Solar Thin Films, Inc Announces Agreement-In-Principle to Build Solar Fields
July 31 2013 - 9:00AM
Business Wire
Solar Thin Films, Inc (OTC Markets: SLTZ) (the “Company”), an
environmentally conscious company working to bring new products to
market with a strong focus on Fiber Reinforced Plastics technology
(FRP), as well as waste to energy and solar energy, announced today
an agreement in principle to design, supply and construct three
photo-voltaic (PV) solar fields.
The agreement with property owner Tri-State Wind Energy LLC
provides for three solar fields initially capable of producing 35
MW of electricity annually, consisting of one 15 MW field in
Fayette County, WV, one 10 MW field in Sand Black Church, WV, and
one 10 MW field in Nicholas County, WV.
Ground clearing on the first solar field is expected to occur in
September. Upon finalization of the contract, the Company is
expected to receive payments totaling $140,000,000 over the life of
the three projects. The first project, worth approximately
$40,000,000 for a 10 MW solar field, is expected to be completed by
the end of 2013. Ground clearing for the 15 MW field is expected to
begin before the end of 2013 as well. All three projects should be
completed by the third quarter of 2014. For each project, the
Company will receive an initial deposit as well as progress
payments.
James Solano, Chief Executive Officer of the Company stated,
“This is an important development for the Company. These design,
supply and install projects will generate significant start-up
revenue for the Company, at healthy expected profit margins. We
have every reason to believe that we will consummate these
contracts very shortly and will report further developments as they
occur.”
About Solar-Thin Films, Inc.
Through its subsidiary Quality Resource Technologies, Inc., the
Company is focused on developing its business in three areas: (1)
developing and manufacturing shipping containers using patented
Fiber Reinforced Plastics (FRP) technology, (2) building housing
using patented FRP technology and (3) developing waste to energy
and solar energy projects which initially will be marketed and sold
in the United States and the Caribbean.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Except as otherwise required by the federal securities
laws, the Company disclaims any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein.
Notwithstanding the language set forth in the preceding
paragraph, the safe harbor for forward- looking statements under
the Private Securities Litigation Reform Act of 1995 is not
available for statements made by an issuer of a penny stock.
Investors should review the Company’s filings with the OTC
Markets including, but not limited to, sections with respect to
intellectual property.
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