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May 13, 1997updated 05 Sep 2016 12:53pm


By CBR Staff Writer

Illinois Superconductor Corporation has decided that now is not the time for high technology stock issues and it has subsequently canned its proposed public offering of shares. The Mount Prospect, Illinois based company is a developer of high temperature superconducting technology for the wireless telecommunications industry. Using materials that have nearly no resistance to electrical currents, its products are designed to improve the range of a mobile network’s base stations, increase the number of concurrent callers and filter out noise. It filed with US Securities and Exchange Commission in March this year to issue up to 1 million common shares. The company has been loss making for the last four years and funds from the public offering were to be used for product development and working capital. However, president Ora E. Smith is confident that the company still has access to sufficient sources of funding to allow it to continue with its business plan.

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