ROCHESTER HILLS, Mich., March 5 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) today announced the
first in a series of management moves consistent with the company's
previously announced management succession planning. At his request,
Stanford R. Ovshinsky, President and Chief Scientist and Technologist, has
relinquished his executive management responsibilities as the company's
President and a member of its Office of the Chairman to devote his full
energy and intellect to the further development of the science and
application of amorphous and disordered materials in the fields of energy
and information technologies. Mr. Ovshinsky, who co-founded the company
with his wife, Dr. Iris M. Ovshinsky, will remain an active member of ECD
Ovonics' Board of Directors, and contribute on strategic and technical
issues as Founder and Chief Scientist and Technologist.
Mr. Ovshinsky's office will be located at ECD Ovonics' newly named Stan
and Iris Ovshinsky Center for the Advancement of Energy and Information
Technologies in Bloomfield Hills, Michigan. He will continue to serve as
Chairman of the Board of ECD Ovonics' Ovonyx, Inc. joint venture.
It is anticipated that Mr. Ovshinsky's ongoing research and development
activities will be funded, in part, through specific budget allocations by
the commercial divisions of ECD Ovonics and its joint venture companies
and, in part, by third-party and government funding. This change in funding
strategy is part of the previously disclosed process the company is
undertaking of reevaluating and realigning its research and development,
and general and administrative spending to be consistent with its
commitment to achieve sustainable profitability.
Mr. James R. Metzger, previously Executive Vice President and Chief
Operating Officer, has been appointed to serve as Interim President and
Chief Operating Officer of ECD Ovonics and will lead the development and
execution of the Company's operating plans.
Reflecting on nearly 50 years of technological progress, Mr. Ovshinsky
said, "When we formed the company, Iris and I wanted to use science and
technology to solve serious societal problems. It is wonderful to see the
inventions developed by Iris and me at ECD Ovonics become commercially
viable so that people around the world can enjoy their benefits. We've
built a solid foundation for the next generation of leaders at ECD
Ovonics."
Chairman and CEO Robert C. Stempel said, "Stan has made an indelible
mark not only on ECD Ovonics but also on science and technology generally,
and we look forward to his continuing contributions in this new capacity.
With Jim now responsible for all of our day-to-day operations, in addition
to operational planning, the Board of Directors and I intend to focus on
the forward strategic and succession plans as we continue our drive to
commercial success and enhanced returns for shareholders."
About ECD Ovonics:
ECD Ovonics is the leader in the synthesis of new materials and the
development of advanced production technology and innovative alternative
energy products and solutions. The company's portfolio of alternative
energy solutions and proprietary information processing technologies
features the latest advances in solar electric power generation, NiMH
batteries, and fuel cell, solid hydride storage and phase-change memory
technologies. 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 the Company is available at
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 Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com/
CONTACT:
Ghazaleh Koefod, Investor Relations, or Dick
Thompson, Media Relations, of Energy Conversion Devices, Inc.,
+1-248-293-0440
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