ROCHESTER HILLS – Energy Conversion Devices, which makes thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, has signed a definitive agreement to buy Solar Integrated Technologies, a provider of building integrated photovoltaic roofing systems, for $16.3 million.

Under the terms of the agreement, ECD will pay 11 cents for each share of SIT or approximately $11.2 million. Including the assumption of SIT’s net debt

obligations, the purchase price will be approximately $16.3 million. ECD

plans to finance the acquisition from existing corporate funds.

“The acquisition of SIT enhances our BIPV value proposition by significantly

improving our field engineering and technical capabilities in rooftop solar

to better support our channel partners in Europe and the U.S.,? said Mark Morelli, ECD’s president and chief executive officer. ?Our combined

organization will also be well positioned to meaningfully participate in

the expected growth in the U.S. market, including under the stimulus plan.

We are extremely pleased to welcome SIT’s talented organization to our

team.”

The transaction is subject to customary closing conditions, including

the approval of SIT’s shareholders. SIT’s board of directors has

unanimously recommended that shareholders vote in favor of the agreement.

All of SIT’s directors who hold common shares, representing a total of

11.5 percent of SIT’s outstanding shares, have entered into agreements to vote

their shares in favor of the merger agreement. SIT expects to issue a proxy

circular within the next 10 days and hold a shareholders’ meeting to

consider the transaction on August 19, or as soon as practicable

thereafter. The transaction is expected to close within 60 days.

“We are excited to join forces with the world’s leader in building

integrated and commercial rooftop photovoltaics,” said R. Randall

MacEwen, president and chief executive officer of SIT. “As one of ECD’s

largest customers, we have experienced first-hand the differentiated

attributes of UNI-SOLAR((R)) PV laminates, and their impressive power

production performance in real world conditions. We see compelling

synergies between SIT’s customer relationships, end market knowledge and

system integration expertise and ECD’s focus on operational excellence.”

On the Effective Date, the common shares of SIT will be cancelled and

automatically be converted into a non-tradable right to receive the Merger

Consideration. SIT hereby gives notice for the purposes of AIM Rule 41 that

the listing of the Common Shares of SIT on AIM will be cancelled at 07:00

a.m. (London time) on August 2. SIT shareholders should note that a separate resolution to approve the Cancellation will not be put to shareholders at the shareholders’ meeting on August 19, and that trading in SIT’s shares will cease after the Effective Date.

Credit Suisse is acting as financial advisor and Covington & Burling

LLP is acting as legal advisor to ECD. Thomas Weisel Partners LLC is acting

as financial advisor to SIT and has provided a fairness opinion to SIT’s

board of directors. Greentech Capital Advisors is also acting as financial

advisor and Jones Day is acting as legal advisor to SIT.

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