LAS VEGAS, NV--(Marketwire -07/23/12)- Salamon Group, Inc. (SLMU) (SLMU) announces to its shareholders of an offer for the acquisition of the majority interest of Salamon Group, Inc. from its stakeholders on a fully diluted bases by DayStar Technologies, Inc. (DSTI), a NASDAQ listed company trading under the symbol NASDAQ "DSTI."
The offer price is based on the 30 day weighted average market price with an additional 7% premium.
Under the terms, shareholders would be required to tender their shares to exchange into DayStar common shares. The minimum shareholders tender is 50.1 % of Salamon Group shares. Current insiders and executives of Salamon own in excess of 50.1% on fully diluted bases.
DayStar stated that the purchase price is based on 1 DayStar share for every 6 Salamon Group shares, and that its offer would represent approximately a 7% premium base on the past 30 day average trading prices for the companies.
Michael Matveishen, CEO of Salamon Group, noted: "This is a very exciting day for Salamon Group and its shareholders. We believe the value of the offering to our shareholders to convert ownership into a NASDAQ market is a winning situation for the stakeholders and Company."
Mr. Matvieshen also stated that the companies have been working together and that this offer could make sense for Salamon and its shareholders on a go forward basis for a number of reasons, including fund raising for the two entities JV projects. DayStar is the largest secured creditor of Salamon and this could make the debt an inter-company debt, with Salamon potentially becoming a subsidiary of DayStar.
The offer has several conditions, including all shareholders and regulatory approves required for this type of transaction and the acquisition of a minimum of 50.1% of Salamon.
Mr. Matvieshen further said, "The Company will provide more details in a formal letter to the shareholders that will provide a more complete assessment of the offer."
About Salamon Group, Inc.
Salamon Group, Inc., through its Sunlogics Power Fund Management Inc. division, is a solar energy project company specializing in the construction management and acquisition of renewable energy power projects. Sunlogics Power also looks to acquire assets and other companies in the solar and renewable energy space that are a strategic fit. Sunlogics Power is also a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers, http://www.sunlogicspowerfund.com.
About DayStar Technologies, Inc. (DSTI)
DayStar Technologies, Inc. is a leader in CIGS thin film deposition technology for the development of solar photovoltaic products based on its technology and a JV partner of Sunlogics Power fund and Salamon Group Inc. Information, visit the DayStar website, http://www.daystartech.com.
SLMU cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management.