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ECD ANNOUNCES IMPLEMENTATION OF SETTLEMENT AND SPECIAL MEETING DATE

 TROY, Mich., Aug. 26 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENER) today announced that a court order had been entered Aug. 18, 1993, upholding and implementing the remaining portions of a settlement between ECD and Manning & Napier Advisers, Inc. and its principal, William Manning. The settlement was originally reached in September 1992, terminating substantially all obligations under a 1988 consent decree. Manning had objected to this implementation.
 As part of the implementation of the settlement, ECD has conveyed 100 percent of the Common Stock of Ovonic Synthetic Materials Company, Inc. ("OSMC") to the holders of OSMC's Preferred Stock who are present or former clients of Manning & Napier. At the same time, ECD and OSMC entered into a license agreement under which OSMC granted ECD a nonexclusive, worldwide, royalty-free license to OSMC's "clear coat" and "superconductivity" technologies.
 ECD's President and Chief Executive Officer Stanford R. Ovshinsky, welcomed the court's order. "Now that this lengthy litigation is behind us," Mr. Ovshinsky stated, "ECD can focus 100 percent on its business opportunities. We appreciate the constructive role the court has played over the last five years, and now it is time to move ahead and accept new challenges." Under the settlement, Mr. Manning and his company continue to be bound by the standstill provisions restricting their acquisition of ECD's stock or interfering with the company's affairs.
 Separately, ECD announced that a special meeting of its stockholders will be held on Monday, Sept. 13, 1993, at 1707 Northwood Road, Troy. The meeting will consider a proposal by ECD's Board of Directors to amend the Certificate of Incorporation of ECD to change the date on which ECD's Class A Common Stock is deemed to be converted into Common Stock from Sept. 14, 1993 to Sept. 14, 1999. The Class A Common Stock has 25 votes per share and is owned by Mr. Ovshinsky and his family members. Materials related to the special meeting were mailed to ECD's stockholders on Aug. 25.
 ECD is a leader in the synthesis of new materials and the development of advanced production technologies and innovative products. Since its founding in 1960, ECD's research and development efforts have focused on amorphous and disordered materials. ECD has developed its "Ovonic" materials, production technology and products in the areas of energy, information and synthetic materials.
 -0- 8/26/93
 /CONTACT: Ghazaleh Koefod, secretary, Energy Conversion Devices, 313-280-1900; or Chester Kamin, Esq. of Jenner & Block, 312-222-9350, for ECD/
 (ENER)


CO: Energy Conversion Devices, Inc.; Manning & Napier Advisers, Inc. ST: Michigan IN: SU:

ML -- DE015 -- 6162 08/26/93 12:55 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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