BEDFORD, Mass.--(BUSINESS WIRE)--Spire Corporation ("Spire" or the "Company") (OTC: SPIR), a global solar company providing capital equipment and turnkey manufacturing lines to produce and characterize photovoltaic modules, cells, and wafers, today announced that it recently completed the sale of substantially all the assets of its Sun Simulator technology line (the “Sun Simulator Business”), as described in more detail below, to Eternal Sun USA, LLC ("Eternal Sun" or the "Buyer").
“With the divestiture of our Sun Simulator Business to Eternal Sun, Spire is able to take steps to restructure the Company to concentrate its efforts to pursue opportunities in its solar turnkey business," said Rodger W. LaFavre, President and Chief Executive Officer of Spire Corporation. “The Company will concentrate on improving its relationship with its vendors, and the Company will re-brand its image to reflect its new focus towards solar manufacturing lines and away from the simulator business. As part of our re-branding of the Company, we will in the near future be introducing a new domain and logo to better present our focus on manufacturing lines.
On January 11, 2016, the Company entered into an Asset Purchase Agreement with Eternal Sun pursuant to which the Buyer acquired substantially all of the assets of the Company's Sun Simulator Business and assumed certain liabilities associated with such purchased assets as set forth in the Purchase Agreement.
Mirus Capital Advisors served as the exclusive investment bank to Spire Corporation for this simulator technology asset sale.
About Spire Corporation
Spire Corporation is a global solar company providing technology, equipment and turnkey production lines to manufacture and characterize photovoltaic modules, cells, and wafers. For further information on the Company and detailed information on its products and services, visit www.spirecorp.com.
Certain matters described and statements in this press release, including those relating to Spire’s restructuring efforts, constitute forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company’s strategic direction and the effect of such plans on the Company’s financial results. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the risk of dependence on market growth, competition, the Company’s ability to successfully implement its restructuring efforts, the Company’s ability to meet its financial obligations, as well as other factors described in the Company's Form 10-K, Form 10-Qs and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in the press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.