Newark, California (EastBayDaily) — DayStar Technologies, Inc. (NASDAQ: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced today it is pursuing a strategy for offshore manufacturing of its CIGS solar modules.
DayStar CEO, Magnus Ryde, commented, “While DayStar has accomplished significant innovations with our CIGS process and technology, we have encountered challenges in obtaining affordable capital for the build-out and operation of our facility in Newark, California. At this time, we are pursuing opportunities to manufacture our CIGS modules offshore and have begun discussions with several potential partners to implement this strategy. We are encouraged by the high caliber of the potential partners we are in discussions with. They understand the commercial potential for our CIGS modules and they bring substantial manufacturing and financial capabilities to the table. Those potential partnerships, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a reverse merger with or an acquisition of DayStar. We are confident in our core proprietary CIGS technology and believe that completing a transaction with a strategic partner and manufacturing our CIGS modules offshore would provide the best opportunity to bring our product to market and to manufacture the product in the most cost effective manner.”
Mr. Ryde added, “In addition to the potential partnership discussions mentioned above, we disclosed on May 3, 2010 that DayStar entered into an agreement with Dynamic Worldwide Solar Energy LLC (‘Dynamic’) to provide DayStar with a series of loan commitments and at least one fully funded 25MW solar energy project. Under the terms of that agreement, Dynamic has proposed to assign to DayStar its interest in a fully financed contract to fabricate, construct and install, and commence the operation of, a 25 MW solar energy generation plant. We are actively working with Dynamic on these projects. If consummated, these projects will add a new ‘downstream’ dimension to DayStar and allow us to become a fully integrated solar energy company. DayStar’s acceptance of the assignments is subject to applicable due diligence.”
As disclosed in a Form 8-K filing last night with the SEC, DayStar was notified by its landlord, BMR-Gateway Boulevard LLC that the Company’s lease for the premises located at 7333-7373 Gateway Boulevard in Newark, California has been terminated.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar’s business that are not historical facts may be considered “forward-looking statements.” The forward-looking statements in this news release, including statements regarding potential partnerships, are based on information available at the time the statements are made and/or management’s belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management’s current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar’s results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties are detailed in DayStar’s annual report on Form 10-K for the year ended December 31, 2009, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Contact: DayStar Technologies, Inc. Patrick J. Forkin III Sr. Vice President – Corporate Development and Strategy Pforkin(at)daystartech(dot)com
Patrick J. Forkin III
DayStar Technologies, Inc.