Ovonyx and Hynix Sign Technology and Licensing Agreement for Phase Change Memory

Rochester Hills, MI., Icheon, South Korea -- October 1, 2007 -- Ovonyx, Inc. (‘Ovonyx’) and Hynix Semiconductor Inc. (‘Hynix’) today announced that they have entered into a long-term license agreement for memory products under Ovonyx’ patents and intellectual property relating to Phase Change Memory (PCM) technology. The agreement also provides that Ovonyx will actively support Hynix’ program to develop phase change memory products.

Ovonyx and its largest shareholder, Energy Conversion Devices, Inc. (NASDAQ: ENER), invented and pioneered the development of PCRAM technology, thereby gaining a fundamental understanding of all aspects 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.

Hynix also has considerable experience and a significant portfolio of intellectual property relating to semiconductor memories based on its many years of research and development in the general field. Hynix will continuously pursue emerging technology development and commercialization of phase change memory products.

“This agreement provides Hynix with the ability to facilitate the next generation memory development by cooperating together with Ovonyx,” said Sung Wook Park, Head of R&D Division of Hynix. “We anticipate opening the new era of the PCM technology and lead to the successful commercialization.”

“Hynix’ strong manufacturing presence and world class development teams in both the DRAM and Flash memory area provide an excellent platform for competitive and innovative PCRAM memory development and production,” said Tyler Lowrey, President & CEO of Ovonyx. “We are pleased and look forward to working with Hynix on their PCRAM product development program.”

About Hynix

Hynix Semiconductor Inc. (HSI) of Icheon, Korea, is the world’s top tier memory semiconductor supplier offering Dynamic Random Access Memory chips (“DRAMs”) and Flash memory chips to a wide range of established international customers. The Company’s shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about Hynix is available at www.hynix.com.

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. (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 licenses and joint development programs with semiconductor manufacturers including Hynix, BAE Systems, Intel Corporation, ST Microelectronics, Samsung Electronics, Nanochip, Elpida Memory, and Qimonda. For more information on Ovonyx, Inc., please visit www.ovonyx.com.