Effective December 30, 2011, Quantum terminated the consulting agreement with PCC. The consulting agreement was effective December 1, 2011 and was for a term of 3 months. Under the terms of the consulting agreement, PCC agreed to provide investor relations consulting services to Quantum. In consideration of PCC's consulting services, Quantum was to pay $100,000 CDN including HST to PCC at the beginning of each month that the consulting agreement was in effect. Quantum decided to cancel the consulting agreement in order to focus its resources on developing its "Next Generation Device" (NGD™) photovoltaic technology. Quantum was permitted to terminate the consulting agreement without cause and did not incur any early termination penalties.
About Quantum Solar Power Corp.
Quantum Solar Power Corp. is developing a "Next Generation Device" (NGD™) photovoltaic technology. Quantum's NGD™ is a patent pending, laboratory model that utilizes a new approach to solar power conversion with the potential to remove the necessity of utilizing expensive silicon semiconductor-based technologies. We believe Quantum's NGD™ technology has the potential to match the efficiency of crystalline silicon PV at the cost of thin film PV. The anticipated NGD™ technology is free of any rare element dependencies found in other current solar technologies. We believe Quantum has the potential to create solar cells (through manufacturing partnerships) at significantly less cost per watt than current technologies. Quantum Solar Power has offices in the U.S. and Canada and can be found on the web at: www.quantumsp.com
This news release contains forward-looking statements regarding future events and Quantum's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of U.S. securities laws. These statements include statements about Quantum's planned technological development plan and are based on material factors and assumptions including Quantum's management's current expectations, estimates, forecasts, and projections about the industry in which Quantum operates and the beliefs and assumptions of Quantum's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Quantum's future financial performance, Quantum's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Quantum's technological development plan may not be successful, and those risks identified in Quantum's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2011. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Quantum undertakes no obligation to revise or update any forward-looking statements for any reason.
Erik O. Cathcart
Media Relations Contact
Quantum Solar Power Corp.
+1 (604) 681-6311