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ECD ANNOUNCES STOCK SALE TO SANOH INDUSTRIAL CO., LTD.

 TROY, Mich., Dec. 31 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (NASD OTC Bulletin Board: ENER) announced today that it and its subsidiary, Ovonic Battery Company, Inc. ("OBC"), had entered into an agreement with Sanoh Industrial Co., Ltd. ("Sanoh") under which Sanoh is purchasing approximately 3% of OBC's Common Stock for $4.5 million. The purchase price was calculated based on an agreed upon value of OBC of $150 million. After the transaction closes, ECD will own approximately 92% of OBC's Common Stock.
 The payment schedule for the shares is: a $1.5 million cash payment to be made on or before Jan. 10, 1994, two cash payments of $1 million each to be made on or before April 10, 1994 and 1995, respectively, and the conversion of a $1 million loan previously made by Sanoh to ECD.
 Sanoh is a leading Japanese automotive parts company with worldwide operations and plants in the United States, Japan, Mexico and other countries. It has been making various parts for OBC's electric vehicle batteries.
 ECD and Sanoh also have a joint development program for vapor barrier coatings for use in automotive applications.
 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- 12/31/93
 /CONTACT: Stanford R. Ovshinsky, chief executive officer of Energy Conversion Devices, 313-280-1900, or Subhash K. Dhar, president and chief operating officer of Ovonic Battery Company, 313-362-1750/
 (ENER)


CO: Energy Conversion Devices, Inc.; Ovonic Battery Company, Inc.;
 Sanoh Industrial Company, Ltd. ST: Michigan IN: AUT SU: FNC


TO -- DE003 -- 8292 12/31/93 10:38 EST
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Publication:PR Newswire
Date:Dec 31, 1993
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