Maxwell Technologies Announces Intention to Launch Equity Distribution Program
San Diego, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) today announced that it intends to proceed with an equity distribution program with UBS Securities LLC (“UBS”). Under the terms of the program, Maxwell may offer and sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000 from time to time through UBS, as sales agent. The program is expected to commence on August 11, 2008.
Any sales of the shares pursuant to the equity distribution program will be made by means of ordinary brokers’ transactions on the Nasdaq Global Market at market prices, in block transactions, or as otherwise agreed with UBS. Under the terms of the program, Maxwell may also sell shares to UBS as principal for UBS’ own account. The shares are expected to be offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC)..
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of the shares of common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying base prospectus, copies of which, when available, may be obtained from the SEC’s website at http://www.sec.gov.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications.
Forward-Looking Statements: Statements in this news release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
• the company’s history of losses and uncertainty about its ability to achieve or maintain profitability;
• general economic conditions in the markets served by the company’s products;
• cost-effective manufacturing and the success of outsourced product assembly;
• the impact of competitive products and pricing;
• risks and uncertainties involved in foreign operations, including the impact of currency fluctuations;
For further information regarding risks and uncertainties associated with Maxwell’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Maxwell’s investor relations department at (858) 503-3434 or at our investor relations website: http://www.maxwell.com/investors/sec-filing.asp. All information in this release is as of August 6, 2008. The company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the company’s expectations.
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