SOURCE: Quantum Solar Power Corp.

February 14, 2012 19:21 ET

Quantum Solar Power Adjusts Operating Strategy

VANCOUVER, BC--(Marketwire - Feb 14, 2012) - Quantum Solar Power Corp. ("Quantum") (OTCBB: QSPW) is pleased to announce that it has adjusted its operating strategy. Quantum plans to reduce administrative costs in order to focus more of its resources on research and development.

In order to assist Quantum in achieving its new operating goals, Stephen Pleging resigned as Quantum's President, Chief Executive Officer, Chairman and as a director in order to assist Quantum in cutting non-research costs. Mr. Pleging remains a strong believer in Quantum's technology and is prepared to be involved as a consultant once the development of its NGD™ solar device reaches the appropriate stage. In addition, Stella Guo resigned as Quantum's Vice President of Corporate Development and as a director in order to assist Quantum in its efforts to reduce administrative costs to increase its research and development activities. When the NGD™ Technology is ready for licensing and commercial deployment, Ms. Guo will discuss with management and the Board of Directors whether they would like her to provide consulting services to assist Quantum in strategic planning, developing strategic partnerships and facilitating agreements with Asian manufacturing partners.

Quantum has appointed Dr. Andras Pattantyus-Abraham as President and Chief Executive Officer in addition to his role as Chief Technology Officer. Daryl Ehrmantraut, Quantum's Chief Operating Officer, will manage the business related activities of Quantum so that Dr. Pattantyus-Abraham can focus primarily on the research and development aspects of Quantum's NGD™ Technology.

About Quantum Solar Power Corp.
Quantum Solar Power Corp. is developing a "Next Generation Device" (NGD™) photovoltaic technology. Quantum's NGD™ is a patent pending, laboratory model that utilizes a new approach to solar power conversion with the potential to remove the necessity of utilizing expensive silicon semiconductor-based technologies. We believe Quantum's NGD™ technology has the potential to match the efficiency of crystalline silicon PV at the cost of thin film PV. The anticipated NGD™ technology is free of any rare element dependencies found in other current solar technologies. We believe Quantum has the potential to create solar cells (through manufacturing partnerships) at significantly less cost per watt than current technologies. Quantum Solar Power has offices in the U.S. and Canada and can be found on the web at: www.quantumsp.com

Forward-Looking Statements
This news release contains forward-looking statements regarding future events and Quantum's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of U.S. securities laws. These statements include statements about Quantum's planned technological development plan and are based on material factors and assumptions including Quantum's management's current expectations, estimates, forecasts, and projections about the industry in which Quantum operates and the beliefs and assumptions of Quantum's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Quantum's future financial performance, Quantum's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Quantum's technological development plan may not be successful, and those risks identified in Quantum's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2011. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Quantum undertakes no obligation to revise or update any forward-looking statements for any reason.

Contact Information

  • Contact:

    Daryl Ehrmantraut
    Chief Operating Officer
    Quantum Solar Power Corp.
    media@quantumsp.com
    +1 (604) 681-6311