September 30, 2008
New BioSolar Development to Further Reduce BioBacksheet(TM) Cost
BioSolar, Inc. (OTCBB: BSRC), the developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of solar cells, announced today a new technique has been developed to further reduce the cost of its BioBacksheet(TM) product.
BioSolar, whose breakthrough technology dramatically reduces the cost of solar cells by replacing traditional and expensive petroleum-based components with bio-based materials derived from renewable plant sources, shocked the industry last month when it announced at the SPIE Optics+Photonics conference that its technology was derived from cotton and castor beans.
The company's BioBacksheet, currently being readied for production, is expected to deliver a 25% reduction in cost compared to its petroleum-based counterpart used in solar panels. As a result of ongoing research and development efforts, BioSolar has recently developed a new material configuration and manufacturing technique to produce a version of BioBacksheet that can potentially deliver a 50% reduction in cost. A patent application has been filed for this new invention.
BioSolar has shipped BioBacksheet samples to a select group of manufacturers for their evaluation in several regions of the country. In addition to obtaining key verification data points which reflect a growing sense of confidence in the company's progress toward full-scale production, the company also had an opportunity to evaluate and prioritize the demands and needs of PV module manufacturers.
"Initial test results are very encouraging and we continue to receive positive feedback and be responsive to the needs of potential buyers of BioBacksheet," said Dr. David Lee, CEO of BioSolar. "With solar cell demand expected to exceed supply for the next 5 to 10 years, we believe there is tremendous opportunity for growth."
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce bio-based materials from renewable plant sources that will reduce the cost per watt of solar cells. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. To learn more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,""believe,""estimate,""may,""intend,""expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.