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SymPowerco Corporation (Pink Sheets: SYMW - http://finance.yahoo.com/q?s=symw.pk ) (Thu, June 19, 2008, 8:30am ET)
SymPowerco Corporation CEO John Davenport today announces the company is negotiating the expansion of its business relationship with its partner, Hybrid Energy Technologies, Inc. (HET). SymPowerco and HET jointly own Polygenic Power Systems, Inc., (PPSI) of Toronto, Ontario, Canada (70% SymPowerco, 30% HET).
PPSI manages all aspects of SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell (FE DMFC) Program including in-house and institutional research and development, grant applications, and management of the multiple projects associated with the program. In addition, PPSI will be responsible for the marketing of the fuel cell, fuel cell hybrid power systems and all related technologies.
HET owns the exclusive rights to a unique flat-plate rechargeable battery technology. SymPowerco owns the exclusive rights to use HET's battery technology in Hybrid Power Systems that use Direct Methanol Fuel Cells.
SymPowerco and HET believe that their respective technologies, the FE DMFC and the flat-plate battery technology, when used together in Hybrid Power Systems, will create a formidable presence in the burgeoning Alternative Power Systems markets. SymPowerco and HET are receiving sufficient interest in their energy conversion and energy storage technologies that a combined approach to these markets is warranted.
John Davenport, CEO of SymPowerco, commented, "It's becoming evident that rapidly changing energy markets and the need for more advanced power delivery systems are creating some exciting possibilities for SymPowerco and HET. Together we have identified several markets that we should jointly pursue. We also see several technologies that we feel are best developed together. We will further define these opportunities and we expect to announce a new development agreement to address them in the very near future."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.
Effective Control Transport, Inc. (Pink Sheets: EFFC - http://finance.yahoo.com/q?s=EFFC.PK ) (Thu, June 19, 2008, 1:29pm ET)
Effective Control Transport, Inc. (www.econtroltransport.com), a software company which specializes in technology that monitors a driver's vigilance, is pleased to announce that it will be featured in an upcoming nationally broadcasted television special produced by "Eye on America" and part of the show's Tracking Technology Innovation series on Rising Stars in the Telematics Platform Technologies.
"We are very excited about being featured on such a well recognized nationally televised show and making the public aware of the CRAM technology and how it can help dramatically reduce fatigue and distraction related accidents, ultimately saving lives," said Raphael Huppe, CEO of ECT.
"Eye on America" has completed all interviews and video tapping and is now in the "post-production" stage. "Eye on America" and its national television show is an independent production with no direct affiliation with any one network. "Eye on America" is aired on multiple networks and media sellers including but not limited to FOX Business Network, Discovery Channel, CNN Headline News, and MSNBC.
Energy Conversion Devices, Inc. (Nasdaq: ENER - http://finance.yahoo.com/q?s=ener ) (Thu, June 19, 2008, 7:37am ET)
Energy Conversion Devices, Inc., a global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, today announced the pricing of its public offering of 4,714,975 shares of common stock at $72.00 per share, and the pricing of its $275.0 million aggregate principal amount of 3.00% convertible senior notes due in 2013. The offering commenced on June 12, 2008 at 4,708,500 shares of common stock and $225.0 million aggregate principal amount of notes. ECD has also granted the underwriters of the offering of common stock an option to purchase up to an additional 190,500 shares of common stock and the underwriters of the offering of notes an option to purchase up to an additional $41.25 million aggregate principal amount of notes.
The notes will bear interest at a rate of 3.00% per year, payable on June 15 and December 15 of each year, commencing on December 15, 2008. The notes will mature on June 15, 2013. Holders of the notes may, under certain circumstances at their option, convert the principal amount of their notes into cash and, with respect to any amounts in excess of the principal amount, shares of ECD's common stock initially at a conversion rate of 10.8932 shares (equivalent to an initial conversion price of approximately $91.80 per share) per $1,000 principal amount of notes. The notes are also convertible on this basis at any time on or after March 15, 2013 and prior to the close of business on the business day immediately proceeding the maturity date. The applicable conversion rate will be subject to adjustments in certain circumstances. The notes will be senior unsecured obligations of ECD and will rank equal in right of payment with any future senior unsecured debt of ECD, and senior in right of payment to all of ECD's existing and future debt, if any, that is subordinated to the notes.
Concurrently with the notes offering, ECD is offering 4,714,975 shares of common stock. Of these, 3,444,975 shares will be lent by ECD to Credit Suisse International, or CSI, an affiliate of Credit Suisse Securities (USA) LLC, pursuant to a share lending agreement among ECD, Credit Suisse Securities (USA) LLC and CSI. Under the agreement, CSI is entitled to offer and sell such shares in order to facilitate the establishment of hedge positions by investors in the notes and potentially other securities ECD may issue in the future. Up to 721,675 of the shares borrowed may be used to facilitate such transactions on a delayed basis. ECD will not receive any of the proceeds from the sale of shares pursuant to the share lending agreement but will receive a nominal lending fee. The completion of the lending of shares pursuant to the share lending agreement is conditioned on the completion of the convertible notes offering. ECD expects that delivery of the shares of common stock pursuant to the share lending agreement will be made concurrently with the closing of the note offering.
While the borrowed shares will be considered issued and outstanding for corporate law purposes, because the shares lent pursuant to that agreement must be returned to ECD prior to June 15, 2013, the company believes that under U.S. generally accepted accounting principles, the borrowed shares will not be considered outstanding for the purpose of computing and reporting earnings per share.
Closing of the public offerings of shares and notes is expected to occur on June 24, 2008, and will be subject to the satisfaction of various customary closing conditions. ECD intends to use the net proceeds from the offering of convertible notes and the underwritten equity offering for the expansion of its solar laminate production in connection with its plan to reach 1 GW of capacity by 2012 and for general corporate purposes.
Credit Suisse Securities (USA) LLC and UBS Securities LLC are acting as the representatives of the underwriters and the book-running managers for the common stock offering and the convertible note offering, and JPMorgan Chase & Co., Deutsche Bank Securities, and Lazard Ltd. are serving as co-managers.
Gulf Ethanol Corporation (Pink Sheets: GFET - http://finance.yahoo.com/q?s=gfet.pk ) (Wed, June 18, 2008, 7:30am ET)
Gulf Ethanol Corporation unveils its new biomass reduction technology. The cellulosic preprocessing system unveiled by GFET, today, was designed to reduce sorghum and other biomass into a fine powder that can be processed into ethanol more efficiently. Feedstock pre-processing is a key step toward efficient cellulosic ethanol production
U.S. energy consumption is expected to grow over 18 percent by 2030. Cellulosic ethanol, made from non-food feedstock, is expected to play a significant role in the diversification of our nation's energy sources as a key solution to help meet our growing demand for energy.
GFET's technology demonstrates the efficiency of cellulosic materials as the basic feedstock for ethanol production. The success of this project can place Gulf Ethanol in a leading role as a provider of ethanol production technology. Gulf Ethanol holds the exclusive, worldwide, distribution rights to this system.
-- Today, on a life cycle basis, ethanol produced from corn results in about a 20 percent reduction in Green House Gas emissions relative to gasoline. With improved efficiency and use of renewable energy, this reduction could be as much as 52 percent.
-- In the future, ethanol produced from cellulose has the potential to cut life cycle GHG emissions by up to 86 percent relative to gasoline.
-- Ethanol blended fuels currently in the market - whether E10 or E85 - meet stringent tailpipe emission standards.
-- Ethanol readily biodegrades without harm to the environment, and is a safe, high-performance replacement for fuel additives such as MTBE.
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