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 Solar Portables Business, Inc. (“SPB”) of Tucson, Arizona. Terms were not disclosed.
SPB manufactures and installs a line of thin solar products that meet both GSA and Department of Defense specifications. The acquisition includes $4 million of work in progress and an additional $1 million in finished goods inventory. The Company anticipates completing the acquisition in the next 30-45 days.
James Solano, Chief Executive Officer of the Company stated, “The acquisition of SPB is another essential piece of our corporate development for several reasons. First, it directly adds revenue to the Company this year from completion of work in progress, plus gives us a retail product line that should generate additional revenue opportunities next year. Second, the SPB product, which is the most advanced and approved technology available, will enhance the value of the fiber reinforced plastic shipping containers that we intend to manufacture for the Department of Defense and other customers because it will allow for the powering of tracking and locking systems used on the containers. This acquisition, along with other announcements we have made, is further evidence of the development of our Company, which should create considerable excitement for our shareholders.”
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