Maxwell Technologies Files Annual Report on Form 10-K

SAN DIEGO, March 23 -- Maxwell Technologies, Inc. filed its Annual Report on Form 10-K with the Securities and Exchange Commission today. The company filed last week for a 15-day extension of the March 16 deadline to provide sufficient time to complete restatement of its consolidated financial statements for fiscal year 2002, to reflect an accounting adjustment related to stock based compensation arising from the merger of subsidiaries into the parent company. The restatement did not affect the company's consolidated statements of operations for 2003 or 2004.

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules and POWERCACHE(R) backup power systems provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) 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. For more information, please visit our website: www.maxwell.com.