ECD Sees Increasing Demand for Its Products; No Change to Company
Fundamentals; Revenues and Growth Outlook Remain Positive
ROCHESTER HILLS, Mich., Sept. 24 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER), the leading global
manufacturer of thin-film flexible solar laminate products for the building
integrated and commercial rooftop markets, today commented on recent
statements by Solar Integrated Technologies, Inc. (SIT) (AIM.LN: SIT),
regarding the cancellation or delay of certain of SIT's projects in the
United States due to uncertainty regarding the U.S. Investment Tax Credit.
"Our business remains strong, and there has been no change to our
fundamentals," said Mark Morelli ECD's president and CEO. "Our largest
market opportunities are currently in Europe where there is strong demand
for our building-integrated (BIPV) solar product. Germany, Italy, France,
and now Spain are growth markets for us. The announced changes in SIT's
business do not affect our positive growth outlook."
"As we've stated in the past, we continue to believe that the U.S.
market has tremendous potential for our products. We believe that the
continuation of the Investment Tax Credit is an immediate step for the
development of a vibrant U.S. solar market," said Morelli.
"As I have noted before, demand for our BIPV product exceeds our
ability to produce, so we are growing our capacity to 1GW by 2012. Our
business is strong, our worldwide backlog continues to grow, and I look
forward to updating our investors on our progress with our first fiscal
quarter earnings call scheduled for November 10, 2008," added Mr. Morelli.
About Energy Conversion Devices
Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) is the leader in
building integrated and commercial rooftop photovoltaics, one of the
fastest growing segments of the solar power industry. The company
manufactures and sells thin-film solar laminates that convert sunlight to
energy using proprietary technology. ECD's UNI-SOLAR(R) brand products are
unique because of their flexibility, light weight, ease of installation,
durability, and real-world efficiency. ECD also pioneers other alternative
technologies, including a new type of nonvolatile digital memory technology
that is significantly faster, less expensive, and ideal for use in a
variety of applications including cell phones, digital cameras and personal
computers. For more information, please visit http://www.ovonic.com .
This release contains forward-looking statements within the meaning of
the Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements concerning our
plans, objectives, goals, strategies, future events, future net sales or
performance, capital expenditures, financing needs, plans or intentions
relating to expansions, business trends and other information that is not
historical information. All forward-looking statements are based upon
information available to us on the date of this release and are subject to
risks, uncertainties and other factors, many of which are outside of our
control, that could cause actual results to differ materially from the
results discussed in the forward-looking statements. Risks that could cause
such results to differ include: our ability to achieve sustainable
profitability; our ability to maintain our customer relationships; our
ability to expand our manufacturing capacity in a timely and cost-effective
manner; the worldwide demand for electricity and the market for solar
energy; the supply and price of components and raw materials for our
products; and the resolution of pending legal disputes. 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:
Mark Trinske, Vice President, Investor
Relations & Communications of Energy Conversion Devices, Inc.,
+1-248-299-6063
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