Energy Conversion Devices Announces Completion of $87.8 Million Private Placement of Common Stock
17 2월 2005 - 2:46AM
PR Newswire (US)
Energy Conversion Devices Announces Completion of $87.8 Million
Private Placement of Common Stock ROCHESTER HILLS, Mich., Feb. 16
/PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD
Ovonics) (NASDAQ:ENER) announced today that it has completed the
$87.8 million private placement of its common stock previously
announced on February 10, 2005. ECD Ovonics sold 5,090,000 shares
of common stock at a price of $17.25 per share to 65 institutional
investors. A registration statement will be filed with the
Securities and Exchange Commission (SEC) within 10 days for the
resale of the common stock. The shares may not be resold until the
registration statement is declared effective by the SEC. ECD
Ovonics plans to use the net proceeds of this transaction to double
the manufacturing capacity of United Solar Ovonic's
triple-junction, thin-film amorphous silicon photovoltaic products;
to exercise the option to purchase for $4.55 per share the
4,376,633 shares of ECD Ovonics' common stock held by TRMI
Holdings, Inc., an affiliate of ChevronTexaco Corporation; and for
general corporate purposes, including research and development
investments. After ECD Ovonics exercises the above-mentioned
option, the net proceeds from this private placement will be
approximately $67.9 million (prior to the deduction of fees and
expenses) and the post-exercise number of shares outstanding will
have increased by 713,367 shares, or 2.8%. "This private placement,
which had significant demand from institutional investors, is an
expression of confidence in our future business plans and
commercialization of our products and technologies," said Robert C.
Stempel, Chairman and CEO of ECD Ovonics. "It will also allow us to
expand the manufacturing capacity of our wholly owned subsidiary,
United Solar Ovonic, to meet the growing demand for its Uni-Solar
products." The securities offered by ECD Ovonics to accredited
investors in the private placement have been sold in reliance on an
exemption from the registration requirements of the Securities Act
of 1933, as amended (the "Securities Act"). The securities have not
been registered under the Securities Act or any state securities
laws, and the securities may not be offered or sold absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release does not and will not constitute an offer
to sell or the solicitation of an offer to buy shares in any
jurisdiction in which such offer or solicitation is prohibited.
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,
as of the date of this release, believes to be reasonable and
appropriate. ECD 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. DATASOURCE: Energy Conversion Devices, Inc.
CONTACT: Stephan W. Zumsteg, Vice President and CFO, or Ghazaleh
Koefod, Investor Relations, of Energy Conversion Devices, Inc.,
+1-248-293-0440 Web site: http://www.ovonic.com/
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