News Article
DayStar to Extinguish $5 Million in Debt
The CIGS solar module manufacturer has entered into agreements with a number of its vendors to eradicate an additional $5 million in debt in exchange for shares of DayStar's common stock.
DayStar Technologies, a developer of solar photovoltaic products based on CIGS thin-film deposition technology, has reported discussions on its 2010 Annual Shareholder Meeting,
The firm has signed up to a series of agreements to eliminate an additional $5 million debt from its balance sheet and has provided an update on strategic partnership discussions.
At the 2010 Annual Shareholder meeting held on December 30, 2010, the Company's shareholders approved all four proposals recommended by the Board of Directors.
DayStar's CEO, Magnus Ryde commented, "The key support of our shareholders and creditors has helped us to maintain a key component of our attractiveness to strategic partners. We have made significant progress in restructuring our balance sheet which should better position us as we continue our discussions with potential strategic partners. The partnerships we are pursuing, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a reverse merger with or an acquisition of DayStar."
The Company's shareholders elected six directors to a one year term: Peter Lacey, Magnus Ryde, Jonathan Fitzgerald, Richard Green, William Steckel, and Kang Sun. The Company's shareholders also approved the terms of certain convertible notes and warrants, including the issuance of shares upon conversion of such notes or exercise of such warrants.
Additionally, the Company's shareholders approved an amendment to the Company's Amended and Restated 2006 Equity Incentive Plan to increase the number of shares available for issuance under the plan, and the ratification of Hein & Associates LLP as independent auditors of the Company. "We are greatly appreciative of our shareholders who participated in this Annual Shareholder meeting," said Peter Lacey, Chairman of the Board of Directors. "Your participation is crucial to the successful implementation of our strategy to achieve the best opportunity for increased shareholder value."
DayStar also announced that it has entered into agreements with a number of its vendors pursuant to which the Company has extinguished an additional $5 million in debt in exchange for shares of DayStar's common stock.
DayStar CEO, Magnus Ryde, commented, "We are pleased to have eliminated another $5 million in debt from our balance sheet. We appreciate the continued support of our vendors and other stakeholders. This past year has had its challenges, but we are pleased with our progress towards completing crucial activities to enhance our ability to pursue strategic transactions to manufacture our CIGS modules."
