UNIONDALE, NY--(Marketwired - Nov 20, 2013) - Solar Thin Films, Inc. (
The Company reported revenues in the quarter-ended September 30, 2013 of $950,000, which are the first revenues recorded by the Company since the acquisition of Quality Resource Technologies Inc. ("QRT") on April 30, 2013. The Company also reported profit during the quarter of $549,992, which equates to earnings of $0.01 per share. Revenues and income for the nine months ended September 30, 2013 were $950,000 and $286,147, respectively. The Company ended the quarter with cash on hand and accounts receivable of $55,606 and $900,000, respectively. During the quarter, Total Assets rose by $1,472,302 and Total Liabilities decreased by $3,767,094.
Significant events during the quarter included the following:
- Signing of a contract to construct three solar fields in West Virginia. This contract is expected to produce revenues to the Company over the next 24 months of approximately $140 million. A deposit of approximately $5.6 million is expected to be received prior to the end of 2013.
- Agreement to acquire KLC Green Energy Corp, which manufactures a Smart Solar Tracking System which allows solar panels connected to it to track the sun as it moves across the sky. This acquisition was completed in October, 2013.
- Sale of subsidiary Kraft R.t. which resulted in a reduction of consolidated debt and liabilities of the Company of $3,217,285.
- Agreement in principle to design, supply and construct a school and clinic based on its eco-housing, fiber-reinforced plastics and solar technologies. Revenues from this project are expected to be approximately $10 million.
- Contract to construct our first eco-house in the Hurricane Sandy ravaged area of Long Island, New York. We are currently awaiting finalization of construction permits and are also negotiating contracts to construct two additional eco-houses.
James Solano, the Company's Chief Executive Officer, stated, "We have made significant strides this quarter. We believe that we are extremely well positioned to continue to show progress in the coming months. I would personally like to thank our shareholders for the support shown since the acquisition of QRT on April 30 of this year. I truly believe the best is yet to come for Solar Thin Technologies."
About Solar Thin Films, Inc.
Through its subsidiary Quality Resource Technologies, Inc., the Company is focused on developing its business in three areas: (1) developing and manufacturing shipping containers using patented Fiber Reinforced Plastics (FRP) technology, (2) building housing using patented FRP technology and (3) developing waste to energy and solar energy projects which initially will be marketed and sold in the United States and the Caribbean.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.
Notwithstanding the language set forth in the preceding paragraph, the safe harbor for forward- looking statements under the Private Securities Litigation Reform Act of 1995 is not available for statements made by an issuer of a penny stock.
Investors should review the Company's filings with the OTC Markets including, but not limited to, sections with respect to intellectual property.