18.11.2005: Meldung: Beacon Power Corp.: Agreement with NxtPhase T&D Corporation
Beacon Power and NxtPhase T&D Corporation in Discussions to Terminate Arrangement Agreement
WILMINGTON, Mass.-- Nov. 17, 2005--Beacon Power Corporation, a company that designs and develops advanced products and services to support more stable and reliable electricity grid operation, today announced that the Company and NxtPhase T&D Corporation are in discussions regarding termination of an Arrangement Agreement, signed on April 22, 2005. At that time, Beacon anticipated issuing approximately 15.7 million shares of its common stock to NxtPhase shareholders and 2.7 million restricted stock units to NxtPhase employees.
The agreement specified that the transaction would automatically terminate if not completed by December 31, 2005. Based on the current status of the SEC review process as well as the increase in Beacon"s stock price since the signing of the agreement, both companies have determined that the transaction is unlikely to be completed. Therefore, the boards of directors of Beacon and NxtPhase have agreed to terminate the Arrangement Agreement, subject to execution of appropriate documentation by applicable parties (including NxtPhase stockholders).
About Beacon Power
Beacon Power Corporation 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. For more information, visit www.beaconpower.com.
CONTACT: Beacon Power Corporation
James Spiezio, 978-694-9121
Gene Hunt, 978-694-9121
SOURCE: Beacon Power Corporation