DayStar Technologies, Inc. (DSTI) Confirms Negotiation to Sell CIGS Solar
Technology Line and Patents to PacWest Equities, Inc. (PWEI)
KELOWNA, BC -- (Marketwire) -- 02/11/13 -- DayStar Technologies,
Inc. (NASDAQ: DSTI) confirms today that it is negotiating the
potential sale of its CIGS solar technology, equipment and patent
library with PacWest (PWEI). The deal is subject to completion of Due
Diligence, which has been on-going since December 2012, and the
DayStar Board approval of this transaction.
DayStar's President Lorne Roseborough stated, "This proposed deal
with PacWest would be a no lose transaction for DayStar. This
strategy fits well with the Company's go forward plan as disclosed in
our PRE 14A."
This deal would only be for DayStar's CIGS technology assets,
including its proprietary differentiated manufacturing process to
produce low-cost monolithically integrated, silicon-free
CIGS-on-glass modules that do address the grid-tied, ground-based
Solar (PV) market as well as Building Integrated Photovoltaic (BIPV).
DayStar Technologies developed its CIGS photovoltaic module based on
its proprietary one-step CIGS deposition process. The CIGS Module
does addresses the construction market's need to be compatible with
today's largest growth area for solar which is building integration
and the most rapidly growing market for thin film Solar (BIPV). This
technology is equally of interest to PacWest Equities wholly owned
subsidiary World EcoSource, a technology based company which has
developed the MobileFeed(R) and MobileFood(R) systems, helping offset
deficient worldwide food production for both animals and humans.
About PacWest Equities, Inc.
PacWest Equities, Inc. specializes in working with underperforming
companies and bringing together the resources needed for them to
attain financial stability and growth. Our focus is on companies
showing a positive upside while struggling to bring new
bio-technologies and unique products to market.
About DayStar Technologies, Inc. manufacturing technologies.
DayStar Technologies, Inc. has been an industry leader in the
development of thin film copper- indium-gallium-di-selenide solar
photovoltaics, commonly known as CIGS solar cells, for the direct
conversion of sunlight into electricity. Thin film photovoltaic CIGS
have the greatest promise for reducing the cost of solar energy.
Layers of the semiconductor are deposited along with other layers of
material to form a cell that utilize the photovoltaic effect to
enable the generation of solar electricity.
For corporate information, contact Mr. Dan Giesbrecht, VP Business
Development, email@example.com and/or for Investor Relations,
Mr. William Nalley, Orsay Groupe, firstname.lastname@example.org, phone
The purchase is subject to, among other things, the completion of due
diligence activities. There can be no assurance that these conditions
precedent, or any other conditions precedent, will be satisfied.
Further, there can be no assurance that the proposed transaction will
be completed as proposed or at all. DayStar anticipates closing of
the proposed transactions in the fourth quarter of 2012, assuming all
agreements and approvals are in place.
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