SOURCE: Quantum Solar Power Corp.

November 24, 2010 19:01 ET

Quantum Solar Power Issues Common Stock

SANTA FE, NM--(Marketwire - November 24, 2010) - Today Quantum Solar Power Corporation ("Quantum") (OTCBB: QSPW) issued an aggregate of 1,972,500 shares of common stock to persons outside the United States (non-US citizens or agents thereof). The shares were issued in compliance with Regulation S of the Securities Act of 1933 (the 'Act') and represent a portion of the $5,000,000 foreign private placement offering previously approved by the Company's board of directors. Following the completion of the final tranche, the Company has issued a total of 3,936,560 shares of common stock for gross proceeds of $3,936,560 under the Foreign Private Placement. Proceeds from the offering will be used to market and develop Quantum's NGD™ (Next Generation Device) Technology over the next twelve months. Following completion of this tranche, the Board of Directors approved the closing and termination of the Foreign Private Placement.

The Company also issued an aggregate of 372,000 shares on warrants exercised by shareholders who had purchased shares at a price of $2.00 per share. Each warrant entitled the holder to purchase a common share of the Company at $0.01 per share. The shares were issued pursuant to Regulation S of the Act to persons who represented that they were not "U.S. Persons" as defined under Regulation S and that they were not acquiring the shares for the account or benefit of a U.S. Person.

In addition Quantum Solar Power Corporation issued 63,000 shares at a price of $1.00 per share pursuant to the provisions of Rule 506 of Regulation D of Act as part of their U.S. Private Placement. Each subscriber represented that they were an accredited investor as defined under Regulation D. The share issuances represent the sole tranche under the $5,000,000 U.S. offering. Following completion of this tranche, the Board of Directors approved the closing and termination of the U.S. private placement offering.

Daryl Ehrmantraut, CEO and President of Quantum commented: "We look forward to the next twelve months with excitement. This successful round of financing will enable us to accelerate our milestones and complete the final development of our NGD™ technology."

About Quantum Solar Power Corporation
Quantum Solar Power Corporation is developing a "Next Generation Device" (NGD™) solar cell 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-earth 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 technology. Quantum Solar Power is headquartered in Santa Fe, New Mexico and can be found on the web at:

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 September 30, 2010. 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:

    Erik Cathcart
    Media Relations
    Quantum Solar Power Corp.
    3900 Paseo Del Sol
    Santa Fe, NM 87507
    +1 (505) 216-5021