Solar Thin Films, Inc. Acquiree BudaSolar Technologies Co., Ltd. Announces Receipt of Contract Valued at $160,000,000 US
April 15 2010 - 7:30AM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that its
planned subsidiary BudaSolar Technologies Co., Ltd. has signed a
contract with China City Investments Limited as technology provider
for the delivery of turnkey production lines at the capacity of
85MWp/year using Silicon based thin film PV technology. The
agreement is the first phase of the Dalian City Industrial Park
Project targeting the development of a complex, vertically
integrated production center with cumulative PV production capacity
of 1GW to be achieved in 10 phases.
As was announced on April 8, 2010, Solar Thin Films, Inc. 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. (www.budasolar.hu/news.html)
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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