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DayStar announces $3.9M debt reduction agreement

DayStar Technologies announced an agreement to exchange indebtedness for common stock, which resulted in the company increasing its net worth by approximately $3.9M. The transaction consisted of the exchange of approximately $3.9M 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."