DayStar Technologies, Inc. (DSTI) Announces Debt Reduction Agreement of $3.9 Million
March 19 2013 - 2:45PM
Marketwired
DayStar Technologies, Inc. ("DayStar" or the "Company") (NASDAQ:
DTSI) announced today an agreement to exchange indebtedness for
common stock, which resulted in the Company increasing its net
worth by approximately $3.9 million.
The transaction consisted of the exchange of approximately $3.9
million of indebtedness (including accrued interest) held by Peter
A. Lacey, former Chairman of the Board and interim CEO for DayStar,
for shares of common stock valued at $1.20 per share.
Commenting on the transition, Lorne Roseborough, President of
DayStar, said, "We are very pleased with this transaction which
strengthens the Company's balance sheet. This transaction reflects
our commitment and support of the Company's goals. We are excited
about our Global Renewable Utility Market concept, and a cleaner
balance sheet will help facilitate that growth."
About DayStar Technologies, Inc.
DayStar Technologies, Inc. (DSTI) is a developer of solar
photovoltaic products and has assembled a world-class team of
project engineers, and industry finance professionals, to
facilitate the complete development of renewable energy projects
throughout the world. DayStar is currently embarking on a strategy
of strategic partnerships to enter new markets within the global
renewal energy industry including ownership and construction of
solar and renewable power plants. For more information, visit the
DayStar website at http://www.daystartech.com/.
For corporate information, contact Mr. Dan Giesbrecht, VP
Business Development, info@daystartechinc.com, 778-484-5159.
For Investor Relations, contact Mr. William Nalley, Orsay
Groupe, info@orsaygroupe.com, phone 305-515-8077.
Safe Harbor: Statements contained in this news release which are
not historical facts may be forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words like "believe," "expect," "anticipate," "estimate"
and "intend" or future or conditional verbs such as "will,"
"would," "should," "could" or "may." We undertake no obligation to
update any forward-looking statements.
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Contact: William Nalley 305-515-8077
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