Superconductor Technologies to supply China Corporate Credit Assurance
Superconductor Technologies Inc. (STI) (Nasdaq: SCON), a provider of high performance infrastructure products for wireless voice and data applications, said it will provide its SuperLink product to China Corporate Credit Assurance Co. Ltd. for use in 2G and 3G networks in China.
Superconductor also noted that it is working with Hunchun BaoLi Communications Co. Ltd. to form a joint venture focused on the manufacture and sale of Superconductor's SuperLink interference elimination solution for the Chinese market. Superconductor said its agreement with CCAC creates a mechanism for Superconductor to supply its products to China while its joint venture proceeds.
China Corporate Credit Assurance is a professional commercial assurance organization that is a subsidiary of China’s State-owned Assets Supervision and Administration Commission of the State Council.
The agreement sent shares of Superconductor (SCON) shooting up 26.13%, or $2.90, to a new 52-week high of $14 in pre-market trading. Shares of Superconductor have been trading in the range of $1.38 to $11.97 for the past 52 weeks.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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