Solar Thin Films, Inc Announces Agreement to Acquire Solar Potables Business, Inc.
August 28 2013 - 5:30AM
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.
Forward-Looking Statements
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 & CEOTel: 516 -341-7787Email:
allenvte@gmail.com
Solar Thin Films, Inc.James Solano, 516-341-7787President &
CEOallenvte@gmail.com
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