ECD and Matsushita Agree to Stay

Stay agreed to to facilitate potential resolution of patent infringement dispute.

Published: 31-Jan-2002

ROCHESTER HILLS, Mich., -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER - news) and its related companies announced today that they are in discussions with Matsushita Battery Industrial Co., Ltd. and its related companies (Matsushita) to settle existing disputes between them relating to nickel metal hydride batteries including the pending patent infringement lawsuit against Matsushita before the U.S. District Court, Eastern District of Michigan, Southern Division. At the mutual request of all parties, the Court has issued an Order staying all legal proceedings to facilitate potential final resolution of this dispute. The Court has also dismissed, subject to reinstatement, all pending motions. The parties have agreed to report further to the Court as to the status of settlement negotiations.

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, as of the date of this release, believes to be reasonable and appropriate. ECD 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.

SOURCE: Energy Conversion Devices, Inc.

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