Intermagnetics Rated No. 1 for 2G HTS Wire Program

Intermagnetics Rated No. 1 for 2G HTS Wire Program
10/02/2003

  • SuperPower Achieves Top Ranking From DOE Peer Review Panel
  • Panel Cites 'World-Class Project' and 'Focused, Goal-Oriented Effort'

Latham, NY - Intermagnetics General Corporation (NASDAQ: IMGC) subsidiary Superpower, Inc. has received top ranking in a federally sanctioned review for advancing second-generation high-temperature superconducting (HTS) wire technology. SuperPower was one of 14 industry and national laboratory participants in the U.S. Department of Energy’s 2003 annual peer review event.

Receiving the top ranking is unusual for a private-sector company. In more than 10 years of peer reviews, that ranking has typically gone to national laboratories since much of the basic underlying research occurs at that level. Technology then has been transferred to industry to be scaled up. In fact, SuperPower finished second last year to its primary technology partner Los Alamos National Laboratory. SuperPower and Los Alamos, which supported SuperPower’s accomplishments this year, recently concluded a three-year cooperative research and development agreement and signed a follow-on two-year agreement.

The progress of SuperPower and other participants in the peer review process was ranked by an independent committee based on performance against previously stated goals, goals for the next year and the level of research integration with the national laboratory (or industry) partners.

The peer review committee noted that the second-generation HTS technology program at SuperPower is a “world-class project” and a “focused, goal-oriented effort” with a “strong innovative streak fostered by management, leading to strong team effort achieving and exceeding stated (ambitious!) goals.”

Glenn H. Epstein, chairman and CEO of Intermagnetics, said: “This latest peer ranking reinforces our confidence in the course we are taking in developing the next generation of HTS cables and devices. The second-generation HTS wire program is important because it is expected to be the enabling technology for almost all HTS devices that are being developed for electric power applications. We are gratified to learn that our investment in this technology has led to significant advancements at SuperPower.”

Philip J. Pellegrino, president of SuperPower, added: “It was a special honor to be so distinguished in view of the intense competition and deserving programs at this year’s peer review. The Department of Energy is the major sponsor of HTS programs in this country and, as such, all participants in the program showcase their very best at the annual review.”

James Daley, superconductivity manager in DOE's Office of Electric Transmission and Distribution, said: "SuperPower has focused their efforts on a scalable manufacturing process in the past year and has made remarkable progress - as this year's reviewers concluded. Second-generation HTS wire technology has been a program priority for eight years because of the potential to dramatically lower cost. These results confirm that excellent performance can be achieved using inherently low cost processes - a necessary and important achievement. Intermagnetics and SuperPower deserve this recognition."

SuperPower, Inc., (www.superpower-inc.com) a wholly owned subsidiary of Intermagnetics General Corporation, uses core capabilities in materials, cryogenics and magnetics to develop state-of-the-art second-generation HTS wire, and electric power components such as underground transmission and distribution cables, transformers, and fault current limiters.

Intermagnetics (www.igc.com), drawing on the financial strength, operational excellence and technical leadership in its core businesses of Magnetic Resonance Imaging and Instrumentation has become a prominent participant in superconducting applications for Energy Technology. The company has a more than 30-year history as a successful developer, manufacturer and marketer of superconducting materials, radio-frequency coils, magnets and devices utilizing low- and high-temperature superconductors and related cryogenic equipment. Intermagnetics derives current revenues primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic applications for vacuum and related processes. The company is at the forefront in the development of high-temperature superconductor-based applications that would provide increased capacity and reliability for transmission and distribution of electric power. Through its own research and development programs and in conjunction with industry and other partners, Intermagnetics is committed to further commercialization of applied superconductivity and cryogenic systems for a broad range of applications.

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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 company's ability to: (1) attract and maintain strategic partners for its HTS initiatives; (2) invest sufficient resources and receive additional external funding to continue its development efforts; (3) attract and retain the personnel necessary to achieve its objectives; (4) attain commercial acceptance for and adoption of its products and technology; (5) meet the cost-benefit ratio that will be critical to making HTS technology commercially viable; and (6) avoid the potential adverse impact on the company of emerging patents in the highly competitive energy technology field. Except for the company's continuing obligation to disclose material information under federal securities law, the company is not obligated to update its forward-looking statements even though situations may change in the future. The company qualifies all of its forward-looking statements by these cautionary statements.

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