Solar Thin Films Signs Strategic Alliance and Cross License Agreement With Amelio Solar Inc.
Solar Thin Films, Inc. (OTC BB:SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic modules, has entered into a strategic alliance and cross license agreement with Amelio Solar Inc.
Under this agreement Solar Thin Films will market and sell photovoltaic products using copper indium gallium diselenide (CIGS) technology developed and commercialized by Amelio Solar, and has rights to manufacture PV module manufacturing equipment using CIGS technology subject to certain terms and agreements.
Concurrent with the strategic alliance and cross license agreement, the company has signed a stock purchase agreement to arrange for the sale of an aggregate of 18.0 million shares of common stock owned by the Kiss family. The strategic alliance, cross license and stock purchase agreements are expected to close simultaneously on or about November 30, 2008 coincident with a capital markets transaction currently contemplated by the company.
“As the solar industry continues to shift toward thin film photovoltaic applications, the technology will continue to evolve,” said Peter Lewis, chief executive officer of Solar Thin Films. “Today our expertise lies in the process know-how required to produce a complete line of manufacturing equipment for the production of thin-film amorphous silicon modules. And we believe that amorphous silicon offers cost advantages over other commercially viable thin film materials available in the market. At the same time, we want to prepare for the emergence of other cost-effective thin film technologies, including CIGS and micro crystalline, by forming partnerships with companies like Amelio Solar and through our own research and development activities. Therefore, our plan is to position Solar Thin to utilize other thin film materials as the industry evolves.”
Continued Lewis, “Since 2005 we have been working closely with Amelio Solar on developing thin film CIGS technology. They are an ideal partner for Solar Thin Films as we continue to expand the company’s technology portfolio without diverting our attention from the many opportunities available to us to expand our share of the amorphous silicon market. Having access to CIGS technology is an important addition to our capability as we advance our goal of becoming a leader in supplying cost-effective thin film photovoltaic module manufacturing equipment.”
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of “thin-film” amorphous silicon modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of nearly a dozen amorphous silicon photovoltaic factories worldwide. The Company sells both “turnkey systems” to customers including CG Solar in China and Grupo Unisolar in Spain, and contracted equipment to customers including EPV Solar (Hamilton, NJ, USA). Its line of proven, cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards “thin film” PV modules as part of a cost effective, “clean technology” energy solution.
About Amelio Solar Inc.
Amelio Solar is a vertically integrated photovoltaic manufacturing company. It is a world leader in the development, manufacturing and installation of photovoltaic technology and systems. The company is a provider of low-cost, thin-film photovoltaic module technology, related product manufacturing and power-generation solutions, including: Photovoltaic technology research and development; Photovoltaic module product manufacturing and distribution; Photovoltaic module factory design and installation; Photovoltaic power plant systems design and installation; and building-integrated photovoltaic (BIPV) design and installation. For more information about Amelio Solar Inc. visit www.ameliosolar.com.
Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and operating results, potential applications of the Company’s technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,”"believes,”"plans,”"anticipates,”"expects,”"estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company’s periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission (“SEC”).
These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.