SOURCE: Solar Thin Films, Inc.

April 15, 2010 07:30 ET

Solar Thin Films, Inc. Acquiree BudaSolar Technologies Co., Ltd. Announces Receipt of Contract Valued at $160,000,000 US

NEW YORK, NY--(Marketwire - April 15, 2010) -  Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that its planned subsidiary BudaSolar Technologies Co., Ltd. has signed a contract with China City Investments Limited as technology provider for the delivery of turnkey production lines at the capacity of 85MWp/year using Silicon based thin film PV technology. The agreement is the first phase of the Dalian City Industrial Park Project targeting the development of a complex, vertically integrated production center with cumulative PV production capacity of 1GW to be achieved in 10 phases.

As was announced on April 8, 2010, Solar Thin Films, Inc. is in the final stages of its negotiations to acquire 100% ownership of BudaSolar Technologies Co., Ltd., a Hungary-based technology company that develops thin film solar module manufacturing technologies, including Building Integrated Photovoltaics (BIPV), related equipment, and critical components of turn-key production lines and associated computer software. The parties have agreed on a five year earn out arrangement and believe that their agreement will be finalized within thirty days.

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 sells both "turnkey systems" and sub-systems to customers currently located in China, Spain and the United States and has produced equipment for installations in the US, 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.

About BudaSolar Technologies Co., Ltd.

BudaSolar Technologies Co., Ltd. (www.budasolar.hu/news.html) was founded in 2007 by a group of engineers and technicians who have been in the solar business since 1997. The company's core expertise is in the development of thin film solar module manufacturing technologies, including Building Integrated Photovoltaics (BIPV), related equipment, and critical components of turn-key production lines and associated computer software.

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.