DayStar Technologies (DSTI) Announces Lock-Up Agreement to Acquire
100% of 7 Operational Solar Parks for a Total of 7MW From Arxikon
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
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
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
For further information contact, William J Nalley, Orsay Groupe,
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
DayStar Technologies Inc.:
ARXIKON CONSTRUCTION COMPANY S.A.
9, Semitelou St. 11 528, Athens
Tel +30 210 7475900
Fax +30 210 7470005
William J. Nalley
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