Solar Thin Films Announces Completion of Initial Shipments to Grupo Unisolar, S.A.
April 22 2009 - 3:05PM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTN) today announced that its
subsidiary KRAFT Elektronikai Zrt. of Budapest, Hungary completed
on April 21st the second of three planned shipments of equipment
for a 6MW amorphous silicon photovoltaic module manufacturing
facility located in Bejar, Spain for its customer Grupo Unisolar,
S.A. Together with earlier shipments in March of 2009 and December
of 2008 Kraft has now delivered a significant portion of its first
turnkey facility full equipment valued at 1.56 million euros ($2.06
million at current exchange rates) towards completion of a project
with an estimated total value of 7.799 million euros ($10.29
million at current exchange rates).
"We are delighted that this project is on track to date and we
look forward to completing our equipment shipments and commencing
installation in the coming months," noted Peter Lewis, Group Vice
President, Equipment and Thin Films Division. "This project is
particularly important to KRAFT and to Solar Thin Films as it
represents another step in our effort to transition KRAFT from an
equipment supplier to a 'turnkey' systems supplier and because the
equipment shipped includes improvements to the system as a result
of the recently signed Cooperation Agreement between KRAFT and our
new merger partner BudaSolar."
Management expects that starting in 2009 a significant portion
of the revenue generated from its KRAFT operation will be for such
"higher margin turnkey systems" or Factory Sales rather than for
individual pieces of equipment or Equipment Sales and as such began
separating Factory Sale revenue from Equipment Sale revenue in its
most recently issued 10K.
About Solar Thin Films, Inc.
Solar Thin Films (www.solarthinfilms.com) develops, manufactures
and markets a complete line of manufacturing equipment for the
production of "thin-film" amorphous silicon photovoltaic ("PV")
modules through its subsidiary KRAFT Elecktronikai Zrt. based in
Budapest, Hungary. The Company's equipment is utilized throughout
the world including China, the United States, Germany, Portugal,
Taiwan, Greece and Spain. The Company believes that its line of
thin-film photovoltaic manufacturing equipment positions it to take
advantage of the rapidly growing demand for solar modules and an
expected market shift towards "thin-film" PV modules as part of a
cost effective, "clean technology" energy solution.
Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and
operating results, potential applications of the Company's
technology, opportunities for the Company, and any other statements
about the future expectations, beliefs, goals, plans, or prospects
expressed constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words "will," "believes," "plans,"
"anticipates," "expects," "estimates," and similar expressions)
should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements including: limited operating history,
need for future capital, and economic conditions generally.
Additional information on potential factors that could affect
results and other risks and uncertainties are detailed from time to
time in the Company's periodic reports, including Forms 10-K, 10-Q,
8-K, and other forms filed with the Securities and Exchange
Commission ("SEC").
These statements, and other forward-looking statements, are not
guarantees of future performance and involve risks and
uncertainties.
Investor Relations Contact: Strategic Growth International,
Inc.: Stan Altschuler / Richard Cooper Tel: 212-838-1444 Email
Contact / Email Contact www.sgi-ir.com
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