Quantum Solar Power Corp. Approves Two Concurrent Private Placement Offerings of Up to an Aggregate of $10 Million
June 01 2010 - 10:21AM
Marketwired
Quantum Solar Power Corp. ("Quantum") (OTCBB: QSPW) is pleased to
announce that the Board of Directors have approved two concurrent
private placement offerings of up to an aggregate of $10 Million.
U.S. Private Placement
Quantum's Board of Directors approved a private placement
offering of up to 5,000,000 shares of Quantum's common stock at a
price of $1.00 per share (the "U.S. Private Placement"). The
offering will be made to the United States persons who are
accredited investors as defined in Regulation D of the Securities
Act of 1933 (the "Act").
Foreign Private Placement
Quantum's Board of Directors also approved a concurrent private
placement offering of up to 5,000,000 shares of the Quantum's
common stock at a price of $1.00 per share (the "Foreign Private
Placement"). This offering will be made to persons who are not
"U.S. Persons" as defined under Regulation S of the Act.
Quantum intends to use the net proceeds from these financings to
further develop its NGD™ Technology and for working capital
purposes. There is no assurance that the U.S. Private Placement or
the Foreign Private Placement will be completed on the above terms
or at all.
The above does not constitute an offer to sell or a solicitation
of an offer to buy any of the Quantum's securities in the United
States. The securities have not been registered under the United
States Securities Act of 1933 and may not be offered or sold within
the United States or to U.S. persons unless an exemption from such
registration is available.
About Quantum Solar Power Corporation
Quantum Solar Power Corporation is developing a "Next Generation
Device" (NGD™) solar cell technology. Quantum's NGD™ is a patent
pending, laboratory model that utilizes a new approach to solar
power conversion with the potential to remove the necessity of
utilizing expensive silicon semiconductor-based technologies. We
believe Quantum's NGD™ technology has the potential to match the
efficiency of crystalline silicon PV at the cost of thin film PV.
The anticipated NGD™ technology is free of any rare-earth element
dependencies found in other current solar technologies. We believe
Quantum has the potential to create solar cells (through
manufacturing partnerships) at significantly less cost per watt
than current technology. Quantum Solar Power is headquartered in
Santa Fe, New Mexico and can be found on the web at: www.quantumsp.com
Forward-Looking Statements This news
release contains forward-looking statements regarding future events
and Quantum's future results that are subject to the safe harbors
created under the Securities Act of 1933 (the "Securities Act") and
the Securities Exchange Act of 1934 (the "Exchange Act") and
constitute "forward looking information" within the meaning of U.S.
securities laws. These statements include statements about
Quantum's planned technological development plan and are based on
material factors and assumptions including Quantum's management's
current expectations, estimates, forecasts, and projections about
the industry in which Quantum operates and the beliefs and
assumptions of Quantum's management. Words such as "expects,"
"anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," "continues," "may," variations of
such words, and similar expressions, are intended to identify such
forward-looking statements. In addition, any statements that refer
to projections of Quantum's future financial performance, Quantum's
anticipated growth and potentials in its business and other
characterizations of future events or circumstances are
forward-looking statements. Readers are cautioned that these
forward-looking statements are only predictions and are subject to
risks, uncertainties, and assumptions that are difficult to
predict, including the risks that there is no assurance that either
the U.S. Private Placement or the Foreign Private Placement will be
completed on the above terms or at all, Quantum's technological
development plan may not be successful, and those risks identified
in Quantum's Quarterly Report on Form 10-Q for the nine months
ended March 31, 2010. Therefore, actual results may differ
materially and adversely from those expressed in any
forward-looking statements. Quantum undertakes no obligation to
revise or update any forward-looking statements for any reason.
Contact: Erik Cathcart Media Relations Contact Quantum
Solar Power Corp. 3900 Paseo Del Sol Santa Fe, NM 87507
eoc@quantumsp.com +1 (505) 216-0725
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