KELOWNA, BC--(Marketwire - Feb 11, 2013) - DayStar Technologies, Inc. (NASDAQ: DSTI) confirms today that it is negotiating the potential sale of its CIGS solar technology, equipment and patent library with PacWest (PWEI). The deal is subject to completion of Due Diligence, which has been on-going since December 2012, and the DayStar Board approval of this transaction.
DayStar's President Lorne Roseborough stated, "This proposed deal with PacWest would be a no lose transaction for DayStar. This strategy fits well with the Company's go forward plan as disclosed in our PRE 14A."
This deal would only be for DayStar's CIGS technology assets, including its proprietary differentiated manufacturing process to produce low-cost monolithically integrated, silicon-free CIGS-on-glass modules that do address the grid-tied, ground-based Solar (PV) market as well as Building Integrated Photovoltaic (BIPV).
DayStar Technologies developed its CIGS photovoltaic module based on its proprietary one-step CIGS deposition process. The CIGS Module does addresses the construction market's need to be compatible with today's largest growth area for solar which is building integration and the most rapidly growing market for thin film Solar (BIPV). This technology is equally of interest to PacWest Equities wholly owned subsidiary World EcoSource, a technology based company which has developed the MobileFeed® and MobileFood® systems, helping offset deficient worldwide food production for both animals and humans.
About PacWest Equities, Inc.
PacWest Equities, Inc. specializes in working with underperforming companies and bringing together the resources needed for them to attain financial stability and growth. Our focus is on companies showing a positive upside while struggling to bring new bio-technologies and unique products to market.
About DayStar Technologies, Inc. manufacturing technologies.
DayStar Technologies, Inc. has been an industry leader in the development of thin film copper- indium-gallium-di-selenide solar photovoltaics, commonly known as CIGS solar cells, for the direct conversion of sunlight into electricity. Thin film photovoltaic CIGS have the greatest promise for reducing the cost of solar energy. Layers of the semiconductor are deposited along with other layers of material to form a cell that utilize the photovoltaic effect to enable the generation of solar electricity.
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The purchase is subject to, among other things, the completion of due diligence activities. There can be no assurance that these conditions precedent, or any other conditions precedent, will be satisfied. Further, there can be no assurance that the proposed transaction will be completed as proposed or at all. DayStar anticipates closing of the proposed transactions in the fourth quarter of 2012, assuming all agreements and approvals are in place.