Robert C. Stempel, ECD Ovonics Chairman and CEO, said, "With over 20 years of engineering and operations management experience in a manufacturing and machine tools environment, Paul is an important addition to the ECD Ovonics team. Paul formerly worked at the GM Powertrain Division from 1985 to 1993; most recently he has been a major contributor to the success of Detroit Diesel's expansion and cost-reduction activities."
"Paul's primary task is to ensure that we rapidly increase our PV machine- building capability in order to accelerate United Solar Ovonic's PV panel production. By bringing a repetitive manufacturing focus to the completion of manufacturing plants, we expect to see a significant reduction in costs and build time, together with a concurrent increase in quality and speed to full production," James R. Metzger said. "Working closely with Stan Ovshinsky, Paul will also bring a structured approach to implementing new technology into the build sequence of new manufacturing plants, ensuring United Solar Ovonic maintains its position as the most advanced manufacturer of thin-film solar products."
Commenting on his appointment, Mr. Ryznar stated, "I look forward to applying the experience gained over the past 20 years within the high- precision, high-growth environments of Detroit Diesel, Bosch Kentwood, and General Motors to ECD Ovonics' aggressive growth curve. The vision and efforts of Stan Ovshinsky have built a strong foundation for ECD Ovonics' success. My intention is to build off this foundation through the implementation of new tools, technology, and processes designed specifically to increase both shareholder value and the overall value proposition. ECD Ovonics is recognized as an innovator and leader in the renewable energy field and, given the current worldwide energy situation, I'll have the opportunity to focus ECD Ovonics' engineering talent on the extraordinary growth potential in its solar cell business and truly build an industry of the future."
Mr. Ryznar holds a Bachelor of Science degree in Mechanical Engineering and a Masters in Business Administration from the University of Michigan. Prior to joining ECD Ovonics, Mr. Ryznar was President of OPS Solutions LLC, a company developing and commercializing revolutionary new products for the manufacturing industry.
About ECD Ovonics:
ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed its proprietary, enabling technologies in the fields of energy and information leading to new products and production processes based on amorphous, disordered and related materials. The Company's portfolio of alternative energy solutions includes Ovonic thin-film amorphous solar cells, modules, panels and systems for generating solar electric power; Ovonic NiMH batteries; Ovonic hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel; and Ovonic fuel cell technology. ECD Ovonics' proprietary advanced information technologies include Ovonic phase-change electrical memory, Ovonic phase-change optical memory and the Ovonic Threshold Switch. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD Ovonics holds the basic patents in its fields.
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. The risk factors identified in the ECD Ovonics filings with the Securities and Exchange Commission, including its automatic shelf registration statement and related preliminary prospectus supplement, the company's most recent Annual Report on Form 10-K and the company's most recent Quarterly Report on Form 10- Q could impact any forward-looking statements contained in this release.
CONTACT: Ghazaleh Koefod - Investor Relations of Energy Conversion
Devices, Inc., +1-248-293-0440
Web site: http://www.ovonic.com/