Solar Thin Films, Inc. Announces Signing of Contract to Build Solar Fields
September 13 2013 - 6:40PM
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
that it has signed a contract, effective September 13, 2013, for
the design, supply and construction of three photo-voltaic (PV)
solar fields in West Virginia. The underlying agreement had been
announced earlier in a press release dated July 31, 2013, as an
agreement in principle.
As previously announced, the agreement is with property owner
Tri-State Solar/Wind Energy LLC (“Tri-State”). There are a total of
three properties to be developed, as follows:
1) Sam Black Church Rd. Crawley, WV (Site # 1)2) Wolf Creek Rd.
Fayetteville. WV (Site # 2)3) Muddy Creek Rd. Alderson. WV (Site #
3)
Sites #1 and #2 are to have 8-10 MW in solar electrical
production capacity, while site #3 is to have capacity for 15-20
MW. The anticipated value of the contract is $124-$160 million.
Tri-State will be responsible for, and is in the process of
obtaining financing to complete the three projects, and clearing
and preparing each property in preparation for the installation of
the solar panels. The Company has agreed to use its expertise to
assist Tri-State in the negotiation and execution of Power Purchase
Agreements with the local power utility company.
The Company is entitled to receive a 20% deposit on each of the
projects prior to commencement of installation. It is also entitled
to progress bill on a monthly basis to recover its costs and
expenses. Any remaining unbilled amounts up to the agreed
installation price are to billed and paid upon satisfactory
completion of the work.
James Solano, Chief Executive Officer stated, “We a very happy
to report the execution of this contract as it brings us one step
closer to bringing significant revenues and profits to the Company.
It showcases some of our abilities as a company in a way that
allows us to report revenue and earnings growth, without causing a
significant impact on our working capital position. The future
looks bright for us and I look forward to reporting further
progress on this and our other projects, some of which we have
already announced.”
The Company estimates that it will start installation work
before the end of 2013 and that the installations will be complete
within 18 months.
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.
For more information, contact:James Solano, President &
CEOTel: 516 -341-7787Email: allenvte@gmail.com
Solar-Thin Films, Inc.James Solano, 516-341-7787President &
CEOallenvte@gmail.com
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