SOURCE: Solar Thin Films, Inc.

April 22, 2009 16:06 ET

Solar Thin Films Announces Completion of Initial Shipments to Grupo Unisolar, S.A.

Shipments Represent 20% of $10M Total Contract

DIX HILLS, NY--(Marketwire - April 22, 2009) - Solar Thin Films, Inc. (OTCBB: SLTN) today announced that its subsidiary KRAFT Elektronikai Zrt. of Budapest, Hungary completed on April 21st the second of three planned shipments of equipment for a 6MW amorphous silicon photovoltaic module manufacturing facility located in Bejar, Spain for its customer Grupo Unisolar, S.A. Together with earlier shipments in March of 2009 and December of 2008 Kraft has now delivered a significant portion of its first turnkey facility full equipment valued at 1.56 million euros ($2.06 million at current exchange rates) towards completion of a project with an estimated total value of 7.799 million euros ($10.29 million at current exchange rates).

"We are delighted that this project is on track to date and we look forward to completing our equipment shipments and commencing installation in the coming months," noted Peter Lewis, Group Vice President, Equipment and Thin Films Division. "This project is particularly important to KRAFT and to Solar Thin Films as it represents another step in our effort to transition KRAFT from an equipment supplier to a 'turnkey' systems supplier and because the equipment shipped includes improvements to the system as a result of the recently signed Cooperation Agreement between KRAFT and our new merger partner BudaSolar."

Management expects that starting in 2009 a significant portion of the revenue generated from its KRAFT operation will be for such "higher margin turnkey systems" or Factory Sales rather than for individual pieces of equipment or Equipment Sales and as such began separating Factory Sale revenue from Equipment Sale revenue in its most recently issued 10K.

About Solar Thin Films, Inc.

Solar Thin Films ( develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon photovoltaic ("PV") modules through its subsidiary KRAFT Elecktronikai Zrt. based in Budapest, Hungary. The Company's equipment is utilized throughout the world including China, the United States, Germany, Portugal, Taiwan, Greece and Spain. The Company believes that its line of thin-film photovoltaic manufacturing equipment positions it to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin-film" PV modules as part of a cost effective, "clean technology" energy solution.

Forward-Looking Safe Harbor Statement

Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-K, 10-Q, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").

These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.

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