DayStar Technologies Announces Transaction With Sunlogics Power Fund Management
SANTA CLARA, Calif., March 19, 2012 /PRNewswire/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced it has entered into a Securities Purchase Agreement (the "Purchase Agreement") with Sunlogics Power Fund Management Inc. 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, Inc. (OTCBB: SLMU) subsidiary, 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, specializing in the design, development and operation of solar energy solutions, including 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, commented, "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, commented, "We are very excited to make this investment and look forward to working with the DayStar team to develop mutually beneficial business opportunities." About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at http://www.daystartech.com. Forward-Looking Statements
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