ROCHESTER HILLS, Mich., April 26 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced today that
its subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered
into a patent license agreement with G4 Synergetics Incorporated (G4). G4
was granted a royalty-bearing, nonexclusive right to make, use and sell
NiMH batteries using Ovonic Battery's proprietary technology for consumer
applications. Additionally, G4 has the option to expand its license to
include the right to manufacture NiMH batteries for electric scooter and
bicycle applications in China and to use and sell those batteries
worldwide. Other propulsion applications are excluded.
James R. Metzger, Interim President and Chief Operating Officer of ECD
Ovonics, said, "We look forward to establishing a long-lasting alliance
with G4. Not only does this new license reaffirm the strength of our
intellectual property, but also confirms that NiMH battery manufacturers
value access to advanced Ovonic materials and technology. As our consumer
battery licensing business continues to grow, we are pleased to welcome a
North American manufacturer of NiMH batteries."
Martin Higgins, President of G4 Synergetics, said, "We are very excited
about the potential of the products we are developing. Access to Ovonics
resources will quicken our development and allow us to service our target
markets while respecting Ovonics intellectual property."
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.
About G4 Synergetics:
G4 Synergetics Incorporated was formed in 2005. G4 is developing a
range of battery products, including NiMH, at its development facility in
Florida and has a manufacturing facility in Juarez, Mexico. G4 products are
expected to be competitive in virtually all rechargeable battery
applications. For more information on G4, contact Dave Smith at (248)
339-9812.
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 ECD Ovonics filings with the
Securities and Exchange Commission, including the company's most recent
Annual Report on Form 10-K and the company's 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:
Ghazaleh Koefod, Investor Relations, or Dick
Thompson, Media Relations, +1-248-293-0440, both of Energy
Conversion Devices, Inc.
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