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ECD; Panasonic settle lawsuit

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  • anbausa
    Energy Conversion Devices press release http://www.ovonic.com/news_events/5_2_press_releases/20040707.htm ECD Ovonics Announces Settlement in Patent
    Message 1 of 1 , Jul 8, 2004
      Energy Conversion Devices press release
      http://www.ovonic.com/news_events/5_2_press_releases/20040707.htm

      ECD Ovonics Announces Settlement in Patent Infringement Dispute

      COBASYS and Panasonic EV Energy to cooperate in the development of
      next-generation state-of-the-art nickel metal hydride batteries

      Rochester Hills, Mich., July 7, 2004 — Energy Conversion Devices,
      Inc. (ECD Ovonics) (NASDAQ:ENER) today announced that it and COBASYS
      LLC, its 50-50 manufacturing joint venture with ChevronTexaco
      Technology Ventures LLC, have entered into a settlement agreement
      with Matsushita Electric Industrial Co., Ltd. (MEI), Panasonic EV
      Energy Co., Ltd. (PEVE), and Toyota Motor Corporation with respect to
      patent infringement disputes and counterclaims involving nickel metal
      hydride (NiMH) batteries before the International Chamber of
      Commerce, International Court of Arbitration. Under the terms of the
      settlement, no party admitted any liability.

      Under the terms of the settlement, COBASYS and PEVE will cross
      license each other for current and future patents to avoid possible
      future litigation. COBASYS and PEVE have agreed to a technical
      cooperation agreement to advance the state-of-the-art of NiMH
      batteries which are widely used in hybrid electric vehicles (HEVs).
      COBASYS and PEVE have also established a joint development program to
      collaborate on the development of next-generation high performance
      NiMH batteries for HEVs.

      The parties reached an amicable settlement on mutually satisfactory
      terms that will help them to meet the requirements of expanding the
      HEV market. Details of the settlement are confidential.

      For more information about ECD Ovonics, please visit
      http://www.ovonic.com

      For more information about COBASYS, please visit
      http://www.cobasys.com


      # # #

      This release may contain forward-looking statements within the
      meaning of the Safe Harbor Provisions of the Private Securities
      Litigation Reform Act of 1995. Such forward-looking statements are
      based on assumptions which ECD Ovonics, as of the date of this
      release, believes to be reasonable and appropriate. ECD Ovonics
      cautions, 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.

      Contacts:
      Ghazaleh Koefod, Shareholder Relations
      Dick Thompson, Media Relations
      Energy Conversion Devices, Inc.
      248.293.0440

      Raymond Wagner
      VP Marketing, Cobasys LLC
      248.637.7400
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