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Technology Stocks : Energy Conversion Devices

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To: fred whitridge who wrote (7223)	5/14/2003 11:58:33 PM
From: Krowbar	Read Replies (1) of 8393

Energy Conversion Devices Acquires Bekaert's Interests in United Solar and Bekaert ECD Solar Systems Rochester Hills, Mich., May 14, 2003 — Energy Conversion Devices, Inc. (ECD) (NASDAQ:ENER) announced today it has entered into agreements with N.V. Bekaert S.A. and an affiliate (Bekaert) whereby ECD has acquired all of Bekaert's interests in the photovoltaic joint ventures United Solar Systems Corp. and Bekaert ECD Solar Systems LLC (Uni-Solar) established in April 2000 by ECD and Bekaert to manufacture, market and sell photovoltaic products and systems. Material terms of the agreements provide that: • ECD will pay Bekaert $6 million; • ECD will assume Bekaert's guarantees with respect to certain liabilities of the joint ventures amounting to approximately $25 million; • Bekaert will receive rights to technologies outside the field of photovoltaics and rights limited to build sputtering machines outside the field of triple-junction photovoltaics. ovonic.com

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