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SCHEDULE 14A INFORMATION
SUPPLEMENT TO PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
ILLINOIS SUPERCONDUCTOR CORPORATION
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(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
-----------------------------------
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
the filing fee is calculated and how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
(1) Amount Previously Paid: _________________________________________
(2) Form, Schedule or Registration Statement No.: ___________________
(3) Filing Party: ____________________________________________________
(4) Date Filed: _____________________________________________________
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NEWS |
[ILLINOIS SUPERCONDUCTOR CORPORATION LOGO] |
| RELEASE
FOR IMMEDIATE RELEASE CONTACT: MAUREEN MURNANE
PHONE: 847-391-9426
INTERNET: www.ir@ilsc.com
Illinois Superconductor Meeting Adjourned
Mt. Prospect, IL (May 18, 2000) - Illinois Superconductor Corporation (OTC:
ISCO.OB) announced today that its annual stockholders meeting has been
adjourned to June 15, 2000, when voting on the outstanding proposals is
scheduled to be conducted. The adjournment will allow the Company time to
send stockholders supplemental proxy material concerning the Company's
pending acquisition of Spectral Solutions, Inc. The adjournment will also
afford the Company additional time to obtain proxies on the two proposals
(dealing with the charter amendment and the stock option plan) on which
brokers cannot vote without specific instructions from their customers. The
voting to date on those proposals has been overwhelmingly positive, but
more proxies are needed for the proposals to pass. At yesterday's
originally scheduled meeting time, management made a business presentation
and responded to questions, so it is anticipated that the June 15 meeting
will be used exclusively to conduct voting.
Proxy cards previously submitted will continue to be effective at the
adjourned meeting, unless revoked by stockholders. Stockholders who have
not yet voted are urged to do so by submitting the proxy cards previously
sent to them. The supplemental proxy material mentioned above will provide
stockholders with an opportunity to revoke or replace any previously
delivered proxy.
Stockholders who have questions about the annual meeting or would like
additional copies of the proxy statement or the proxy card should contact
the Company's proxy solicitor:
MACKENZIE PARTNERS, INC.
156 Fifth Avenue
New York, New York 10010
By telephone: (212) 929-5500
By facsimile: (212) 929-0308
By email: www.proxy@mackenziepartners.com
or
Call toll free: (800) 322-2885
Illinois Superconductor Corporation is a leader in the commercialization of high
temperature superconducting technology for the wireless telecommunications
industry. The Company develops, manufactures and markets radio
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frequency (RF) products to enhance the quality and capacity of cellular
telephone, personal communications services and other wireless
telecommunications services. More information about Illinois Superconductor
Corporation is available on the Company's internet web site at
http://www.ilsc.com.
Statements contained in this news release that are not historical facts are
forward-looking statements. Such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and reflect the Company's current expectations regarding the future results
of operations, performance and achievements of the Company. The Company has
tried, wherever possible, to identify these forward-looking statements by using
words such as "anticipates," "believes," "estimates," "expects," "plans,"
"intends," and similar expressions. These statements reflect the Company's
current beliefs and are based on information currently available to it.
Accordingly, these statements are subject to certain risks, uncertainties, and
contingencies, which could cause the Company's actual results, performance or
achievements for 2000 and beyond to differ materially from those expressed in,
or implied by, such statements. These important factors include, without
limitation, the failure of the SSI transaction to close, the ability to
integrate SSI's and ISC's businesses in the event that the SSI transaction is
completed, the Company's history of net losses and the lack of assurance that
the Company's earnings will be sufficient to cover fixed charges in the future;
the degree to which the Company is leveraged and restrictions imposed on the
Company under its existing debt instruments which may adversely affect the
Company's ability to finance its future operations, uncertainty about the
Company's ability to compete effectively against better capitalized competitors
and to withstand downturns in its business or the economy generally; the adverse
effects on liquidity of the Company's common stock because of its de-listing
from the NASDAQ National Market in June 1999; continued downward pressure on the
prices charged for the Company's products due to the competition of rival
manufacturers of front end systems for the wireless telecommunications market;
the timing and receipt of customer orders; the Company's ability to attract and
retain key personnel; and the effects of legal proceedings. A more complete
description of these risks, uncertainties and assumptions is included in the
Company's filings with the Securities and Exchange Commission, including those
described under the heading "Risk Factors" in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1999. The Company undertakes no
obligation to update or revise these forward-looking statements to reflect new
events or uncertainties.
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