DayStar Technologies: Securities Purchase Agreement
Santa Clara, California - DayStar Technologies, Inc., a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced it has entered into a Securities Purchase Agreement (the "Purchase Agreement") with Sunlogics Power Fund Management Inc. Pursuant to the Purchase Agreement, Sunlogics Power Fund Management has loaned the Company $500,000 for payment of outstanding liabilities and other working capital purposes.
Salamon Group, Inc. (OTCBB: SLMU.PK - News) subsidiary, Sunlogics Power Fund Management, is a fund that provides investments to companies in the solar industry. It is a project-acquiring partner of Sunlogics PLC and its subsidiary, as well as other third party project developers, specializing in the design, development and operation of solar energy solutions, including rooftop and ground mount solar power systems.
In addition to the Purchase Agreement, Sunlogics Power Fund Management has entered into a consulting arrangement with DayStar to assist the management of the Company with business development and also with exploring and evaluating strategic opportunities.
DayStar Chairman and Interim CEO, Peter Lacey, commented, "We are pleased to announce this relationship with Sunlogics Power Fund Management and are excited about the opportunities it presents to our shareholders and other stakeholders. We look forward to working with the Sunlogics team to explore strategic transactions which we believe will benefit the shareholders of both companies."
Sunlogics Power Fund Management CEO, Michael Matvieshen, commented, "We are very excited to make this investment and look forward to working with the DayStar team to develop mutually beneficial business opportunities."
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at http://www.daystartech.com.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding our business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this press release are based on information available at the time the statements are made and management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Such forward–looking statements include statements regarding the expected benefits of potential strategic transactions and other business opportunities, the potential success of fundraising and strategic partnership efforts and our ability to enhance shareholder value. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include our ability to raise substantial additional capital in the short term, our ability to achieve favorable outcomes in pending litigation, our ability to continue our business as a going concern, our ability to execute our commercialization plan, our ability to continue our debt reduction programs, and such other risks and uncertainties detailed in our annual report on Form 10-K for the year ended December 31, 2010, our quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
DayStar Technologies, Inc.
Christopher T. Lail
Chief Financial Officer