ROCHESTER HILLS, Mich., Feb. 7 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced today that
its Board of Directors has established a committee comprised of all
non-management directors for the purpose of developing and implementing an
orderly succession plan for the Company's management team, including the
Chairman and Chief Executive Officer, Robert C. Stempel, the President and
Chief Scientist and Technologist, Stanford R. Ovshinsky, Executive Vice
President and Chief Operating Officer, James R. Metzger, and other senior
officers and managers. The committee has retained the executive search firm
of Heidrick & Struggles who is consulting on this process. The Board also
designated Stephen Rabinowitz to serve as Lead Director and to chair the
committee.
Addressing the establishment of the committee, Mr. Stempel said, "As
ECD Ovonics moves from a highly successful project development company to a
more commercially-oriented, operations-focused manufacturing environment,
our continuing growth and expansion requires additional and new management
to realize the full potential of the strategy and opportunities we are
pursuing. Stan, Jim and I welcome and support the Board's initiative and
look forward to assisting the committee in its work."
Mr. Rabinowitz added, "Stan, Bob, Jim and the ECD team have developed
ECD Ovonics into a visionary, technology-leading company offering
breakthrough opportunities that position the company well for the future.
In particular, Stan's pioneering work in the field of amorphous and
disordered materials will continue to be the basis for innovative
technological solutions in the fields of energy generation and storage,
transportation and information for some time to come. As we continue to
commercialize these technologies, our intent is to attract experienced and
talented leadership who can follow this course and realize the full value
of these technologies well into the next decade for the benefit of our
shareholders, employees and customers."
About ECD Ovonics
ECD Ovonics is the leader in the synthesis of new materials and the
development of advanced production technology and innovative products. It
has invented, pioneered and developed its proprietary, enabling
technologies in the fields of energy and information leading to new
products and production processes based on amorphous, disordered and
related materials. ECD Ovonics' proprietary advanced information
technologies include Ovonic phase-change electrical memory, Ovonic
phase-change optical memory and the Ovonic Threshold Switch. The Company's
portfolio of alternative energy solutions includes Ovonic thin-film
continuous-web amorphous solar cells, modules, panels and systems for
generating solar electric power; Ovonic NiMH batteries; Ovonic hydride
storage materials capable of storing hydrogen in the solid state for use as
a feedstock for fuel cells or internal combustion engines or as an
enhancement or replacement for any type of hydrocarbon fuel; and Ovonic
fuel cell technology. ECD Ovonics designs and builds manufacturing
machinery that incorporates its proprietary production processes, maintains
ongoing research and development programs to continually improve its
products and develops new applications for its technologies. ECD Ovonics
holds the basic patents in its fields. More information on ECD Ovonics is
available on 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 Ovonics, as of the date of this release, believes to be reasonable and
appropriate. ECD Ovonics 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 Ovonics filings with the
Securities and Exchange Commission, including the company's most recent
Annual Report on Form 10-K, could impact any forward-looking statements
contained in this release.
SOURCE ECD Ovonics
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Related links:
http://www.ovonic.com
CONTACT:
Ghazaleh Koefod, Investor Relations, or Dick
Thompson, Media Relations, both of Energy Conversion Devices,
Inc., +1-248-293-0440
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