NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Solar Thin Films,
Inc. (OTC BB: SLTZ), is pleased to provide current and prospective
shareholders with a corporate update.
- Solar Thin Films has successfully reorganized operations to
lower costs and expenditures.
- Management has negotiated and eliminated $4 million in debt.
- The company has retained Marcum LLP as its public
accountant.
- The company has filed financials up to and for the quarter
ended Q2 2014.
- Solar Thin Films Group has been awarded a contract for the
procurement and installation of solar lighting unit.
James Solano, Solar Thin Films,
Inc. CEO stated, "During the past 6-months we have been
actively assessing our operations in a manner that will allow us to
continue to pursue new opportunities, fulfill current obligations
and contracts, while lowering expenses. A recent win for the
company was the awarding of a contract by the Transportation
Security Administration, a division of the United States Department
of Homeland Security. We are also pursuing the development,
construction and operation of a 4.08 MWAC grid connected solar farm
on 16.074 acres in West Virginia.
Although this particular project remains in the early stages, we
are very encouraged by the progress we've made so far."
"We are optimistic about the remainder of 2014, especially
considering the installation of a solar lighting unit that will be
completed during the fourth quarter. We believe this
contract, awarded to us by the TSA, opens the door for us to expand
into more city, state and governmental agencies, as well as the
private sector. Solar Lighting Units are being placed throughout
the United States at various
locations and have become a staple within communities and companies
that are eager to expand their green efforts by saving energy and
eliminating the dependence on oil and electricity," concluded Mr.
Solano.
ABOUT SOLAR THIN FILMS, INC.
Solar Thin Films, Inc. is
a clean technologies firm focused on commercial, municipal, and
utility scale renewable energy generation. In conjunction with our
solar PV division, the company has other core business divisions
including patented off-grid solar lighting systems; and SpaceCube
lightweight composite storage and shipping technology.
For additional information visit www.solarthinfilmsgroup.com
FORWARD LOOKING STATEMENTS
Statements included in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks and uncertainties such as competitive factors,
technological development, market demand and the Company's ability
to obtain new contracts and accurately estimate net revenue due to
variability in size, scope and duration of projects.
Investor Relations Contact
Matt Graci
516-476-6352 / matt@dmecapital.com
SOURCE Solar Thin Films, Inc.
