UNION CITY, Calif., Aug. 14, 2012 (GLOBE NEWSWIRE) -- DayStar Technologies, Inc. (Nasdaq:DSTI) today announced its intention to commence a tender offer to the shareholders of Salamon Group, Inc. (OTCQB:SLMU) to acquire at least 50.1% of Salamon's outstanding shares of common stock. DayStar intends currently to offer one (1) share of common stock of DayStar for each six (6) shares of common stock of the Salamon Group, Inc. The closing of the transaction would be contingent upon Nasdaq Capital Market compliance and all applicable legal and other regulatory requirements, as well as shareholder approval.
This acquisition would extend DayStar's presence in the energy project solutions business, further building out its reach and functional expertise in the areas of engineering, construction, and ownership of solar power generation projects in the attractive and growing Caribbean, South American, Australian and South Pacific renewables markets.
The management of DayStar intends, upon completion of the planned acquisition, to continue to pursue strategic opportunities that will be beneficial to the shareholders of both DayStar and Salamon Group/Sunlogics.DayStar Chairman and Interim CEO, Peter Lacey, commented: "We are excited to announce our intention to pursue a tender offer for a majority interest in Salamon Group. This transaction represents another important step in the growth of DayStar in the energy projects construction, ownership, and solutions business. We look forward to working with the Salamon Group/Sunlogics management team to pursue opportunities that will be mutually beneficial to our shareholders." About DayStar Technologies, Inc. DayStar Technologies, Inc. is a developer of solar photovoltaic products based upon CIGS thin film deposition technology and is currently embarked on a strategy of strategic partnerships to enter new markets within the global renewal energy industry. For more information, visit the DayStar website at http://www.daystartech.com . About Salamon Group, Inc.