SOURCE: Solar Thin Films, Inc.

April 20, 2010 08:30 ET

Solar Thin Films, Inc. Reports Annual Financial Results

Revenues Increase by More Than 153% to $8,720,938; Net Loss Is Reduced by More Than 97% to $202,860

NEW YORK, NY--(Marketwire - April 20, 2010) -  Solar Thin Films, Inc. (OTCBB: SLTZ) announced strong annual growth in revenues, as well as a significant decrease in its annual net loss to a mere $0.01 per share. For the year ended 2009 revenues increased to $8,720,938, up from $3,436,779 in the prior year. Net loss decreased to $0.01 per share compared with a loss of $0.73 per share in the fiscal year ended 2008. For the year ended 2009, the annual net loss decreased to $202,860 from $8,474,010 in the prior year.

The company filed its Form 10-K with the Securities Exchange Commission on April 15, 2010. The Form 10-K details the company's complete, audited financial statements for the fiscal year ending Dec. 31, 2009.

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.

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.