SOURCE: Solar Thin Films

November 12, 2010 09:00 ET

Solar Thin Films, Inc. Signs Agreement

NEW YORK, NY--(Marketwire - November 12, 2010) -  Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has signed an agreement to acquire 100% of 2COR9, LLC, a California company which will develop and install solar power plants for industrial, commercial, and government customers. The types of facilities which the company's personnel have sold while at predecessor firms include agricultural centers, corporate offices, distribution centers, manufacturing facilities and retail facilities. The company's host customers generally have sizable facilities so they can utilize extensive unused roof space.

The U.S. has become the fastest growing solar market in the world and poses a great opportunity for Solar Thin Films. Vast utility scale solar power projects are fueling a sharp increase in the U.S. Solar Market overall. The U.S. solar electric capacity, including both photovoltaic and concentrating solar power installations, increased by 37% in 2009. Photovoltaic installations (grid-tied) grew by 38%. 

Solar has been a very visible component of California's overall renewables initiative. The state created the California Solar Initiative to target subsidies for residential sized systems in addition to other programs aimed at large-scale commercial utility sized installations. In the past few years, many states, following California's lead, have passed laws promoting large scale adoption of solar power. California will still remain the largest player in the PV market, but other states will be close behind. 2COR9 LLC, along with Solar Thin Films, Inc., are in the perfect spot to exploit this opportunity and we have a pipeline of projects that could make our company a meaningful participant in the Solar Market.

As was stated in a recently filed 8K, we have decided to shift our focus from turnkey factory sales in foreign markets through our Hungarian manufacturing business to concentrate on establishing and managing solar farms throughout the United States, Israel, Canada and other places with government support programs for solar power generation.

The acquisition should be completed within the next week or 10 days.