SOURCE: Solar Thin Films, Inc.

November 29, 2010 09:00 ET

Solar Thin Films, Inc. Enters Into Letter of Intent for Joint Venture

NEW YORK, NY--(Marketwire - November 29, 2010) - Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has entered into a Letter of Intent with One Globe Renewables, LLC of Colorado, USA for the purpose of forming a joint venture and strategic relationships for the development and syndication of solar farms on both a proprietary and turnkey basis. Preliminary talks are underway in Israel, Canada, Europe and elsewhere to form joint ventures similar to the one being negotiated with One Globe Renewables. The Company describes these negotiations as the first stage of its recently announced shift in focus from the sale of turnkey factories for the production of thin film solar modules through its Hungarian subsidiary and affiliates to concentrate on establishing, financing, managing and syndicating solar farms as power projects both domestically and internationally. 

One Globe Renewables, LLC (OGR) is a limited liability company founded in 2010 and based in Colorado. One Globe focuses on the development, financing and power project management of rooftop, carport and ground-mount commercial solar photovoltaic (PV) energy producing assets in all domestic and selected international markets.

Solar Thin Films, Inc. (OTCBB: SLTZ) has manufactured solar module production equipment and turn-key amorphous silicon module factories. The Company is now working to establish itself as an international developer and syndicator of solar power projects.