Solar Thin Films, Inc. Reaches Agreements for Option to Convert Debt
17 Outubro 2011 - 11:00AM
Marketwired
Solar Thin Films, Inc. (PINKSHEETS: SLTZ) (the "Company") today
announced that certain entities (the "Entities") had entered into
agreements with two of the Company's largest creditors granting
each of the Entities an option to purchase the debt which was owed
to them by the Company. These Entities entered into agreements with
the Company in which the Company gave each of the Entities an
option to convert an aggregate of $836,506.51 of the Company's debt
into shares of the Company's common stock at a conversion price of
$0.01 per share. There can be no assurance that any of these
options will be exercised. The Company remains liable for the full
payment of the principal, interest and all obligations pursuant to
its indebtedness to the creditors if the options are not exercised.
Management has been advised that during the month of October
another entity (the "Entity") will enter into an agreement with the
Company's largest creditors granting the Entity an option to
purchase the debt which was owed to such creditor by the Company.
This Entity intends to enter into an agreement with the Company
granting an option to the Entity to convert an aggregate of
$1,176,466 of the Company's debt into shares of the Company's
common stock at a conversion price of $0.03 per share. There can be
no assurance that this option will be exercised. The Company will
remain liable for the full payment of the principal, interest and
all obligations pursuant to the Company's indebtedness to such
creditor if the option is not exercised.
If all of the options are exercised, this will be a major step
in cleaning up the Company's balance sheet. In addition, the
Company intends to restructure itself into an international
developer and syndicator of solar power projects.
About Solar Thin Films, Inc. Solar Thin Films, Inc. was formerly
engaged in the manufacturing of solar module production equipment
and turn-key amorphous silicon module factories. The Company is
establishing itself as, an international developer and syndicator
of solar power projects.
Forward-Looking Statements This press release, together with
other statements and information publicly disseminated by the
Company, contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company intends such forward-looking statements to be covered
by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995
and includes this statement for purposes of complying with these
safe harbor provisions. Except as otherwise required by the federal
securities laws, the Company disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statement contained herein.
Solar Thin Films (CE) (USOTC:SLTZ)
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