WILMINGTON, Mass., Sept. 27, 2002 — Beacon Power Corp., a development stage company that designs, develops, configures, and offers for sale power systems that provide highly reliable, high-quality, uninterruptible electric power, today announced that it has been notified by NASDAQ that it has successfully met the requirements for continued inclusion in NASDAQ’s SmallCap market.
As a result of this approval Beacon’s stock will continue to be listed on the NASDAQ SmallCap Market for an additional 180 calendar days, or at least until March 10, 2003. Beacon’s stock would continue to be listed on the SmallCap market beyond March 10, 2003 in the event that it maintains a closing bid price of a $1.00 for ten consecutive days and it will be eligible for relisting on the National Market System if it maintains a closing bid price of $1.00 for 30 consecutive trading days.
“Beacon Power is pleased to have received this extension to remain on the NASDAQ SmallCap Market,” said Jim Spiezio, Vice President and CFO. “As with our initial move to this board in July, there will be no interruption in the ability of our shareholders to buy or sell shares in our company.”
About Beacon Power Corporation
Beacon Power Corporation is a developmental-stage company which designs, develops, configures, and offers for sale power systems that provide highly reliable, high-quality, uninterruptible electric power. It is best known for its environmentally friendly, flywheel-based products (employing a flywheel made from proprietary composite materials) that can store and deliver energy in a variety of configurations. Such products have longer life, reduced maintenance, quicker recharging, remote monitoring and other advantages over competing solutions.
For more information, please contact James Spiezio, Chief Financial Officer at Beacon Power Corporation, tel. 978.661.2800; fax 978.694.9127; email [email protected] :or send mail to 234 Ballardvale Street, Wilmington, MA 01887. Visit Beacon Power on the Internet at www.beaconpower.com.
SOURCE: Beacon Power Corporation