DayStar Technologies Inc: Debt Reduction Agreement
Kelowna, British Columbia - DayStar Technologies, Inc. , "DayStar," announced today an agreement to exchange indebtedness for common stock which resulted in the Company increasing its net worth by 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, the Chairman of the Board for DSTI, for shares of common stock valued at $1.20 per share.
Commenting on the transition, Lorne Roseborough, President of DayStar, said, "We are very pleased with this transaction which strengthens the Company's balance sheet. This transaction reflects our commitment and support of the Company's goals. We are excited about our Global Renewable Utility Market concept, and a cleaner balance sheet will help facilitate that growth."
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 construction of solar and renewable power plants. For more information, visit the DayStar website at http://www.daystartech.com/.
For further information about this release contact William Nalley, The Orsay Groupe, Inc., # 305-515-8077 and/or email: email@example.com.
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.
Orsay Groupe, Inc.