Energy Conversion Devices Enters Arbitration Agreement With Matsushita to Arbitrate Dispute in New York City
December 06, 2002 12:40
ROCHESTER HILLS, Mich., Dec. 6 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today that it and its related companies have entered into an arbitration agreement with Matsushita Battery Industrial Co., Ltd. and its related companies and Toyota Motor Corporation and a related company. The agreement establishes the basic terms, conditions and procedures to resume arbitration before The International Chamber of Commerce, International Court of Arbitration of the existing patent infringement disputes involving nickel metal hydride batteries used in gasoline-electric hybrid vehicles and other products. The arbitration had been stayed pending settlement talks which have now broken off.
Pursuant to the arbitration agreement, the existing disputes among the parties will be resolved in the arbitration and therefore the parties have agreed to dismiss the patent infringement litigation previously initiated by ECD's related companies in the U.S. District Court, Eastern District of Michigan. Also, the arbitration proceeding will be held in New York City, with a hearing before the Arbitral Tribunal expected to occur in November 2003.
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.
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SOURCE Energy Conversion Devices, Inc.
/CONTACT: Ghazaleh Koefod, Investor Relations of Energy Conversion
Devices, Inc., +1-248-293-0440/
/Web site: ovonic.com /
(ENER)
I guess this answers my own question, huh?
Walt |
