UNIONDALE, NY--(Marketwired - Oct 5, 2013) - Solar Thin Films,
Inc (PINKSHEETS: SLTZ) (the "Company"), an environmentally
conscious company working to bring new products to market with a
strong focus on Fiber Reinforced Plastics technology (FRP), waste
to energy technology and solar energy, announced today that it has
signed an agreement with Apollo Marketing LLC ("Apollo") wherein
Apollo has agreed to purchase up to $6,000,000 of 5% Cumulative
Convertible Preferred Shares of the Company over the next five
months based upon drawdown?requests by the Company. With the
signing of the agreement, Apollo has purchased $300,000 of the
preferred shares with funds which were previously advanced to the
Company and is expected to fund an additional $250,000 in the
coming days, and upon periodic drawdown requests made by the
Company, undertakes to make additional purchases during the five
month term of the agreement. The first $2,000,000 of purchases of
shares of preferred stock are convertible at any time at Apollo's
option into common stock of the Company at $1.50 per share of
common stock and additional preferred stock purchases are
convertible into common shares of the Company at $2.50 per share of
Common Stock.
James Solano, the Company's Chief Executive Officer, stated: "We
are very pleased to have this agreement in place to assist us with
our working capital needs to conduct the various projects that we
have announced to date, as well as others that we hope to announce
in the near future.?I feel strongly that the Company is on the
right track." Blair Mullin, Managing Partner of Apollo, added:
"Solar Thin Films is a company with excellent growth prospects and
we are pleased to provide our financial support."
The effective date of the preferred share agreement is October
1, 2013.
About Solar Thin Films, Inc.
Through its subsidiary Quality Resource Technologies, Inc., the
Company is focused on developing its business in three areas: (1)
developing and manufacturing shipping containers using patented
Fiber Reinforced Plastics (FRP) technology, (2) building housing
using patented FRP technology and (3) developing waste to energy
and solar energy projects which initially will be marketed and sold
in the United States and the Caribbean.
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.
Notwithstanding the language set forth in the preceding
paragraph, the safe harbor for forward- looking statements under
the Private Securities Litigation Reform Act of 1995 is not
available for statements made by an issuer of a penny
stock.
Investors should review the Company's filings with the OTC
Markets including, but not limited to, sections with respect to
intellectual property.