Natcore Technology Inc.

Natcore Technology Inc.

May 19, 2009 12:00 ET

Trading Begins For Natcore Technology

New process for thin film growth offers promise for major advances in solar energy, semiconductors, fiber optics and other industries.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - Natcore Technology Inc. (TSX VENTURE:NXT) is pleased to announce the resumption of trading on Tuesday, May 19 on the Toronto Venture Exchange, under the symbol NXT.

As previously announced, Syracuse Capital Corp., a capital pool company, acquired all of the issued and outstanding securities of Natcore Technology, Inc. in a Qualifying Transaction that closed on May 8, 2009.

As a consequence of the Acquisition, the Company is continuing the business of Natcore, and now controls a new process for thin film growth with important applications in solar energy, semiconductors, fiber optics and many other industries.

"We are excited to begin this remarkable new era for our company and the industries it will impact," said Chuck Provini, Natcore's president and CEO. "Our underlying technology, our internal scientific team and our research relationships with Rice University and Battelle Memorial Institute could have compelling implications for the alternative energy industry in general and the solar power industry in particular. We feel our technology could, for the first time, make solar energy efficient enough to finally fulfill the dream of clean, affordable power."

Natcore's Chairman, Brien Lundin, noted that "Our first priority is to advance the comprehensive research and development program that we have planned. In the days ahead, we will refine our existing applications and explore the potential for exciting new applications, such as super-efficient tandem solar cells, that our process offers."

About Natcore Technology

Natcore Technology has an exclusive license to commercialize patent pending technology, licensed from Rice University, that enables the controlled deposition of silicon dioxide and mixed silicon oxides from a liquid solution at room temperatures and pressures.

The Company's first products are planned for the rapidly growing silicon solar cell manufacturing industry, where its technology presents two immediate and compelling applications:

1) It can significantly reduce silicon usage in solar cell manufacturing, thereby decreasing costs, improving margins and boosting throughput.

2) It has the potential to allow, for the first time, mass manufacturing of low-cost tandem solar cells with twice the efficiency of the best solar cells available today.

Natcore's "Liquid Phase Deposition" (LPD) process enables the growth of thin oxide films on silicon substrates in a mild chemical bath at ambient temperatures and pressures, eliminating the need for the high-temperature, vacuum furnaces currently necessary for the production of these films.

This relatively mild process will now allow the use of much thinner silicon wafers in solar cell and semiconductor manufacturing, as well as the development of advanced materials and devices that would otherwise be destroyed during the high-temperature Thermal Oxide Growth process currently being used by industry.

In particular, Natcore has filed a provisional patent covering the application of its LPD process to the manufacture of tandem solar cells incorporating matrices of silicon quantum dots. These tandem cells could boost silicon solar cell efficiencies to over 30 percent - or approximately twice the power output of today's highest efficiency cells.

Natcore's LPD process was discovered at Rice University by Professor Andrew Barron, and has been successfully validated and refined in an industrial laboratory setting at the Battelle Memorial Institute, one of America's most respected independent laboratories.

In addition to discovering the LPD process, Prof. Barron has, in conjunction with Dr. Dennis Flood, directed the further development of the technology and its independent validation at Battelle.

Currently the Charles W. Duncan, Jr.-Welch Endowed Chair of Chemistry and Professor of Materials Science at Rice University, Dr. Barron was a co-founder of Natcore in 2003, and will continue as a technical consultant to the Company.

The former Chief of the Photovoltaic and Space Environments Branch at the NASA Glenn Research Center, Dr. Flood presently serves as Chair of the Institute of Electrical and Electronics Engineers (IEEE) Photovoltaic Devices Technical Committee. Dr. Flood was also a co-founder of Natcore in 2003, and will continue as a technical consultant to the Company.

Natcore's Business Model

At the outset, the Company's business model will revolve around licensing of its technology to industry.

In the solar power industry, for example, manufacturers such as First Solar (FSLR), Suntech Power Holdings (STP), Energy Conversion Devices (ENER) and SunPower (SPWRA) are constantly working to lower costs and increase the efficiencies of their solar cells.

Initially, Natcore will not attempt to directly compete with manufacturers in the production of solar cells. Rather, it will license its process to manufacturers seeking to lower production costs and significantly increase the efficiencies of their solar cells.

To advance this business model, the Company's initial goal will be the production of prototypes for a super-efficient tandem solar cell and a cartridge-based, LPD system for the in-line production of thin films of silicon dioxide (as the necessary anti-reflective coatings for solar cells, and as dielectric layers for semiconductors).

On behalf of the Board of Directors,

Charles Provini, President & Chief Executive Officer

Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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