DayStar Technologies (DSTI) Announces Lock-Up Agreement to
DayStar Technologies (DSTI) Announces Lock-Up Agreement to Acquire 100% of 7 Operational Solar Parks for a Total of 7MW From Arxikon Construction Company
KELOWNA, BC -- (Marketwire) -- 01/10/13 -- DayStar Technologies, Inc. (NASDAQ: DSTI) has entered into a lock-up agreement to acquire solar projects from Arxikon Construction Company in Greece. The 7 parks are 1MWp each and are located in industrial areas in Northern Greece. Electricity revenues from the projects are through long-term feed in tariff contracts and will cash flow approximately $75,000,000 Euros over 20 years (beginning at approximately $3.9M Euro per year). The electricity sales contracts have a consumer price index increase clause. This lock-up agreement allows DayStar 200 days to complete its due diligence, regulatory approvals, and financing.
These solar parks have an asset value of approximately $21,000,000 Euros base on yielding a 15% IRR, and estimated annual power production of 10,850 MWh per year. Each of the solar parks were constructed with Bosch monocrystalline solar cells and SMA Inverters and are fully equipped with data acquisition systems for 24/7 monitoring.
Lorne (Mark) Roseborough, DayStar's President, stated, "We are very pleased with the prospects of this acquisition as we continue to establish our global footprint in the Renewable Energy Sector. The Rating agency Standard and Poor's has recently upgraded Greece's sovereign credit rating to stable, creating an excellent opportunity for the acquisition of these types of infrastructure assets."
About ARXIKON S.A.:
Arxikon is a dynamically developing construction company, active in the construction of complex buildings and facilities to high-tech specifications. The Company operates throughout Greece, as well as, in Southeastern Europe, through its affiliated companies ARΧΙΚΟΝ DOO in Serbia, ARΧΙΚΟΝ OOD in Bulgaria and ARXIKON LTD in Cyprus.
About DayStar Technologies, Inc:
DayStar Technologies, Inc. (DSTI) is a developer of solar photovoltaic products based upon CIGS thin film deposition technology and is currently embarked on a strategy of strategic partnerships to enter new markets within the global renewal energy industry including ownership and constru ction of solar and renewable power plants. For more information, visit the DayStar website at http://www.daystartech.com/.
For further information contact, William J Nalley, Orsay Groupe, 305-515-8077, Info@orsaygroupe.com.
Safer Harbor: Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." We undertake no obligation to update any forward-looking statements.
Contacts: DayStar Technologies Inc.: Dan Giesbrecht Phone: 1-800-daystar Email: firstname.lastname@example.org
ARXIKON CONSTRUCTION COMPANY S.A. 9, Semitelou St. 11 528, Athens Tel +30 210 7475900 Fax +30 210 7470005 Email: email@example.com
William J. Nalley Investor Relations Orsay Groupe #305-515-8077 Email: firstname.lastname@example.org