Energy Conversion Devices, Inc. Announces Exercise of Over-Allotment Option for 1,050,000 Shares of Common Stock
05 4월 2006 - 6:06AM
PR Newswire (US)
ROCHESTER HILLS, Mich., April 4 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) announced
today that the underwriters of its public offering of 7,000,000
shares of common stock, completed on March 7, 2006, have exercised
their over-allotment option in full and purchased an additional
1,050,000 shares of ECD common stock. ECD Ovonics received an
additional $51.4 million in gross proceeds from the exercise of the
over-allotment option, before underwriting discounts and
commissions and expenses payable by the company, bringing the total
gross proceeds to ECD Ovonics from the offering to approximately
$375.6 million. In February, the Board of Directors of ECD Ovonics
approved a plan to expand the solar module manufacturing capacity
of ECD Ovonics' wholly owned subsidiary, United Solar Ovonic, to
300 megawatts (MW) by 2010. Approximately $150 million of the net
proceeds from the March 2006 equity offering will be used for the
next phase of the expansion plan, which includes the construction
of a 50MW manufacturing facility in Greenville, Mich., announced by
ECD Ovonics on March 22, 2006. United Solar Ovonic's existing 25MW
production facility is located in Auburn Hills, Mich. In July 2005,
United Solar Ovonic broke ground for a second 25MW production
facility also located in Auburn Hills. 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 was filed with the Securities and Exchange
Commission and is 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, of Energy Conversion Devices, Inc.,
+1-248-293-0440 Web site: http://www.ovonic.com/
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