SOURCE: DayStar Technologies, Inc.
UNION CITY, CA--(Marketwire - Oct 24, 2012) - DayStar Technologies, Inc. (NASDAQ: DSTI) ("DayStar") ("the Company") announced an offer for investment of one million dollars from the Radiant group of funds. Additionally, DayStar has agreed to acquire the debt owed to Radiant by Salamon Group, Inc., in exchange for a class of non-trading preferred shares.
Mr. Mark Roseborough, President of DayStar, stated, "Radiant's infusion of capital continues to show our shareholders the recognizable strength of the DayStar business model. This investment serves to enhance our working capital as we enter the next phase of our business expansion."
Mr. Glen Gibbons, CEO of Radiant, was quoted saying, "We are pleased with the opportunity DayStar has afforded us, and look forward to supporting the Company and the board, as they move forward with the implementation of their global renewable energy strategies."
Radiant Offshore Fund, Ltd., and Radiant Performance Fund LP are hedge funds managed by Radiant Investment Management Ltd., which is headquartered in Toronto, Canada.
About DayStar Technologies, Inc:
DayStar Technologies, Inc. (DSTI) is a developer of solar photovoltaic products based upon GIGS 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/.
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.