DayStar Technologies, Inc. Confirms Deposit of Shares of PacWest Equities, Inc.
KELOWNA, BC -- (Marketwire) -- 03/27/13 -- DayStar Technologies,
Inc. (NASDAQ: DSTI) confirmed today that 55 million common shares
have been received into escrow. The company is also to receive senior
secured preferred shares of PacWest Equities with a par value of 27
million dollars for the sale of DayStar's CIGS technology assets. The
closing of this sale is subject, among other things, to the final
approval of DayStar's shareholders at a meeting which it expects to
hold after the final version of DayStar's proxy statement for the
meeting is filed with the Securities and Exchange Commission. DayStar
has received confirmation from stakeholders that there are sufficient
numbers in favor of this proposal to carry the necessary vote to
approve the sale.
CEO Lorne Roseborough stated, "We believe this transaction fits well
with our business model and expect it will save DayStar $20,000.00
per month in warehousing costs and eliminate the losses the company
has been recording from asset deprecation of several million dollars
per year, thereby strengthening our equity."
About DayStar Technologies Inc.
DayStar Technologies, Inc. (NASDAQ:
DSTI) is a developer of solar photovoltaic products and has assembled
a team of project engineers and other industry professionals, to
facilitate the development of renewable energy projects throughout
the world. DayStar is currently embarking on a strategy of strategic
partnerships to enter new markets within the global renewal energy
industry including ownership and construction of solar and renewable
power plants. For more information, visit the DayStar website at
For more information, visit the DayStar website at
Safe 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
For corporate information, contact
Mr. Dan Giesbrecht
VP Business Development
For Investor Relations, contact
Mr. William Nalley
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