UNION CITY, CA--(Marketwire - Oct 22, 2012) - DayStar Technologies, Inc. (NASDAQ: DSTI) ("DayStar") ("the Company") entered into LOI agreement to acquire Grasshopper Energy, with the anticipation of completing the purchase in 30 days. Grasshopper Energy provides turnkey solutions for solar power systems, having one of the largest and most respected presences in Ontario, Canada. The purchase is a 100% equity transaction.
Grasshopper CEO, Azeem Qureshi, stated, "We believe that joining forces with DayStar will benefit the combined entities and help accelerate achieving global goals. The Grasshopper Energy Online Suite (GEOS) propriety software tools and systems significantly reduce cost and labor. Grasshopper is a very well established and respected brand in Ontario, Canada. Now, with the backing and assistance of DayStar, the combined entities are positioned to become a platform of choice around the world."
Grasshopper is a Toronto, Ontario based renewable energy company founded in 2007, providing turnkey services to the $12.5 billion Ontario, Canada solar power sector. Using a proprietary technology platform to optimize work flow and create cost efficiencies. Grasshopper has over 100 "microFIT" and "FIT" contracts worth $50M awarded to date. There are additional "microFIT" and "FIT" applications that exceed 3,500 projects, representing a potential pipeline worth $100+M.
The Grasshopper Energy Online Suite (GEOS) proprietary system offers the ability to run a fully integrated web based software suite. The strongest feature of GEOS is its push capability in "Real-Time" communication which can keep all departments, procurement officers, project managers, suppliers, contractors, installers and most importantly the client, informed at all time on the status of a project. This competitive advantage drives better returns on solar projects by lowering the capital expenses and allowing for projects to reach grid parity faster.
Grasshopper has already leap-frog and continues to enhance technology that the U.S. Dept of Energy has just recently just made several grants available to develop. For example, Grasshopper technology allows a solar designer to do a preliminary off-site design in less than 7 minutes with less errors and more accuracy that current manual designs that today typically takes an hour. The GEOS system also allows the time required to manage a project to be reduced by 50%.
Quality control is significantly improved because there are over 70 guided management checkpoints reducing the chance of human error. The GEOS systems allows for a central command center that permits management the ability to monitor and communicate on a project through the back end web based features. This will allow DayStar to increase its global geographic footprint without added resources.
About Grasshopper Solar
Grasshopper Solar provides turnkey solar power system solutions with its proprietary GEOS software system, across Ontario helping their customers in the residential, commercial, institutional, industrial and rural market sectors profit from the Ontario Power Authority's (OPA) Feed-in Tariff (FIT) and "microFIT" programs. For more information please visit www.GrasshopperSolar.com.
About OPA microFIT Program
The microFIT Program is a stream of the Ontario Power Authority's (OPA) Feed-in Tariff (FIT) Program for renewable energy in Ontario. It is intended to encourage the development of "microscale" renewable energy projects across the province. Owners of these projects will be paid a fixed price for the electricity they produce. Prices are set at a level intended to enable project owners to recover the costs of the projects, as well as to earn a reasonable return on their investment over the term of the contract. For small solar power systems installed in Ontario equal to or less than 10 kilowatts (kW) the government will pay the system owner at a rate of 80.2 cents ($0.802) for every kilowatt hour (kWh) and 64.2 cents ($0.642) per kWh the system produces for a guaranteed term of 20 years.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. (DSTI) is a developer of solar photovoltaic products based upon CIGS thin film deposition technology and is currently embarked 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/.
For further information about this release contact William Nalley, The Orsay Groupe, Inc., # 305-515-8077 and/or email: email@example.com.
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.