VANCOUVER, British Columbia, Feb. 7, 2013 /PRNewswire/ -- Quantum Solar Power Corp. ("Quantum") (OTCBB: QSPW)
As a by-product of research on Quantum's photovoltaic technology, a discovery was made of a way of nano-structuring glass to make it super hydrophobic (water beads and rolls off) and resistant to oil and other materials. Given that the solar panel prices are currently very low as a result of Chinese manufacturers flooding the market with low cost silicon products, Quantum has determined to focus its research activities on this glass technology. The technology has potential application to many different kinds of glass products particularly advanced glass products such as glass for touchscreens, car glass and mirrors. Although Quantum has developed the technology no patents have been obtained to date. Because of the difficulty obtaining financing in Quantum due to its current stock market prices and debt burdens Quantum will seek to obtain financing to develop the technology through NanoSMC Structured Materials Corp. ("NanoSMC"), a wholly owned subsidiary focused on glass research and development.
Settlement with Simon Fraser UniversityOn January 30, 2013, Quantum, its wholly-owned subsidiary, 0935493 B.C. Ltd. ("NumberCo") and Canadian Integrated Optics, BC Ltd. ("CIO"), (collectively the "Debtors") entered into a settlement agreement (the "Settlement Agreement") with Simon Fraser University ("SFU") to settle obligations totaling $455,901 (the "SFU Indebtedness") under the terms of the Amended Research Agreement between the Debtors and SFU. The SFU Indebtedness was incurred by CIO in the course of conducting research activities at SFU on behalf of Quantum. Quantum and NumberCo had guaranteed (the "Guarantee") the majority of the SFU Indebtedness in May of 2012 and Quantum was obligated to pay the balance of the SFU Indebtedness which was incurred from research activities conducted on Quantum's behalf between May and November of 2012. The guarantee of Quantum and NumberCo was secured by a security agreement granting SFU security over three Kurt J. Lesker PVD 75 deposition tools (the "Collateral"). Under the terms of the Settlement Agreement by Bills of Sale dated for reference January 22, 2013, NumberCo transferred the Collateral and certain supporting equipment to SFU. In addition, the Debtors agreed to release any possible claims they may have had against SFU for losses possibly incurred from the mislabeling of gasses at SFU's 4D Lab Facility. In addition to providing the Debtors with a release of the obligations under the Amended Research Agreement, Guarantee and Security Agreement, SFU agreed to release claims to the intellectual property developed under the Amended Research Agreement. Resignation of Andras Pattantyus-Abraham. Effective January 31, 2013, Andras Pattantyus-Abraham resigned as President, Chief Executive Officer and as a Director of Quantum. Dr. Pattantyus-Abraham's resignation was not due to, and was not been caused by, in whole or in part, any disagreement with Quantum, whether related to the Quantum's operations, policies, practices or otherwise. Effective February 6, 2013, Quantum appointed Daryl Ehrmantraut as its Chief Executive Officer and President. Mr. Ehrmantraut is also the Chief Operating Officer and a director of Quantum. Settlement with Creditors Quantum is continuing negotiations with its other creditors and hopes to be able to resolve most of its liabilities through a combination of asset transfers, share issuances of Quantum and/or NanoSMC and future cash payments by Quantum or NanoSMC when financing is obtained.