SOURCE: Solar Thin Films, Inc.

August 14, 2008 15:27 ET

Solar Thin Films, Inc. Enters Into Agreement With Ulster County, New York to Establish a Solar Module Manufacturing Facility

DIX HILLS, NY--(Marketwire - August 14, 2008) - Solar Thin Films, Inc. (OTCBB: SLTN), a developer, manufacturer and marketer of manufacturing equipment for the production of "thin-film" amorphous silicon photovoltaic modules, announced today the signing of an agreement with Ulster County, New York, for the establishment of a solar module manufacturing plant. The accord was negotiated with Congressman Maurice Hinchey (D-NY), Ulster County officials, and representatives from the Ulster County Development Corporation (UCDC) and The Solar Energy Consortium (TSEC). As part of the transaction, the Company will establish a new manufacturing facility in Ulster County. The facility will represent Solar Thin Films' first amorphous solar module manufacturing plant in the United States.

The Company will utilize solar module manufacturing machinery produced by Kraft Electronikai Srt., based in Budapest, Hungary, a subsidiary of Solar Thin Films. The Company anticipates that, once established, the facility will be capable of establishing six lines of equipment capable of producing 36 megawatts of module power. In addition, Solar Thin Films will also use its new Ulster County location for research into the enhancement of amorphous silicon module efficiency as well as the development of copper indium gallium selenide (CIGS) panels. The parties believe that the new facility will create a substantial number of new jobs in Ulster County over the next five years.

In his keynote statement, Congressman Hinchey said:

"Today we take another enormous step forward in our goal of establishing the Hudson Valley and all of New York as a national and international hub for solar research and development. I am especially pleased that Solar Thin Films uses amorphous silicon since it is the most well-developed thin film technology to-date and has a promising avenue of further development. Solar Thin Films is playing a critical role in the steady advancement of solar technology by increasing the efficiency of solar products and lowering their costs. I am excited to welcome into The Solar Energy Consortium, Solar Thin Films -- a firm dedicated to making solar technology more mainstream across the county, state and country."

"TSEC is to be complimented in making Solar Thin Films aware of the enormous potential available in Ulster County as the company pursues its goal to be a leading provider of amorphous silicon solar modules," Robert Rubin, Solar Thin Films' Chairman said. "TSEC and the Ulster County Development Corporation have assisted Solar Thin Films in finding an appropriate factory site, have assisted us in satisfying our financial needs and have been instrumental in forging potential power partnerships with local utilities. These steps will be instrumental in protecting the environment, reducing our need and utilization of oil and significantly alter the rate of the energy cost spiral. We hope to be a major employer in the county and more importantly a very good neighbor."

Solar Thin Films will formally apply for a $10 million industrial development bond with the assistance of the Ulster County Development Corporation in order to aid in the purchase of equipment. Ultimately, Solar Thin Films will invest approximately $60 million into the manufacturing and research components.

The amorphous silicon modules produced in Ulster County will be offered for sale worldwide.

About Solar Thin Films

Solar Thin Films ( develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of nearly a dozen amorphous silicon photovoltaic factories worldwide. The Company sells both "turnkey systems" to customers including CG Solar in China and Grupo Unisolar in Spain, and contracted equipment to customers including EPV Solar (Hamilton, NJ, USA). Its line of proven, cost-effective thin-film photovoltaic manufacturing equipment positions the Company 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-KSB, 10-QSB, 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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