05.12.02

5.12.2002: Meldung: SatCon: Problems Referring To Credit Covenant Line

SatCon Technology Corporation® (Nasdaq NM: SATC - News), a leader in critical power systems, announced today that it has not satisfied a covenant in its loan agreement with Silicon Valley Bank, requiring that SatCon raise a minimum of $4.0 million of new equity or subordinated debt by December 1, 2002. SatCon is in discussions with Silicon Valley Bank to seek to amend the agreement to extend the time period in which to raise the additional investment. Currently, SatCon is in discussions with potential investors regarding raising additional capital.
About SatCon Technology Corporation
SatCon Technology Corporation manufactures and sells critical power products. SatCon has three business units: SatCon Power Systems manufactures and sells power systems for distributed power generation, power quality and factory automation, including inverter electronics from 5 kilowatts to 5 megawatts. SatCon Electronics manufactures and sells power chip components; power switches; RF devices; amplifiers; telecommunications electronics; and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon Applied Technology develops advanced technology in digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. For further information, please visit the SatCon website at www.satcon.com.
Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "believes," "expects," "plans," "anticipates," seeks" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the Company"s expectation. Among the important factors that could cause the Company"s actual circumstances, or results, to differ materially from those implied by such forward-looking statements include being unable to obtain an amended loan agreement with Silicon Valley Bank, being unable to raise additional required capital, market conditions and developments in the Company"s business and industry. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company"s filings, including but not limited to the Company"s Forms 10-K and 10-Q. Copies of those filings are available from the Company and the Securities and Exchange Commission. The Company expressly disclaims any obligation to update the information contained in this release.


Contact:
SatCon Technology Corporation(R)
Ralph Norwood, 617/661-0540
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