SOURCE: Magnolia Solar, Inc.

January 15, 2010 16:06 ET

Magnolia Solar Corporation Completes Reverse Merger and Becomes a Publicly Traded Corporation

WOBURN, MA--(Marketwire - January 15, 2010) - Magnolia Solar, Inc. ("Magnolia"), a Delaware company engaged in developing low cost thin film solar panels, announced today that on December 31, 2009 it completed a reverse merger (the "Merger") with publicly traded Mobilis Relocation Service Holdings, Inc. Under the terms of the Merger, Magnolia merged with Mobilis, a Nevada corporation, become Mobilis's principal operating business, and following the Merger, Mobilis changed its name to "Magnolia Solar Corporation."

Magnolia Solar Corporation is the surviving corporation and Magnolia became its wholly-owned subsidiary. Midtown Partners & Co., LLC ("Midtown") served as the Magnolia's placement agents.

Dr. Ashok K. Sood, the President and CEO of Magnolia Solar Corporation, said, "Becoming a publicly-traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin film solar business. We intend to continue to provide environmentally responsible and low cost solutions for the solar industry."

About Magnolia Solar, Inc.

Magnolia was founded in 2008 to commercialize its nanotechnology-based, high efficiency, thin film technology that can be deposited on glass and other flexible structures. This technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates a unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency thereby reducing the cost per watt.

Magnolia Solar, Inc. is developing thin film, high efficiency solar cells based on low cost substrates such as glass and polymers. Magnolia intends to become a highly competitive, low cost provider of terrestrial photovoltaic cells for both civilian and military applications. Magnolia's primary goal is to introduce a product which offers significant cost savings per watt over traditional silicon based solar cells. Magnolia's technology is being developed to be utilized in power generation applications for electrical grids as well as local applications including lighting, heating, traffic control, irrigation, water distillation, and other residential, agricultural and commercial applications.

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This press release is being issued pursuant to and in accordance with Rule 135(c) under the Securities Act.

Cautionary Note Regarding Forward-Looking Statements: Information in this press release that involves the expectations, plans, intentions or strategies of Mobilis Relocation Services, LLC. (the "Company") regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. In this release, they are identified by references to dates after the date of this release and words such as "will," "remains," "to be," "plans," "believes," "may," "expects," "intends," and similar expressions. Factors that could cause the Company's actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, the timing and successful completion of the Offering, the Company's success in integrating the operations of Magnolia Solar, LLC and the Company in a timely manner, or at all, and the ability to realize the anticipated benefits of the transaction to the extent, or in the timeframe, anticipated. The forward-looking statements in this release are based upon information available to the Company as of the date of this release, and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and may cause actual results to differ materially from our current expectations.

Contact Information

  • Contact:
    Yash R. Puri
    EVP & CFO
    Tel: (781) 497-2900
    E-Mail: Email Contact