Orion, Michigan, March 29, 2005 -- Cobasys, a key supplier of advanced Nickel Metal Hydride (NiMH) battery systems that enable Hybrid Electric Vehicles (HEV's) and stationary power solutions announced today that it has engaged KPMG as the Company's independent public accounting firm. KPMG's engagement is effective immediately, and will include the audit of the Company's financial statements for the current fiscal year
Thomas S. Neslage, President & CEO of Cobasys, stated that "KPMG is a highly respected global firm and we are very pleased to announce our relationship with them. Our association with an excellent firm like KPMG is an important building block for the company and our plans for future growth."
Joe Crocenzi, Vice President of Finance for Cobasys, added that "We are pleased to begin what we hope will be a long term relationship with KPMG. We expect that this relationship will add value to Cobasys as we continue to grow and expand the manufacturing and sales of our core transportation and stationary battery systems."
Cobasys designs and manufactures advanced Nickel Metal Hydride (NiMH) battery system solutions for transportation markets, including 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 248-620-5765 or visit our website at www.cobasys.com. .
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