EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: James Spiezio
Beacon Power Corporation
978-694-9121
spiezio@beaconpower.com
BEACON POWER ANNOUNCES COMPLIANCE WITH NASDAQ CONTINUED LISTING
REQUIREMENT RELATED TO CLOSING BID PRICE
WILMINGTON, MA - March 3, 2005 -- Beacon Power Corporation (NASDAQ: BCON), a
company that designs advanced products and services to support more reliable
electricity grid operation, has announced that on March 2, 2005, it received a
letter from The NASDAQ Stock Market stating that because the closing bid price
of the Beacon's common stock has been at $1.00 per share or greater for at least
10 consecutive business days, Beacon has regained compliance with Marketplace
Rule 4310(c)(4).
About Beacon Power Corporation
Beacon Power Corporation (www.beaconpower.com) designs sustainable energy
storage and power conversion solutions that would provide reliable electric
power for the utility, renewable energy, and distributed generation markets.
Beacon's Smart Energy Matrix is a design concept for a megawatt-level,
utility-grade flywheel-based energy storage solution that would provide
sustainable power quality services for frequency regulation, and support the
demand for reliable, distributed electrical power. Beacon is a publicly traded
company with its research, development and manufacturing facility in the U.S.
Safe Harbor Statements under the Private Securities Litigation Reform Act of
1995:
Material contained in this press release may include statements that are not
historical facts and are considered "forward-looking" within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements reflect Beacon Power Corporation's current views about future events
and financial performances. These forward-looking statements are identified by
the use of terms and phrases such as "believe," "expect," "plan," "anticipate,"
and similar expressions identifying forward-looking statements. Investors should
not rely on forward-looking statements because they are subject to a variety of
risks, uncertainties, and other factors that could cause actual results to
differ materially from Beacon Power Corporation's expectation. These factors
include: a short operating history; a history of losses and anticipated
continued losses from operations; a need to raise additional capital combined
with a questionable ability to do so; conditions in target markets; no
experience manufacturing any product on a commercial basis; the company has only
recently entered into the renewable energy market through its inverter products,
and hence, has only limited experience in this sector; the dependence of sales
on the achievement of product development and commercialization milestones; the
uncertainty of the political and economic climate of any foreign countries into
which Beacon hopes to sell, including the uncertainty of enforcing contracts and
the potential substantial fluctuation in currency exchange rates in those
countries; significant technological challenges to successfully complete product
development; dependence on third-party suppliers; intense competition from
companies with greater financial resources; possible government regulation that
would impede the ability to market products; possible product liability claims
and the negative publicity which could result; any failure to protect
intellectual property; the possible need in the future to hire and retain key
executives; the recent volatility in the stock price of companies operating in
the same sector; the power of controlling shareholders and the limited ability
of others to influence the outcome of matters put to the vote of shareholders.
These factors are elaborated upon and other factors may be disclosed from time
to time in Beacon Power Corporation's filings with the Securities and Exchange
Commission. Beacon Power Corporation expressly does not undertake any duty to
update forward-looking statements