ADVISORY/Texaco and ECD Representatives Discuss and Demonstrate Cutting-Edge Energy Technologies.Business Editors/Energy Writers ADVISORY...for Wednesday (June 7) --(BUSINESS WIRE)
WHAT: Texaco and Energy Conversion Devices, Inc. (ECD) executives will
discuss plans to develop and commercialize "green" energy
technologies through the newly formed relationship between
Texaco and ECD established on May 2 (Copy of news release
attached).
In addition, ECD will showcase their solar panel, hydrogen
storage, battery and fuel cell product lines and demonstrate the
Toyota Prius, one of the world's first commercial hybrid
vehicles,powered by ECD battery technology.
WHO: William M. Wicker, Texaco Inc. Senior Vice President Stanford R.
Ovshinsky, President and CEO of ECD Other Texaco and ECD
scientific and business development specialists
WHEN: Wednesday, June 7, 2000
9:00 to 10:00 a.m. Presentation by Texaco and ECD executives
10:00 to 10:30 a.m. Company representatives available for
interviews
10:30 to Noon ECD Energy Technology Expo
WHERE:Texaco Inc.
2000 Westchester Ave.
White Plains, NY 10650
CONTACT: Texaco Keelin Molloy, 914/253-7461 http://www.texaco.com TEXACO PURCHASES A 20 PERCENT INTEREST IN ENERGY CONVERSION DEVICES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . Companies Announce Plans for Joint Ventures to Commercialize "Green" Energy Technologies DETROIT, Mich., May 2 - Texaco (NYSE NYSE See: New York Stock Exchange : TX) and Energy Conversion Devices, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ENER) announced today the execution of a share purchase agreement for Texaco to purchase a 20 percent equity stake in Energy Conversion Devices, Inc. for $67.3 million. Additionally, the companies have agreed to establish joint ventures for the continued development and commercialization of advanced energy technologies, initially in the fields of ECD's proprietary Ovonic o·von·ic adj. Of or relating to a device whose operation is based on the Ovshinsky effect. [Ov(shinsky effect) + (electr)onic.] solid hydrogen storage
Hydrogen storage is the main technological problem of a viable hydrogen economy. Some attention has been given to the role of hydrogen to provide grid energy storage for unpredictable energy sources, like technology and the Ovonic regenerative fuel cell. Headquartered in Troy, Mich., Energy Conversion Devices, Inc. (ECD ECD Early Childhood Development ECD Electron Capture Detector ECD Energy Citations Database ECD Executive Creative Director (advertising) ECD Ethyl Cysteinate Dimer ECD Electron Capture Dissociation ECD Electronic Civil Disobedience ) develops and commercializes enabling technologies for use in the fields of alternative energy and information technologies. The company holds patents in materials engineering, solid hydride hydride Any of a class of compounds in which hydrogen is combined with another element. There are three basic types of hydrides: saline, metallic, and covalent. Saline hydrides, such as sodium hydride (NaH) and calcium hydride (CaH2 storage, photovoltaics, batteries, semiconductor applications and other areas. Texaco's interest in ECD will be managed by Texaco Energy Systems Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Texaco Inc., established in 1999 to harness the company's fuel conversion expertise to advance commercialization activities in the areas of fuel cells and hydrocarbons-to-liquids. "Energy Conversion Devices represents an exciting investment opportunity for Texaco and this agreement reflects our commitment to developing the next generation of advanced energy technologies," said William M. Wicker, Texaco Inc. Senior Vice President. "We intend to be a company that is responsive to the changing face of the marketplace and the energy sector. While oil and gas will remain the dominant energy resource for the foreseeable future, hydrogen will inevitably become part of the energy mix, and Texaco aims to be a leader in the development and commercialization of environmentally smart alternative energy technologies." In a joint statement, Stanford R. Ovshinsky Stanford R. Ovshinsky (1923- ) is a self-taught Jewish American-Lithuanian engineer, inventor, and physicist. He has invented amorphous semiconductor materials, which gave rise to a whole new segment of material engineering, aiding in the construction of semiconductors, solar , ECD President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Robert C. Stempel, ECD Chairman, said, "We are very pleased with this alliance which will move our advanced technology into the marketplace and be an enabler for the coming hydrogen economy." Under the terms of the agreement, Texaco will purchase 20 percent of the ECD shares outstanding after the transaction. The price is the average of the market price on the five days preceding the day the share purchase agreement was signed. Texaco will hold two seats on the ECD Board of Directors. Operating in over 150 countries worldwide, Texaco explores for and produces crude oil, natural gas and natural gas liquids; manufactures and markets high quality fuels and lubricants; and operates trading, transportation and distribution facilities; and produces alternate forms of energy. Texaco is a world leader in gasification gas·i·fy tr. & intr.v. gas·i·fied, gas·i·fy·ing, gas·i·fies To convert into or become gas. gas technology, an environmentally advanced technology for the conversion of coal, petroleum coke Petroleum coke (often abbreviated petcoke) is a carbonaceous solid derived from oil refinery coker units or other cracking processes.[1] Other coke has traditionally been derived from coal. and other low-value hydrocarbons into a clean synthesis gas, which is used for the production of electric power as well as chemical products and industrial gases, including hydrogen. ECD and its network of business partners and licensees are manufacturing cutting edge products in three rapidly growing global markets: information technology, energy generation and energy storage. ECD designs and builds manufacturing machinery that incorporate its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. This press release may contain forward-looking statements within the meaning of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are based on certain assumptions which Texaco and ECD, as of the date of this release, believe to be reasonable and appropriate. Texaco and ECD caution, 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. |
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