DayStar Technologies, Inc. (DSTI) Announces Debt Reduction Agreement of $3.9 Million

Marketwired

KELOWNA, BC--(Marketwire - Mar 19, 2013) - DayStar Technologies, Inc. ("DayStar" or the "Company") (NASDAQ: DTSI) announced today an agreement to exchange indebtedness for common stock, which resulted in the Company increasing its net worth by approximately $3.9 million.

The transaction consisted of the exchange of approximately $3.9 million of indebtedness (including accrued interest) held by Peter A. Lacey, former Chairman of the Board and interim CEO for DayStar, for shares of common stock valued at $1.20 per share.

Commenting on the transition, Lorne Roseborough, President of DayStar, said, "We are very pleased with this transaction which strengthens the Company's balance sheet. This transaction reflects our commitment and support of the Company's goals. We are excited about our Global Renewable Utility Market concept, and a cleaner balance sheet will help facilitate that growth."

About DayStar Technologies, Inc.

DayStar Technologies, Inc. (DSTI) is a developer of solar photovoltaic products and has assembled a world-class team of project engineers, and industry finance professionals, to facilitate the complete development of renewable energy projects throughout the world. DayStar is currently embarking on a strategy of strategic partnerships to enter new markets within the global renewal energy industry including ownership and construction of solar and renewable power plants. For more information, visit the DayStar website at http://www.daystartech.com/.

For corporate information, contact Mr. Dan Giesbrecht, VP Business Development, info@daystartechinc.com, 778-484-5159.

For Investor Relations, contact Mr. William Nalley, Orsay Groupe, info@orsaygroupe.com, phone 305-515-8077.

Safe Harbor: Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." We undertake no obligation to update any forward-looking statements.

Contact:

William Nalley
305-515-8077

Rates

View Comments