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

To: Ray who wrote (2963)	1/13/1999 2:09:00 PM
From: WALT REISCH	Respond to of 8393

ECD and Tyler Lowrey Form Joint Venture To Commercialize Memory Technology TROY, Mich., Jan. 13 /PRNewswire/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today the formation of a joint venture company with Tyler Lowrey, a world-recognized authority in semiconductor memory technology and the former vice chairman of Micron Technology, Inc. of Boise, Idaho. Mr. Lowrey will be president and CEO of the new company and Stanford R. Ovshinsky, ECD's president and CEO, will be chairman. The joint venture company expects to pursue device manufacturing as well as license selected applications of the technology. Ovonic Universal Memory is a unique thin-film nonvolatile solid-state memory that offers key competitive advantages for the microelectronic memory and embedded logic marketplace in terms of cost, performance and scaling over conventional solutions. Microelectronic memory devices are used in a wide variety of applications including computers, cell phones, graphics-3D rendering, GPS, video conferencing, multimedia, internet networking and interfacing, digital television, games, PDA, modems, DVD, ATM machines and pagers. ECD is very pleased to be working with Mr. Lowrey on this joint venture program. Mr. Lowrey has also been appointed to ECD's board of directors. Mr. Lowrey, 45, is married with three children. He has more than 60 patents and more than 20 patents pending, with numerous publications in the field of semiconductor memory devices. He received a bachelor of science degree in electrical engineering from California Polytechnic University and a master of science degree in electrical engineering from the University of Southern California. Announcing Mr. Lowrey's appointment to ECD's board and the formation of the new joint venture company, Mr. Ovshinsky said, "Tyler sees the tremendous potential for Ovonic Universal Memory and has 18 years of experience driving new technology to full-scale volume manufacturing for more than nine generations of memory products." Commenting on the joint venture project, Mr. Lowrey said, "Stan Ovshinsky and ECD have synthesized various thin-film materials with highly desirable properties that we can leverage to pursue significant competitive advantage in the microelectronics marketplace." ECD is a leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on alternative energy and advanced information technologies. ECD's web site address is ovonic.com. 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. SOURCE Energy Conversion Devices, Inc. /CONTACT: Ghazaleh Koefod of Energy Conversion Devices, 248-280-1900; or Steven Curtis of Ruder Finn, 212-593-6319/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 283250/ /Web site: ovonic.com (ENER)