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May 25, 1988

ENERGY CONVERSION DEVICES SECURES A $3M BRIDGING LOAN

By CBR Staff Writer

Stanford Ovshinsky’s Energy Conversion Devices Inc, Troy, Michigan, one of those companies that’s much to erudite to bother about mundane things like making a profit – and it hasn’t, not in 24 years of being a public company – is having to face up to realities: it has secured a $3m bridging loan, but says it may need $7m more to keep it going until it can sell its stake in Ovonic Imaging Systems, which makes aircraft displays and computer imaging systems, and could bring it in up to $37m; Energy Conversion lost $18m in the year to last June and racked up another $21.7m losses for the first nine months this fiscal.

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