KELOWNA, BC--(Marketwire - Mar 19, 2013) - DayStar Technologies, Inc. ("DayStar" or the "Company") (NASDAQ: DTSI) announced today an agreement to exchange indebtedness for common stock, which resulted in the Company increasing its net worth by approximately $3.9 million.
The transaction consisted of the exchange of approximately $3.9 million of indebtedness (including accrued interest) held by Peter A. Lacey, former Chairman of the Board and interim CEO for DayStar, for shares of common stock valued at $1.20 per share.
Commenting on the transition, Lorne Roseborough, President of DayStar, said, "We are very pleased with this transaction which strengthens the Company's balance sheet. This transaction reflects our commitment and support of the Company's goals. We are excited about our Global Renewable Utility Market concept, and a cleaner balance sheet will help facilitate that growth."
About DayStar Technologies, Inc.
DayStar Technologies, Inc. (DSTI) is a developer of solar photovoltaic products and has assembled a world-class team of project engineers, and industry finance professionals, to facilitate the complete development of renewable energy projects throughout the world. DayStar is currently embarking on a strategy of strategic partnerships to enter new markets within the global renewal energy industry including ownership and construction of solar and renewable power plants. For more information, visit the DayStar website at http://www.daystartech.com/.
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