- About Us
- Nano-Social Network
- Nano Consulting
- My Account
Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it intends to acquire Algatec Equity Partners LP, which 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 an independent fairness opinion. Solar Thin Films is also continuing negotiations with the other Algatec stockholders to acquire the remaining 53% interest in the capital stock of Algatec.
Headquartered in Prosen, Germany, Algatec sells its modules primarily to a number of solar companies, including modules used in power projects. The acquisition of the partnership and its equity in Algatec is subject to (i) execution of definitive exchange agreements, (ii) obtaining the requisite approvals and consents of the partners of the partnership, and (iii) receipt of a fairness opinion. Solar Thin Films anticipates that the acquisition of the partnership and its 47% equity interest in Algatec will be completed in approximately 30 days.
Algatec'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 realistically achieve 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 from its customers.
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.
About Solar Thin Films
Solar Thin Films 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.
For more information, please click here
Copyright © Solar Thin FilmsIf you have a comment, please Contact us.
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
|Related News Press|
News and information
Dual-function nanorod LEDs could make multifunctional displays February 11th, 2017
NREL research pinpoints promise of polycrystalline perovskites February 8th, 2017
ANU invention to inspire new night-vision specs December 7th, 2016
Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017
Arrowhead Provides Response to New Minority Shareholder Announcement January 7th, 2017
Argon is not the 'dope' for metallic hydrogen March 24th, 2017