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Technology Stocks : Energy Conversion Devices -- Ignore unavailable to you. Want to Upgrade?

To: Allen Bucholski who wrote (7341)	9/29/2003 11:08:29 AM
From: jacq	Read Replies (1) \| Respond to of 8393

What are you staying up so late for Al? Have you seen the price of the stock this morning? Down $4.00 per share. every fool that bough the stock in the last few weeks must be cashing out now, or those other folks who know what a speculative peak looks like. I am planning to buy some if it gets to $10. There is a huge amount of support at that level.Besides I think that there might be a dead cat bounce sometime soon. Thanks for your post. Shades of 3PO and R2D2. I have to do a search on late breaking developments.

To: Allen Bucholski who wrote (7341)	9/29/2003 11:29:01 AM
From: jacq	Respond to of 8393

Energy Conversion Devices to Extend Filing Date Of its Annual Report on Form 10-K ROCHESTER HILLS, Mich., Sept. 29 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced that it is filing a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission. The filing of the Form 12b-25 extends the due date for the filing of ECD's Annual Report on Form 10-K for a period of 15 calendar days. ECD's completion of its annual financial statements and the audit of such consolidated financial statements by its independent auditors, Deloitte & Touche LLP, are being delayed pending the completion and accounting analyses of ECD's purchase accounting for the May 2003 transaction in which ECD acquired from N.V. Bekaert S.A. and its related companies (Bekaert) the interests previously owned by Bekaert in United Solar Ovonic Corp. and United Solar Ovonic LLC. Within the next 15 calendar days, ECD management expects the accounting analyses to be concluded and to complete its consolidated financial statements for the fiscal year ended June 30, 2003, receive the report of its independent auditors with respect to ECD's consolidated financial statements, and file with the Securities and Exchange Commission its Annual Report on Form 10-K. As previously disclosed in ECD's Form 10-Q for the quarter ended March 31, 2003, ECD's recent purchases of its former partners' interests in the photovoltaic and fuel cell ventures have both near-term and long-term impacts on its capital resources. ECD is attempting to obtain additional sources of cash required to sustain its operations and is in the process of a number of negotiations and discussions with third parties to fund its operations, including securing the working capital required through additional debt and/or equity financings, the refinancing of the 30-megawatt photovoltaic manufacturing equipment, and discussions with potential new partners to form new strategic alliances to fund and grow its photovoltaic and other businesses. ECD expects that funds from debt and/or equity financings, the refinancing of the photovoltaic equipment, funds generated from operations, new business agreements, new government contracts, together with existing cash and cash equivalents, will be adequate to support its operations for the coming year. No assurances, however, can be given as to the success of the aforementioned plans, negotiations, discussions and programs. If ECD is unable to raise the required funding prior to the filing of its Form 10-K for the fiscal year ended June 30, 2003, and while its independent auditors have not completed their audit and have not rendered their opinion with respect to ECD's consolidated financial statements, ECD management believes that the independent auditors will issue a standard report on ECD's consolidated financial statements which will include an explanatory paragraph concerning ECD's ability to continue as a going concern for a reasonable period of time. ECD expects to report that revenues for the year ended June 30, 2003 are approximately $66 million compared to $91.7 million in the prior year, primarily due to lower equipment sales to Rare Earth Ovonic in China because of the near completion of the first phase of that project and lower revenues from product development agreements because of reduced funding from ChevronTexaco Corp. Net loss for the year ended June 30, 2003 will be significantly higher than the $20.9 million in the prior year. The final results may be affected by the completion of ECD's analyses of the matters discussed above. A conference call will be scheduled after ECD has filed its Form 10-K for the fiscal year ended June 30, 2003 with the Securities and Exchange Commission.