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Technology Stocks : Energy Conversion Devices
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To: fred whitridge who wrote (2449)10/9/1998 2:30:00 PM
From: fred whitridge  Read Replies (1) of 8393
 
Energy Research has just filed an SB-2 prospectus detailing its intent to spin off 100% of its Nickel Zinc battery division, now called Evercel, Inc. and follow it up with a rights offering to get cash into the company. The spin off to shareholders is to happen by October 31 whereupon the rights offering will commence. I love prospectuses. Far more detail than 10k's and 10Q's and higher standards on truthfulness and disclosure than mere ongoing reports. Its a must read which I have only glanced at. Get it off the SEC EDGAR server or from www.freeedgar.com. Lots of interesting battery industry figures.

Among other interesting points.

They are still predicting $150 to $300 per kwh

Diamler Benz will own 11% after the spinoff as a result of its ownership of ERC.

Sales were about 1/2 million thru the 9 months. So behind GM/O but not waaaaay behind

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I've long been a proponent of Ovonic selling 10% to the public for $15 to $20 million and keeping the money for development purposes. What a way to shine a light on the value of ECD via the residual ownership ECD will have. Fund up Ovonic without taxing ECD. It shall be very interesting to watch Evercel trade and ascertain what such a move would have on ECD.
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