DayStar Technologies: Deposit of Shares of PacWest Equities
KELOWNA, BC - DayStar Technologies, Inc. (NASDAQ: DSTI) confirmed 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 http://www.daystartech.com/.
For corporate information, contact
Mr. Dan Giesbrecht
VP Business Development
For Investor Relations, contact
Mr. William Nalley