UNIONDALE, N.Y.--(BUSINESS WIRE)--Solar Thin Films, Inc (OTC Markets: SLTZ) (the “Company”), an environmentally conscious company working to bring new products to market with a strong focus on Fiber Reinforced Plastics technology (FRP), as well as waste to energy and solar energy, announced today an agreement, subject to final documentation, to acquire 100% of KLC Green Energy Corp (“KLC”).
KLC manufactures a solar panel system known as Smart Solar Tracking System (the “Tracker”). The unique feature of the Tracker is that the solar panel changes position in response to the movement of the sun in relation to the earth; in essence, following the sun’s path. This feature allows for a 50% increase in the amount of energy produced by the panel and has many applications, including outdoor lighting for walkways, property lighting, etc. and can be used in both stand-alone and networked lighting applications.
The parties have agreed to finalize the agreement within 30 days. The acquisition includes 100% of KLC including a small amount of work in progress, as well as inventory. The terms of the acquisition will be reported when the definitive agreement is signed by both parties.
James Solano, Chief Executive Officer of the Company stated, “The acquisition of KLC is a small but important transaction for us, as it adds significantly to our line of innovative products. For instance, we intend to use the Tracker in the school project we recently announced in Uganda. We are also pursuing opportunities where significant numbers of the Tracker could be used, such as golf course lighting. I am amazed at the growing interest in evening and night-time golfing.”
About Solar-Thin Films, Inc.
Through its wholly-owned subsidiary Quality Resource Technologies, Inc., the Company is focused on developing its business in three areas: (1) developing and manufacturing shipping containers using patented Fiber Reinforced Plastics (FRP) technology, (2) building housing using patented FRP technology and (3) developing waste to energy and solar energy projects.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.
Notwithstanding the language set forth in the preceding paragraph, the safe harbor for forward- looking statements under the Private Securities Litigation Reform Act of 1995 is not available for statements made by an issuer of a penny stock.
Investors should review the Company’s filings with the OTC Markets including, but not limited to, sections with respect to intellectual property.
For more information, contact:
James Solano, President & CEO
Tel: 516 -341-7787