Solar Thin Films, Inc. Is in the Final Stages of Negotiations to Acquire BudaSolar Technologies Co., Ltd.
April 08 2010 - 9:00AM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it is in
the final stages of its negotiations to acquire 100% ownership of
BudaSolar Technologies Co., Ltd., a Hungary-based technology
company that develops thin film solar module manufacturing
technologies, including Building Integrated Photovoltaics (BIPV),
related equipment, and critical components of turn-key production
lines and associated computer software. The parties have agreed on
a five year earn out arrangement and believe that their agreement
will be finalized within thirty days.
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.
About BudaSolar Technologies Co., Ltd.
BudaSolar Technologies Co., Ltd. was founded in 2007 by a group
of engineers and technicians who have been in the solar business
since 1997. The company's core expertise is in the development of
thin film solar module manufacturing technologies, including
Building Integrated Photovoltaics (BIPV), related equipment, and
critical components of turn-key production lines and associated
computer software.
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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