Energy Conversion Devices Completes Merger With Solar Integrated Technologies
20 8월 2009 - 3:06AM
PR Newswire (US)
ROCHESTER HILLS, Mich., Aug. 19 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (NASDAQ:ENER), the leading global
manufacturer of thin-film flexible solar laminate products for the
building integrated and commercial rooftop markets, announced today
it has completed its merger with Solar Integrated Technologies,
Inc. (SIT), a leading provider of building integrated photovoltaic
(BIPV) roofing systems. SIT is now a wholly owned subsidiary of
ECD. "This merger strengthens and diversifies our business," said
Mark Morelli, president and CEO of ECD. "This merger is an
important element of our future growth plans as ECD transitions
from manufacturing and selling a product to a company that provides
complete solar solutions and value-added services." The company
will provide additional information on the strategic aspects of the
merger during the company's fiscal fourth quarter and year-end
press release and conference call scheduled for August 27, 2009.
Credit Suisse Securities (USA) LLC acted as financial advisor and
Covington & Burling LLP acted as legal advisor to ECD. Thomas
Weisel Partners LLC and Greentech Capital Advisors acted as
financial advisors and Jones Day acted as legal advisor to SIT.
About Energy Conversion Devices Energy Conversion Devices is the
leader in building integrated and commercial rooftop photovoltaics,
one of the fastest growing segments of the solar power industry.
The company manufactures and sells thin-film solar laminates that
convert sunlight to energy using proprietary technology. ECD's
UNI-SOLAR brand products are unique because of their flexibility,
light weight, ease of installation, durability, and real-world
efficiency. For more information, please visit
http://www.energyconversiondevices.com/ or
http://www.solarintegrated.com/. This release contains
forward-looking statements within the meaning of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that use the words
"will," "believes," "anticipates," "estimates," "expects,"
"intends", "accelerate", "transformation," or similar words that
describe the progress of the merger or ECD's, SIT's or the combined
company's future plans, objectives, or goals, and the assumptions
underlying such statements and other information that is not
historical information. All forward-looking statements are based
upon information available to us on the date of this release and
are subject to risks, uncertainties and other factors, many of
which are outside of our control, that could cause actual results
to differ materially from the results discussed in the
forward-looking statements. Risks that could cause such results to
differ include: risks associated with integrating the combined
business of the two companies; and market risks that will face the
combined company. The risk factors identified in the ECD filings
with the Securities and Exchange Commission, including the
company's most recent Annual Report on Form 10-K and most recent
Quarterly Report on Form 10-Q, could impact any forward-looking
statements contained in this release. ECD assumes no obligation,
except as required by law, to revise or update any forward-looking
statement in order to reflect events or circumstances that may
arise after the date of this release. DATASOURCE: Energy Conversion
Devices, Inc. CONTACT: Mark Trinske, Vice President, Investor
Relations & Communications of Energy Conversion Devices, Inc.,
+1-248-299-6063, Web Site: http://www.energyconversiondevices.com/
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