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Cobasys Clarifies Information Contained in Wall Street Journal Article

Troy, Michigan, October 14, 2004 -- On October 13, 2004 the Wall Street Journal published an article titled "New Hybrid Cars Drive A Company, and Its Stock". This article contained certain inaccurate information about Cobasys. For purposes of clarification, Cobasys wishes to confirm the following:

» The reported comments concerning the settlement terms and conditions were incorrect. The parties reached an amicable settlement on mutually satisfactory terms that will help them to meet the requirements of the expanding HEV market. Details of the settlement are confidential. The general nature of the settlement has been disclosed in ECD's recent filings with the U.S. Securities and Exchange Commission.

» There was no International Court or other ruling regarding patent violations or the use of any party's technology by the other. The parties mutually agreed to settle their claims against one another and entered into an amicable resolution of all disputes. Under the terms of the settlement, no party admitted any infringement of patents or any improper use of technology or any other liability.

» The Cobasys manufacturing facility is located in Springboro, Ohio and not Troy, Michigan.

» As a matter of policy and to protect our customer's interests, Cobasys does not comment on confidential customer activity.

Cobasys designs and manufactures advanced Nickel Metal Hydride (NiMH) battery system solutions for transportation markets, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 42 volt applications, in addition to Stationary Back-Up power supply systems for large Uninterruptible Power Supply systems (UPS) and Telecom requirements.

Cobasys is a joint venture between ChevronTexaco Technology Ventures, an operating unit of ChevronTexaco Corporation (NYSE: CVX) and Energy Conversion Devices, Inc. (NASDAQ: ENER). For more information about Cobasys' products and its people, contact Ray Wagner, Vice President of Marketing at 248-637-7404 or visit our website at www.cobasys.com.

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Contacts:
Raymond Wagner
VP Marketing, Cobasys LLC
248.637.7404

 

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