Stefan Lai Joins Ovonyx as Vice President of Business Development

Rochester Hills, MI., February 1, 2007 - Ovonyx, Inc.
(‘Ovonyx’) is pleased to announce that Dr. Stefan Lai has joined the company as Vice President of Business Development. In this capacity Dr. Lai will provide direct support to Ovonyx’ and its licensee joint development partners in various new and pre-existing programs in pursuit of Ovonyx OUMTM phase-change nonvolatile memory technology.

Ovonyx and its largest shareholder, Energy Conversion Devices, invented and pioneered the development of PCRAM technology, thereby gaining a fundamental understanding of PCRAM operation, including phase change memory devices, materials, processing, design, modeling, and performance optimization. Ovonyx PCRAM technology uses a reversible phase-change memory process that provides for high performance, dense, array-addressed semiconductor memory technology that can be used as cost effective Flash and DRAM memory replacements, as well as in embedded applications such as microcontrollers and reconfigurable MOS logic.

Prior to joining Ovonyx, Stefan Lai was Vice President of the Flash Memory Group and CTO & Co-Director of California Manufacturing and Technology at Intel Corporation. During his 24 year career at Intel, Lai played a critical role in establishing Intel’s leadership position in NOR Flash memory, by co-inventing the industry-standard ETOX flash memory cell and developing nine successive generations of the product.

Tyler Lowrey, President and CEO of Ovonyx said, “Stefan has consistently demonstrated tremendous success in commercializing nonvolatile memories and we welcome his expertise and business leadership to assist bringing our emerging phase-change memory technology to market.”

Stefan Lai received a Bachelor of Science degree in applied physics from California Institute of Technology in 1973 and his Ph.D. in applied quantum physics from Yale University in 1979. He was a Member of the Technical Staff at the IBM Yorktown TJ Watson Research Center from 1979 to 1982 prior to joining Intel Corporation.

About Ovonyx:

Ovonyx was formed with the charter to commercialize the proprietary phase-change semiconductor memory technology originally invented by S. R. Ovshinsky at Energy Conversion Devices, Inc. (NASDAQ: ENER - see website at www.ovonic.com). Ovonyx nonvolatile memory technology offers significantly faster write and erase speeds, higher cycling endurance, and better scaling performance with new generations of photolithography than conventional Flash memory. It also has the advantage of a simple fabrication process that allows the design of semiconductor chips with embedded nonvolatile memory using only a few additional mask steps. Ovonyx is pursuing commercialization of its array-addressed memory systems through joint development programs with a number of licensee/joint development partners including Qimonda, BAE Systems, Intel Corporation, ST Microelectronics, Samsung, Nanochip, and Elpida Memory. For more information, please visit www.ovonyx.com.

For further information please contact:

Karen Connolly
Email: kconnolly@ovonyx.com
Tel: 1 248-842-6096
Fax: 1 248-659-1500