical and wireless networks; Internet infrastructure; communications software; communications semiconductors and optoelectronics; Web-based enterprise solutions that link private and public networks; and professional network design and consulting services.

Intermagnetics is a leading developer and manufacturer of superconducting materials, radio-frequency coils, magnets and devices utilizing low- and high-temperature superconducting wire, cable and tape, and related refrigeration equipment. The company's current revenues are derived primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic applications for vacuum and related processes. Through its own research and development programs and in conjunction with industry partners, Intermagnetics is committed to further commercialization of applied superconductivity and refrigeration systems including high-temperature applications for the electric utility industry.

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SAFE HARBOR STATEMENT:
The statements contained in this press release that are not historical fact are "forward-looking statements" which involve various important assumptions, risks, uncertainties and other factors. These include, without limitation, the assumptions, risks, and uncertainties set forth here as well as in the company's Annual Report on Form 10-K, including but not limited to, the ability of the company and its partners to successfully commercialize and gain market acceptance of HTS products, the potential adverse impact on the company of emerging patents in this highly competitive field, and the company's ability to invest sufficient resources to bring HTS products to market.

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