DayStar Technologies Announces the Results of the 2010 Annual Meeting and Agreements to Extinguish Approximately $5 Million in Debt

MILPITAS, Calif., Jan. 4, 2011 /PRNewswire/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced information today regarding its 2010 Annual Shareholder Meeting, agreements to eliminate additional debt from its balance sheet and 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. The Company has also entered into a series of agreements which eliminate an additional $5 million in debt from its balance sheet. 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."

Details of the agreements with vendors and DayStar's Annual Shareholder Meeting are set forth in Current Reports on Form 8-K filed with the SEC.

About DayStar Technologies, Inc.

DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar's business that are not historical facts may be considered "forward-looking statements," including statements concerning DayStar's expectations regarding potential strategic transactions and its ability to enhance shareholder value. The forward-looking statements in this news release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar's results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include DayStar's ability to successfully complete a strategic transaction and other risks detailed in DayStar's annual report on Form 10-K for the year ended December 31, 2009 and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.

SOURCE DayStar Technologies, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED