News Article
DayStar secures Sunlogics Power funds of $500,000
The innovator of CIGS solar cells will use the cash to pay off outstanding liabilities and for other working capital purposes. Sunlogics Power Fund Management will also assist DayStar's management team with business development and exploring and evaluating strategic opportunities
CIGS solar developer DayStar Technologies, has entered into a Securities Purchase Agreement with Sunlogics Power Fund Management.
Pursuant to the purchase agreement, Sunlogics Power Fund Management has loaned the Company $500,000 for payment of outstanding liabilities and other working capital purposes.
Salamon Group, a subsidiary of Sunlogics Power Fund Management, is a fund that provides investments to companies in the solar industry. It is a project-acquiring partner of Sunlogics PLC and its subsidiary, as well as other third party project developers, specialising in the design, development and operation of solar energy solutions. These include rooftop and ground mount solar power systems.
In addition to the Purchase Agreement, Sunlogics Power Fund Management has entered into a consulting arrangement with DayStar to assist the management of the Company with business development and also with exploring and evaluating strategic opportunities.
DayStar Chairman and Interim CEO, Peter Lacey, comments, "We are pleased to announce this relationship with Sunlogics Power Fund Management and are excited about the opportunities it presents to our shareholders and other stakeholders. We look forward to working with the Sunlogics team to explore strategic transactions which we believe will benefit the shareholders of both companies."
Sunlogics Power Fund Management CEO, Michael Matvieshen, concludes, "We are very excited to make this investment and look forward to working with the DayStar team to develop mutually beneficial business opportunities."
