Aurora Solar Technologies Inc.

Aurora Solar Technologies Inc.

January 05, 2017 08:00 ET

Aurora Solar Technologies Provides Corporate Update

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 5, 2017) - Aurora Solar Technologies Inc. ("Aurora")("Company") (TSX VENTURE:ACU)(OTCBB:AACTF)(FRANKFURT:A82), a leader in inline measurement and control technology for the photovoltaic manufacturing industry, would like to provide additional information given the recent order activity that has been announced.

The order announced on December 13, 2016 represents the single largest order in the Company's history. It includes 12 Decima units mounted above and below the wafer conveyor, simultaneously measuring both sides of the wafer after the diffusion furnace. The Company won the business with this leading multinational customer by demonstrating superior performance and by quickly adapting its products to fit the existing automation and mounting requirements. All the units are expected to be delivered by the end of February, 2017. With five Decima 3T units already delivered, this order will take the booked orders for the fiscal year to over $1.5 million dollars, compared to the recognized revenue of $0.29 million dollars for the year ending March 31st, 2016.

On October 21st, 2016, the Company announced a follow-on order from another customer considered by management to be the quality leader in the industry. This was the second order of Decima and Veritas Software delivered to this customer's high efficiency, monocrystalline solar cell production facility. The products from these two orders have shipped and were successfully put into production in December, 2016. The Company expects to receive additional orders from this customer for a new solar cell production facility in the first half of 2017, amounting to at least another 20 units.

The growing demand for high-efficiency, monocrystalline PERC solar cells is exceeding the supply and Aurora has established itself as the only reliable means of measuring and controlling the doping layers on these advanced cells during the diffusion process. The successful sale and installation of Decima and Veritas Software to leading industry players has validated the technology and is creating new order opportunities. In the past six months, the Company has introduced its products to over eight potential new customers.

The market trend in Asia toward higher efficiency cells combined with increasing labor costs are necessitating that solar cell producers add more automation particularly in the quality management area. With Asia representing over 85% of global solar cell production, Aurora plans to leverage its strategic partnerships to expand its sales and business development efforts in the region targeting the larger high end producers.

The Company also continues to make progress with its end to end Quality Control System ("QCS") design. On June 7, 2016, Aurora announced a lead customer for this product and the Company expects to complete the installation and testing of the QCS by the fall of 2017, making the QCS product available to its growing customer base by the end of the calendar year. The QCS provides the Company with the opportunity to create a higher value, reoccurring revenue stream by measuring and controlling the solar cell quality in real time from the beginning to the end of the process, including post diffusion and at other key process steps. The QCS is being designed to provide the customer with a measurable and attractive ROI by improving process reliability and profit margins.

"We are starting to experience rapid industry adoption and revenue growth momentum from our new Decima and Veritas Software products," said Michael Heaven, President & CEO. "These products are also positioning Aurora with a growing high end customer base to help us build out a successful QCS product launch over the next few years," he continued.

The Company also announced that it is issuing 173,085 shares to an officer of the Company at an average price of $0.129 per share in lieu of salary for services rendered between June 3, 2016 and December 19, 2016.

About Aurora:

Aurora Solar Technologies Inc. produces measurement and control solutions which allow solar cell producers to improve manufacturing yield, lower costs, decrease waste and attain higher margins. Headquartered in North Vancouver, Canada, and founded by experienced leaders in process measurement, semiconductor manufacturing and industrial automation, the Company's shares are listed on the TSX Venture Exchange and trade under the symbol "ACU". The Company was formerly "ACT Aurora Control Technologies". For more information, Aurora's website is located at

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Some statements in this news release contain forwardlooking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The Company does not assume the obligation to update any forwardlooking statement.

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