UNION CITY, CA--(Marketwire - Nov 7, 2012) - DayStar Technologies, Inc. (NASDAQ: DSTI) ("DayStar") ("the company") has entered into a LOI ("Letter of Intent") with Premier Global Holdings Corporation to acquire 100% of its outstanding shares. The LOI is subject to satisfactory completion of due diligence, as well as Board of Directors and Shareholders approvals.
Premier Global Holdings Corporation has rights to proprietary patent pending Solar conversion unit that is a solar power generation and storage unit within a one unit. It is based on photosynthesis, which is how plants convert light in to a useable energy, and it can be implemented using abundant and readily replenished and renewable biomaterials.
The technology was developed at the University of British Columbia (UBC). This invention is a solar photosynthesis photovoltaic (PV) system that has built in energy storage. It addresses the natural intermittency of Solar (PV) and can make solar power available for night time needs; it provides a built-in solution for reducing the total demand on the electrical grid. This new Solar/Light conversion approach involves the use of a light absorbing battery-like cell complete with two electrodes and an electrolyte. Light is absorbed by light harvesting molecules in the electrolyte. Charges are then transferred between the excited light harvesting molecules and mediator molecules, also in the electrolyte, with nearly perfect quantum efficiency. The mediators store the harvested energy, which can then be extracted at the electrodes on demand.
Mr. Giesbrecht, VP Marketing of DayStar, stated, "We are extremely excited to have the opportunity to acquire rights to this proven technology, and the tremendous potential to integrate this into our existing business. This new technology provides a fundamental change for the business model of solar generation, storage and the distribution of solar energy. We feel that this system is a major change for the solar generation industry and has the potential to be worth billions of dollars in new revenues for the industry."
He further adds, "Because of how this technology generates electricity, units could be built into apartment suites, office suites, homes, and/or industrial sites, providing self contained power even during utility system outages, whether caused from equipment failure or storm outages like Hurricane Sandy. It allows solar energy to be arbitraged at the location of generation and would drastically reduce the demand on any electrical grid. Owners of this type of unit could do a number of things with their power, from automatically storing for later use, to automatically selling electricity back to the grid during peak hours."
This system offers an element of financial flexibility, you can use and/or sell the power immediately and automatically, it could easily be control from a cell phone thereby owners effectively becoming a spot market micro utilities.
Premier Global Holdings stated, "We believe having this technology enter the marketplace through DayStar Technologies is the best fit for us. DSTI has strong relationships with manufacturers, developers and industry leaders that can utilize the technology almost immediately and we feel DSTI could bring the right groups together to get this technology to market."
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 renewable energy industries, including ownership and construction of solar and renewable power plants. For more information, visit the DayStar website at http://www.daystartech.com/.
University of British Columbia release on Solar conversion unit:
For further information about this release contact William Nalley, Orsay Groupe, Inc. at #305-515-8077 and/or firstname.lastname@example.org
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.