2013-10-05 12:31:02 -
UNIONDALE, NY -- (Marketwired) -- 10/05/13 -- Solar Thin Films, Inc : www.solarthinfilmsgroup.com
(PINKSHEETS: SLTZ) (the "Company"), an environmentally conscious company working to bring new products to market with a strong focus on Fiber Reinforced Plastics technology (FRP), waste to energy technology and solar energy, announced today that it has signed an agreement with Apollo Marketing LLC ("Apollo") wherein Apollo has agreed to purchase up to $6,000,000 of 5% Cumulative Convertible Preferred Shares of the Company over the next five months based upon drawdown requests by the Company. With the signing of the agreement, Apollo has purchased $300,000 of the preferred shares with funds which were previously advanced to the Company and is expected to fund an additional $250,000 in the coming days, and upon periodic drawdown requests made by the Company, undertakes to make additional purchases during the five month term of the agreement. The first $2,000,000 of purchases of shares of preferred stock are convertible at any time at Apollo's option into common stock of the Company at $1.50 per share of common stock and additional preferred stock purchases are convertible into common shares of the Company at $2.50 per share of Common Stock.
James Solano, the Company's Chief Executive Officer, stated: "We are very pleased to have this agreement in place to assist us with our working capital needs to conduct the various projects that we have announced to date, as well as others that we hope to announce in the near future. I feel strongly that the Company is on the right track." Blair Mullin, Managing Partner of Apollo, added: "Solar Thin Films is a company with excellent growth prospects and we are pleased to provide our financial support."
The effective date of the preferred share agreement is October 1, 2013.
About Solar Thin Films, Inc.
Through its subsidiary Quality Resource Technologies, Inc., the Company is focused on developing its business in three areas: (1) developing and manufacturing shipping containers using patented Fiber Reinforced Plastics (FRP) technology, (2) building housing using patented FRP technology and (3) developing waste to energy and solar energy projects which initially will be marketed and sold in the United States and the Caribbean.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.
Notwithstanding the language set forth in the preceding paragraph, the safe harbor for forward- looking statements under the Private Securities Litigation Reform Act of 1995 is not available for statements made by an issuer of a penny stock.
Investors should review the Company's filings with the OTC Markets including, but not limited to, sections with respect to intellectual property.