SOURCE: Salamon Group, Inc.

August 06, 2012 16:20 ET

Salamon Group, Inc. (SLMU) Provides Shareholders an Update Regarding DayStar Technologies, Inc.'s (DSTI) Offer and a Response to the Radiant/Haverstock Debt Conversion Requests

LAS VEGAS, NV--(Marketwire - Aug 6, 2012) - Salamon Group, Inc. (OTCQB: SLMU) (PINKSHEETS: SLMU) provides its shareholders an update regarding DayStar Technologies, Inc.'s (NASDAQ: DSTI) offer. Noteworthy, DayStar Technologies, Inc. has offered to the shareholders of Salamon Group, Inc. the right of tender to exchange 6 shares SLMU for 1 share DSTI. This offer is in no way enjoined by the recent announcement by Radiant/Haverstock against Salamon Group, Inc.

The shareholders of the Salamon Group, Inc. are free to deal with their shares as they desire, and the shareholders of Salamon Group have no interest or part of any case with Haverstock and Radiant.

Salamon's background case with Radiant and Haverstock:

Salamon Group, Inc. entered into an agreement to acquire certain assets of Arise Technologies, Inc., an Ontario, Canadian Company. Those assets were securitized by Haverstock, Radiant, and Salamon. Under the terms of the purchase agreement both Haverstock and Radiant would be able to convert their debt into equity of Salamon upon certain terms, as long as they did not exceed 4.9% ownership. This conversion would only be available once Salamon increased its authorized capital of SLMU. As of this date, there has been no increase in SLMU's authorized capital share structure.

Salamon Group, Inc. was given notice that both Radiant and Haverstock wanted to do a conversion to shares of their debt, however under the terms of the agreement, the authorized capital would have to be increased first prior to conversion. Thus, no conversion can be done. Salamon Group, Inc.'s obligation is to use best efforts to increase its authorized capital which it has done and is doing. When the authorized capital is increased, the option of conversion will be available.

Salamon was given a demand by Haverstock to convert $20,000.00 into 1.2mil shares when the SLMU was trading at approx $0.60cents. This demand was outside the terms of the Haverstock agreement. Because this request was not valid, Salamon was not able to accommodate the conversion and was not obligated to do so because the Authorized Capital was not increased. As of this date there has not been any increase in the capital structure. Radiant then made a similar request, which received the same response from Salamon's officers and directors.

Haverstock and Radiant have threatened, and now, have taken action to try and force the Company to create alternatives for such a conversion.

Haverstock's and Radiant's debt is secured by the Arise assets only, which to date has not performed as planned and the Company is not planning to proceed with the Arise business model. Salamon Group, Inc., however, has created a business model which closely tracks the business model of SunLogics Solar, Inc., an Ontario, Canadian Compay.

Both Radiant and Haverstock are secondary creditors to Michael Matvieshen and others.

Salamon Group, Inc. is pleased at the quality of its other creditors, and is working closely with its other creditors which have priority over both Haverstock's and Radiant's convertible debt.

For further information about this release, contact William Nalley, The Orsay Groupe, Inc., #305-515-8077 and/or email: info@orsaygroupe.com.

About Salamon Group, Inc.

Salamon Group, Inc., through its Sunlogics Power Fund Management Inc. division, is a solar energy project company specializing in the construction management and acquisition of renewable energy power projects. Sunlogics Power is also a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers, http://www.sunlogicspowerfund.com.

About DayStar Technologies, Inc. (DSTI)

DayStar Technologies, Inc. is a leader in CIGS thin film deposition technology for the development of solar photovoltaic products based on its technology and a JV partner of Sunlogics Power Fund. For information, visit the DayStar website, http://www.daystartech.com.

SLMU cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management.

Contact Information

  • Contact:
    William Nalley
    The Orsay Groupe, Inc.
    305-515-8077
    Email Contact