Energy Conversion Devices, Inc. Announces Completion of Equity Offering of 7,000,000 Shares of Common Stock
08 3월 2006 - 6:50AM
PR Newswire (US)
ROCHESTER HILLS, Mich., March 7 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) announced
today the completion of its previously announced public offering of
7,000,000 shares of common stock, including 6,616,928 shares sold
by the Company and 383,072 shares sold by certain directors and
officers. The Company received gross proceeds of approximately
$324.2 million, before underwriting discounts and commissions and
expenses payable by the Company, from the sale of the 6,616,928
shares of common stock. The Company did not receive any proceeds
from the sale of the 383,072 shares sold by certain directors and
officers in connection with this offering, other than the aggregate
option exercise price of approximately $5.1 million relating to
such shares. The Company intends to use in the near term
approximately $150 million of the net proceeds from this offering
to expand the solar module production capacity of its wholly owned
subsidiary, United Solar Ovonic, through the construction of a
third manufacturing facility with an annual capacity of at least 50
megawatts. The Company intends to use the balance of the net
proceeds from this offering for future capacity expansion of its
thin-film solar cell business and for other general corporate
purposes. UBS Investment Bank acted as sole book-running manager
for the offering. Cowen & Company, First Albany Capital, Piper
Jaffray, Jefferies & Company, Merriman Curhan Ford & Co.
and Tejas Securities Group, Inc. acted as co- managers for the
offering. A registration statement relating to the shares has been
filed with the Securities and Exchange Commission and has become
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any
sales of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under securities laws of such jurisdiction. The
offering of the shares of common stock was made only by means of a
prospectus supplement and related prospectus, copies of which may
be obtained from UBS Investment Bank, Prospectus Department, 299
Park Avenue, New York, NY 10171, telephone number 212-821-3000.
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. The Company's
portfolio of alternative energy solutions includes Ovonic thin-film
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' proprietary advanced
information technologies include Ovonic phase-change electrical
memory, Ovonic phase-change optical memory and the Ovonic Threshold
Switch. 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. 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 its automatic shelf registration statement
and related prospectus supplement, 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. DATASOURCE: Energy Conversion Devices, Inc.
CONTACT: Stephan Zumsteg, Vice President and CFO, or Ghazaleh
Koefod, Investor Relations, both of Energy Conversion Devices,
Inc., +1-248-293-0440 Web site: http://www.ovonic.com/
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