DayStar Technologies: Debt Reduction Agreement of $3.9 Million
KELOWNA, BC - DayStar Technologies, Inc. announced an agreement to exchange indebtedness forcommon stock, which resulted in the Company increasing its net worthby approximately 3.9 million.
The transaction consisted of the exchange of approximately 3.9 million of indebtedness (including accrued interest) held by Peter A.Lacey, former Chairman of the Board and interim CEO for DayStar, forshares of common stock valued at 1.20 per share.
Commenting on the transition, Lorne Roseborough, President ofDayStar, said, "We are very pleased with this transaction whichstrengthens the Company's balance sheet. This transaction reflectsour commitment and support of the Company's goals. We are excitedabout our Global Renewable Utility Market concept, and a cleanerbalance sheet will help facilitate that growth."
About DayStar Technologies Inc.
DayStar Technologies, Inc. (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 http://www.daystartech.com/.
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