TROY, Mich., Dec. 27 /PRNewswire/ -- After receiving encouraging
results, the National Aeronautics and Space Administration (NASA) and the
Michigan Research Institute (MRI) will grant Delphi Corporation an
additional $950,000 to help fund the continuing development of Deformation
Resistance Welding (DRW).
(Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
The first two grants for DRW, totaling $2.17 million, were used to
perfect existing welding techniques, to create new ones, and to find new
innovative ways to use DRW on suspension sub-frames.
The new grant will fund work done by Delphi in cooperation with the
Edison Welding Institute (EWI) and SpaceForm, Inc., (SFI), a company formed
in 2005 based on DRW technology. Planned projects will develop the
technology in the area of ferrous and non-ferrous materials, dissimilar
material joints, lean tubular structures and concepts for future
manufacturing cells.
"We're very pleased to have NASA's continued support of this program,"
said Timothy Forbes, director, commercialization and licensing, Delphi
Technologies, Inc. "This continued commitment to DRW for a third phase of
projects will allow us to make even more progress for the future of this
technology."
Delphi's DRW process, developed with funding from NASA's Space
Exploration program with its goals to return to the moon and eventually
Mars, can deliver reliable, repeatable, leak-free welds at significantly
lower cost than conventional welding solutions. Its uniqueness comes from
its ability to weld similar and dissimilar materials and shapes.
NASA plans to use what is learned from Delphi's work with DRW as part
of its Space Power Development Programs. Of specific interest is advanced
welding of dissimilar metal joints for integrating titanium based cooling
loops with power conversion systems utilizing stainless steel structures.
According to researchers, titanium cooling loops offer higher levels of
chemical compatibility, along with greater temperature and structural
capability than aluminum tubing. This is of particular interest because
traditional mechanical joining provides insufficient hermeticity for long
life missions.
In addition, the DRW technology is beneficial to all areas of
manufacturing including: load-bearing structural applications, mobile
medical products, automobiles, bicycles, motorcycles, commercial and
recreational vehicles because of its ability to handle tube-to-tube and
tube-to-sheet welding.
"This latest grant from NASA will allow Delphi to work with EWI and
SpaceForm to expand the capabilities of DRW," said Jayson Pankin, new
venture creation specialist, Delphi. "Delphi will be in a stronger position
to provide innovative joining and structural solutions to a broader set of
customers."
This Delphi project, funded by the latest NASA grant, is expected to be
completed by the end of 2007.
Please visit these websites for more information on Delphi (Pink
Sheets: DPHIQ), DRW, EWI and SpaceForm, Inc.
http://www.delphi.com
http://www.ewi.org
http://www.spaceformtech.com
This press release, as well as other statements made by Delphi may
contain forward-looking statements within the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, that reflect, when
made, the Company's current views with respect to current events and
financial performance. Such forward-looking statements are and will be, as
the case may be, subject to many risks, uncertainties and factors relating
to the Company's operations and business environment which may cause the
actual results of the Company to be materially different from any future
results, express or implied, by such forward-looking statements. Factors
that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the following:
the ability of the Company to continue as a going concern; the ability of
the Company to operate pursuant to the terms of the debtor-in-possession
("DIP") facility; the Company's ability to obtain court approval with
respect to motions in the chapter 11 proceeding prosecuted by it from time
to time; the ability of the Company to develop, prosecute, confirm and
consummate one or more plans of reorganization with respect to the chapter
11 cases; risks associated with third parties seeking and obtaining court
approval to terminate or shorten the exclusivity period for the Company to
propose and confirm one or more plans of reorganization, for the
appointment of a chapter 11 trustee or to convert the cases to chapter 7
cases; the ability of the Company to obtain and maintain normal terms with
vendors and service providers; the Company's ability to maintain contracts
that are critical to its operations; the potential adverse impact of the
chapter 11 cases on the Company's liquidity or results of operations; the
ability of the Company to fund and execute its business plan; the ability
of the Company to attract, motivate and/or retain key executives and
associates; and the ability of the Company to attract and retain customers.
Other risk factors are listed from time to time in the Company's United
States Securities and Exchange Commission reports, including, but not
limited to the Annual Report on Form 10-K for the year ended December 31,
2004 and its most recent quarterly report on Form 10-Q for the quarter
ended September 30, 2005 and current reports on Form 8-K. Delphi disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events and/or
otherwise.
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
Company's various pre-petition liabilities, common stock and/or other
equity securities. Additionally, no assurance can be given as to what
values, if any, will be ascribed in the bankruptcy proceedings to each of
these constituencies. A plan of reorganization could result in holders of
Delphi's common stock receiving no distribution on account of their
interest and cancellation of their interests. As described in the Company's
public statements in response to the request submitted to the United States
Trustee for the appointment of a statutory equity committee, holders of
Delphi's common stock and other equity interests (such as options) should
assume that they will not receive value as part of a plan of
reorganization. In addition, under certain conditions specified in the
Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding
its rejection by an impaired class of creditors or equity holders and
notwithstanding the fact that equity holders do not receive or retain
property on account of their equity interests under the plan. In light of
the foregoing and as stated in its October 8, 2005 press release announcing
the filing of its chapter 11 reorganization cases, the Company considers
the value of the common stock to be highly speculative and cautions equity
holders that the stock may ultimately be determined to have no value.
Accordingly, the Company urges that appropriate caution be exercised with
respect to existing and future investments in Delphi's common stock or
other equity interests or any claims relating to prepetition liabilities.
SOURCE Delphi Corporation
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Related links:
http://www.delphi.com/media
http://www.delphi.com http://www.ewi.org
http://www.spaceformtech.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/076666.html/
CONTACT:
Mary McCahon of Delphi Corporation,
+1-248-813-2618, or mary.mccahon@delphi.com
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