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

To: Futurist who wrote (3202)	2/15/1999 10:33:00 AM
From: WALT REISCH	Read Replies (1) \| Respond to of 8393

Sorry for the delay... did anyone catch this? February 12, 1999 11:21 ENERGY CONVERSION DEVICES INC revises prelim proxy materials. Excerpted from PRER14A filed on 02/12 by ENERGY CONVERSION DEVICES INC: ENERGY CONVERSION DEVICES INC revises prelim proxy materials. (4) Date Filed: February 1999 Dear ECD Stockholders: I am writing this personal letter to ask you to give special attention to this year's Proxy Statement. As you know, ECD has been my life's work, and Iris's, to solve societal problems and build shareholder value through technology. From early on, Iris and I have had stock with special voting powers to protect the company from takeovers that would appropriate the fruits of our technology without paying full value to the stockholders. You, the stockholders, have extended these voting powers periodically, and it is now time to do it again. Also, I have been giving great attention to the issue of management continuity. Iris and I are so pleased that Bob Stempel has joined us as a true partner. Because we have worked so closely and well with Bob for several years, we believe deeply that he is the best conceivable successor to manage the company and realize the full fruits of our dominating technological position. To do this, Bob should have the same special voting powers after us. One further observation about why these voting powers held by both Iris and me, and later Bob, are important to you and the company. Several times within the last few years, large companies have told us, "Why should we pay you royalties or be concerned about your suing us for patent infringement? We can just as easily buy the whole company." Because of the special voting powers, the threats have receded. But, if we did not have the special voting powers, this type of threat would be very real. Just last fall, a high-tech company, Quickturn Design Systems, which had successfully asserted its patents against a competitor and sought $225 million in damages, found itself subject to a takeover by the competitor. It was apparently cheaper for the competitor to buy control than pay the damages, even if that meant paying a significant premium to obtain control of the target company. The takeover target did not have the protection of special voting powers, and the courts turned down the target's defensive strategy, resulting, it seems, in a takeover. This is just the fate we want to avoid. Your board of directors has thoroughly considered that the special voting rights may discourage a takeover of ECD in which the stockholders might receive a premium for their shares. However, the board has determined that any perceived short-term benefits to stockholders as a result of a takeover are significantly outweighed by the long-term benefits to stockholders in extending the special voting rights in order to realize the true value of your Company. Your board recommends the adoption of these proposals. So, I urge you to read the enclosed Proxy Statement carefully for a thorough understanding of the importance of these proposals to your company, and make sure that you vote FOR extending the special voting powers of the Class A Common Stock another six years (until September 30, 2005) (Item 3) and FOR creating a special Class B Common Stock to be placed in Bob Stempel's hands, which will have the same special voting powers when we no longer have them (Item 4). You can look forward to receiving shortly the 1998 Letter to Stockholders and the new technology and product brochure. Thank you for your interest in Energy Conversion Devices and your support for our efforts. Sincerely, Stanford R. Ovshinsky [LOGO] ENERGY CONVERSION DEVICES, INC. 1675 West Maple Road Troy, Michigan 48084 Dear Stockholder: The Annual Meeting of the Stockholders of Energy Conversion Devices, Inc. will be held at _______ (E.S.T.) on March 25, 1999 at _________________________. If you plan to attend, we would appreciate your calling the Investor Relations department at (248)280-1900. Sincerely, Robert C. Stempel Chairman of the Board ENERGY CONVERSION DEVICES, INC. NOTICE OF MEETING OF STOCKHOLDERS Troy, Michigan February 15, 1999 To the Stockholders of ENERGY CONVERSION DEVICES, INC.: NOTICE is hereby given that the Annual Meeting of Stockholders (the "Meeting") of ENERGY CONVERSION DEVICES, INC. (the "Company") will be held at ______ (E.S.T.) on Thursday, March 25, 1999 at ___________________________________. The purpose of the Meeting is to: (End of Item Excerpt) ------------------------------------------------------------------------ DISCLAIMER: The information provided through this news feed is excerpted from documents filed with the Securities and Exchange Commission (SEC) and should not be relied upon without review of the full documents filed with the SEC. In no event will Internet Financial Network, Inc., its officers, directors, employees, stockholders or agents, be liable to you or to any third party for any damages, costs or expenses arising or incurred in connection with any action taken or failure to act that is based upond the information contained in or omitted from this news feed or the documents filed with the SEC. ifn.com

To: Futurist who wrote (3202)	2/16/1999 11:57:00 AM
From: Futurist	Read Replies (2) \| Respond to of 8393

Don't know if anyone else follows Unique Mobility, ECD's strategic ally in the electric scooter and bike worlds and some other activities. Their numbers are interesting, so I've incorporated them here: Unique Mobility, Inc. Announces Third Quarter Results Revenue for the Quarter Grows 29 Percent Franklin Manufacturing Unit Expands Manufacturing Capability and Capacity GOLDEN, Colo., Feb. 16 /PRNewswire/ -- Unique Mobility, Inc. (Amex: UQM) today reported its financial results for the quarter and nine months ended December 31, 1998. Revenue for the quarter ended December 31, 1998, was $4,366,804 compared to $778,521 for the comparable quarter last year. Revenue for the nine months ended December 31, 1998, was $10,607,379 compared to $2,828,312 for the comparable period last year. Growth in revenue for the quarter and nine months was driven by product sales in the Company's electronic and mechanical products segments, which amounted to approximately 90 percent of total revenue. Product sales for the third quarter rose to $3,982,503 from $148,173 for the comparable quarter last year and rose over nineteen fold to $9,477,750 for the nine months ended December 31, 1998, versus the same period last year. Operations for the quarter ended December 31, 1998, resulted in a net loss of $970,668 or $0.06 per share compared to a net loss of $680,533 or $0.05 per share for the quarter ended December 31, 1997. Operations for the nine months ended December 31, 1998, resulted in a net loss of $3,335,724 or $0.21 per share compared to a net loss of $1,534,981 or $0.11 per share for the nine months ended December 31, 1997. Approximately $1.3 million or $0.08 per share of the increase in net loss for the year to date period is attributable to higher levels of non-cash expenses including depreciation and amortization charges from recent acquisitions and recognition of the Company's proportionate share of losses at Taiwan UQM Electric Co., Ltd. Commenting on the results, Donald A. French, Treasurer and Chief Financial Officer, said, "Revenue for the third quarter rose 29 percent from the record levels achieved during the second quarter despite adverse seasonal factors and lower demand in the agricultural sector throughout the period. Although non-cash charges impacted bottom line results, cash used by operations (net loss reduced by non-cash expenses) was $291,219 for the quarter, an improvement of 43 percent over the cash used by operations for the comparable quarter last year of $514,484 and the lowest level of cash used by operations for any quarter this year. For the fourth quarter we expect continued improvement in financial performance on higher revenue levels." Separately, the Company announced that its Franklin Manufacturing unit has invested $1.5 million to expand its production and testing capability. Two new surface mount production lines have been installed, one of which contains "ball grid array" component placement technology which allows for higher precision and dense placement of components on a printed circuit board. The addition of the new surface mount manufacturing lines increases Franklin's component placement capacity nearly three-fold from 37,000 parts per hour to 110,000 parts per hour. "The requirement to expand manufacturing operations is being driven by growth in the automotive sector of our business," said Michael G. Franklin, Unique's Vice President of Electronics Manufacturing. "This investment greatly expands our manufacturing capacity, improves our capability to manufacture increasingly complex electronic board assemblies and positions us to continue to meet the quality, pricing and volume expectations of our customers." Commenting on these announcements, Ray A. Geddes, Chairman and Chief Executive Officer, said, "The capital improvements made at Franklin are indicative of the Company's commitment to provide modern facilities and equipment necessary to meet the rapidly growing needs of the business." Unique Mobility, Inc., is a leading developer and manufacturer of power dense, high efficiency motors, gear assemblies and electronic assemblies for the aerospace, telecommunications, automotive, medical and industrial markets