Solar Thin Films, Inc. Retains Chartered Capital Advisors, Inc.
February 24 2010 - 9:00AM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has
retained the services of Charter Capital Advisors, Inc. to issue a
fairness opinion to ascertain the consideration required to
complete the acquisition of Algatec Equity Partners LP. As
previously announced, Algatec Equity Partners LP owns a 47% equity
interest in the capital stock of Algatec Solar AG, a growing
producer of silicon crystalline solar panels and modules. The stake
in Algatec will be obtained in exchange for approximately 43.0
million shares of Solar Thin Films common stock; which number of
shares are subject to adjustment based on the independent fairness
opinion to be prepared by Charter Capital Advisors, Inc. Solar Thin
Films also intends to continue its negotiations with all other
Algatec stockholders to acquire the remaining 53% interest of the
capital stock of Algatec Solar AG.
Headquartered in Prosen, Germany, Algatec sells its modules to a
growing number of solar energy companies, and its modules have been
designated for use in a number of power projects. The acquisition
of Algatec Equity Partners LP and its 47% equity in Algatec Solar
AG is subject to (i) execution of definitive exchange agreements,
(ii) obtaining the requisite approvals and consents of the partners
of the partnership, and (iii) any adjustments warranted by the
fairness opinion. Solar Thin Films anticipates that the acquisition
of the Algatec Equity Partners LP and its 47% equity interest in
Algatec will be completed in approximately 30 days.
Algatec Solar's revenues for 2009 are estimated to be USD
$30,000,000, with an estimated EBITDA of USD $2,000,000. Algatec
has advised Solar Thin Films that, based on its order backlog,
Algatec believes that it can achieve at least USD $70,000,000 in
revenues and EBITDA of USD $8,400,000 in its fiscal year ending
December 31, 2010. As a result of the material increase in
anticipated orders, Algatec has invested significantly in upgrading
its equipment and expanding its manufacturing facilities. This
investment is expected to increase production capacity from 18MW in
2008 to approximately 95MW in 2010, enabling Algatec to better meet
the anticipated increase in demand for its PV modules.
About Solar Thin Films, Inc.
Solar Thin Films (www.solarthinfilms.com) develops, manufactures
and markets a complete line of manufacturing equipment for the
production of "thin-film" amorphous silicon photovoltaic ("PV")
modules through its subsidiary Kraft Elecktronikai Zrt. based in
Budapest, Hungary. The Company sells both "turnkey systems" and
sub-systems to customers currently located in China, Spain and the
United States and has produced equipment for installations in the
US, Germany, Portugal, Taiwan, Greece and Spain. The Company
believes that its line of thin-film photovoltaic manufacturing
equipment positions it 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-K, 10-Q,
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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