KELOWNA, BC--(Marketwired - Apr 11, 2013) - DayStar Technologies, Inc. (
"DayStar a year in review:
DSTI, DayStar as of April 12, 2013 will become an OTC security. Over the past twelve months, several letters of intents were announced. However, closing some of those deals has been hindered due to lack of financing. Despite such challenges, the company has gone through a significant restructuring process that has left the company in its strongest position in the past five years.
Restructuring of DayStar includes many changes in key management positions. In March, 2013 Lorne Roseborough was appointed as a CEO of the company. Roseborough was a former board member and president of EPOD International, Inc. He also served as a Vice-President for Belkorp Industries, Inc. Under Roseborough, the company has managed to significantly reduce overheads from manufacturing assets, and the company is now in a position that it should be cash flow positive this year for the first time. DayStar continues the process of long-term debt reduction from $16 million to $1.5 million. The company also elected to sell inventory and technology rights to its CIGS tech in return Daystar has received common equity and senior secured equity in the acquirer.
In addition, over the last year DayStar was able to close the purchase of six fully completed projects in Hawaii. DayStar has also been able to identify multiple additional projects in Hawaii and is working persistently to close these projects.
DayStar has also entered into a definitive agreement to acquire 6 special purpose Companies that contain fully paid Solar equipment used to build Solar power generating Parks upon completion this will allow DayStar to build projects that could potentially generate $28 million in revenues. These Companies qualify for government cash grant under section 1603 of The American Recovery and Reinvestment Act of 2009, which will qualify facility owners for a one time grant equal to 30 percent of the construction and installation costs for the facility.
DayStar also has a $148 million tax loss carryover. If a company was interested in acquiring DayStar, DayStar would be conservatively estimated value from of this at 2% - 7% of the tax carryover subject to IRS and government approval.
One of the bigger potentials of DayStar is its relationship with the Breakfast Club of Canada. The founder of the Breakfast Club, Daniel Germain, serves DayStar as a member of Board of Directors. DayStar's relationship with the Club is expected to be a major cornerstone that will allow Daystar to build projects on establishments that are sponsored by the Club such as schools. The Breakfast Club has corporate partners that are Fortune 100 companies that could potentially work with DayStar.
Moreover, DayStar has secured the rights to acquire a 20% stake in a company that has sole rights to internationally patented and patent-pending technology that simultaneously stores and converts sunlight to electric power in a bio-solar cell this cell has significant groundbreaking efficiency. This technology should revolutionize solar industry and be a game changer in the energy industry.
Management at DayStar Technologies, Inc. appreciates the shareholders support, and the DSTI team is dedicated to make DayStar a successful solar energy company and produce shareholder value now and in the future.
With warmest regards,
Management DayStar Technologies, Inc."
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/.
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