ENER Accretion Acquisition Corporation

ROCHESTER HILLS, Mich., Oct. 1 /PRNewswire-FirstCall/ -- Energy Conversion Devices (NASDAQ:ENER) announced today that its joint venture Ovonyx has entered into a long-term license agreement with Hynix Semiconductor Inc. (Hynix) for memory products under Ovonyx' patents and intellectual property relating to Phase Change Memory (PCM) technology. The agreement also provides that Ovonyx will actively support Hynix' program to develop phase change memory products. Mark Morelli, ECD President and CEO, stated: "Our proprietary PCM technology has the potential for significant new commercial applications as a cost-effective replacement for Flash and DRAM memories. The agreement with Hynix is an important step in bringing the potential to fruition." ECD and Ovonyx invented and pioneered the development of PCRAM technology, thereby gaining a fundamental understanding of all aspects of PCRAM operation, including phase change memory devices, materials, processing, design, modeling, and performance optimization. Hynix also has considerable experience and a significant portfolio of intellectual property relating to semiconductor memories based on its many years of research and development in the general field. Hynix will continuously pursue emerging technology development and commercialization of phase change memory products. "This agreement provides Hynix with the ability to facilitate the next generation memory development by cooperating together with Ovonyx," said Sung Wook Park, Head of R&D Division of Hynix. "We anticipate opening the new era of the PCM technology and lead to successful commercialization." "Hynix' strong manufacturing presence and world-class development teams in both the DRAM and Flash memory areas provide an excellent platform for competitive and innovative PCRAM memory development and production," said Tyler Lowrey, President & CEO of Ovonyx. "We are pleased and look forward to working with Hynix on their PCRAM product development program." About Hynix Hynix Semiconductor Inc. (HSI) of Icheon, Korea, is the world's top tier memory semiconductor supplier offering Dynamic Random Access Memory chips ("DRAMs") and Flash memory chips to a wide range of established international customers. The Company's shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about Hynix is available at http://www.hynix.com/. About Ovonyx Ovonyx was formed with the charter to commercialize the proprietary phase- change semiconductor memory technology originally invented by S. R. Ovshinsky at Energy Conversion Devices, Inc. (see website at http://www.ovonic.com/). Ovonyx nonvolatile memory technology offers significantly faster write and erase speeds, higher cycling endurance, and better scaling performance with new generations of photolithography than conventional Flash memory. It also has the advantage of a simple fabrication process that allows the design of semiconductor chips with embedded nonvolatile memory using only a few additional mask steps. Ovonyx is pursuing commercialization of its array- addressed memory systems through licenses and joint development programs with semiconductor manufacturers including Hynix, BAE Systems, Intel Corporation, STMicroelectronics, Samsung Electronics, Nanochip, Elpida Memory, and Qimonda. For more information on Ovonyx, Inc., please visit http://www.ovonyx.com/. About Energy Conversion Devices ECD is the leader in the synthesis of new materials and the development of advanced production technology and innovative alternative energy products and solutions. The company's portfolio of alternative energy solutions and proprietary information processing technologies features the latest advances in solar energy generation, phase-change memory and other alternative energy technologies. The Company's wholly owned subsidiary, United Solar Ovonic, is the world's largest manufacturer of thin-film amorphous silican photovoltaic solar panels for converting sunlight into electricity. ECD holds the basic patents in its fields. More information on the Company is available at 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. The risk factors identified in ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K, could impact any forward-looking statements contained in this release. DATASOURCE: Energy Conversion Devices CONTACT: Ghazaleh Koefod, Investor Relations, Energy Conversion Devices, Inc., +1-248-293-0440 Web site: http://www.ovonic.com/ http://www.hynix.com/

Copyright