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 the completion of the first installation of its Smart Solar Tracking System (the “Tracker”) at a PGA-authorized golf course, Manhattan Woods, in Pearl River, New York.
The Company previously announced its agreement, subject to final documentation, to acquire the assets and business of KLC Green Energy Corp (“KLC”) which manufactures 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.
James Solano, Chief Executive Officer of the Company stated, “The installation of the Tracker at Manhattan Woods is exciting for a couple of reasons. First, because we believe that this will lead quickly to 10-15 such installations at Manhattan Woods, as well as positioning us to install our solar golf charger systems. Second, we are in prime position to capture most, if not all, of the solar installations at the many PGA-authorized golf courses around the country. Thirdly, the spin-offs to other opportunities for the Tracker throughout the world, is huge, given our recent announcement of the acceptance of the Tracker system in our school and clinic project in Uganda, Africa. The acquisition of KLC is about to pay off handsomely, as the market opportunity for the Tracker is in excess of $100,000 at each of the 50-plus PGA-authorized golf courses in the USA over the next 2-3 years, plus the thousands of other application possibilities here and abroad.”
The previously announced acquisition of KLC is on-track to close within the next 3-4 weeks.
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