ROCHESTER HILLS, Mich., Feb. 5 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today that its
wholly owned subsidiaries, United Solar Ovonic LLC and United Solar Ovonic
Corporation, have entered into a new secured revolving credit facility,
with an aggregate commitment of up to $55 million, pursuant to a Credit
Agreement and a separate Fast Track Export Loan Agreement, each with
JPMorgan Chase Bank, N.A. The new credit facility consists of two separate
lines of credit, a $30 million revolving line, with availability determined
by reference to a borrowing base comprised of domestic inventory and
receivables, and a separate $25 million revolving line, which is provided
under the United States Export-Import Bank's fast track guarantee program,
with availability determined by reference to a borrowing base comprised of
foreign inventory and receivables. The Export- Import line has a three-year
term. The domestic line has a five-year term, which will be reduced to
three years in the event that the Export-Import line is not extended for an
additional two-year term on or before July 5, 2010. The facilities contain
an aggregate $10 million sub-limit for standby letters of credit. Both
lines are secured by, among other assets, all inventory and receivables of
United Solar Ovonic. ECD will guarantee the loans on an unsecured basis,
and JPMorgan Chase will serve as Administrative Agent.
About Energy Conversion Devices
Energy Conversion Devices, Inc. (NASDAQ: ENER) manufactures and sells
thin-film solar laminates that convert sunlight to energy using proprietary
technology. Distributed globally under the UNI-SOLAR(R) brand, the
company's products are ideally suited for cost-effective solar roofing
solutions because they are lightweight, durable, flexible, can be
integrated directly with building materials, and generate more energy in
real-world conditions. ECD also pioneers other alternative technologies,
including a new type of non- volatile digital memory that is significantly
faster and less expensive, and is ideal for a variety of applications
including cell phones, digital cameras and personal computers. For more
information, please visit http://www.ovonic.com.
This release may contain forward-looking statements within the meaning
of the Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are based on assumptions which
ECD, as of the date of this release, believes to be reasonable and
appropriate. ECD cautions, however, that the actual facts and conditions
that may exist in the future could vary materially from the assumed facts
and conditions upon which such forward-looking statements are based. The
risk factors identified in the ECD filings with the Securities and Exchange
Commission, including the company's most recent Annual Report on Form 10-K
and most recent Quarterly Report on Form 10-Q, could impact any
forward-looking statements contained in this release.
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Investor Relations: Sanjeev Kumar, Vice
President and CFO, Energy Conversion Devices, Inc.,
+1-248-299-6013; or Media Relations: Brad Wilks, or Mac McNeer,
Sard Verbinnen & Co., +1-312-895-4700
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