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ENERGY CONVERSION DEVICES, INC. TO TRADE ON THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. OTC BULLETIN BOARD

 TROY, Mich., Dec. 31 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") announced today that its commonstock will, effective as of today, be traded on the National Association of Securities Dealers, Inc. OTC Bulletin Board under the symbol ("ENER").
 Currently, ECD's net worth for financial reporting purposes does not meet the NASDAQ Stock Market's minimum listing requirement. ECD is in discussions with the NASD regarding a temporary exception to this requirement.
 ECD separately announced today that it had entered into an agreement regarding the issuance to Sanoh Industrial Co., Ltd. of $4.5 million of the common stock of ECD's subsidiary, Ovonic Battery Company, Inc. (OBC). Under this agreement Sanoh will purchase shares representing approximately 3% of OBC's common stock based on an agreed upon value for OBC of $150 million. ECD is also engaged in negotiations with certain third parties concerning other potentially significant transactions which, if consummated, would cause ECD to meet the applicable listing requirements and permit the resumption of trading of its common stock on the NASDAQ Stock Market.
 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: Kenneth A. Pullis, acting chief financial officer, or Nancy M. Bacon, senior vice president, Government Contracts and International Projects, 313-280-1900, both of ECD/
 (ENER)


CO: Energy Conversion Devices, Inc.; Ovonic Battery Company, Inc. ST: Michigan IN: SU:

KE -- DE002 -- 8290 12/31/93 10:31 EST
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Publication:PR Newswire
Date:Dec 31, 1993
Words:278
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