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DayStar Technologies (DSTI) Announces Lock-Up Agreement to Acquire 100% of 7 Operational Solar Parks for a Total of 7MW From Arxikon Construction Company
KELOWNA, BC, Jan 10, 2013 (MARKETWIRE via COMTEX) --
DayStar Technologies, Inc. (NASDAQ: DSTI) has entered into a lock-up
agreement to acquire solar projects from Arxikon Construction Company
in Greece. The 7 parks are 1MWp each and are located in industrial
areas in Northern Greece. Electricity revenues from the projects are
through long-term feed in tariff contracts and will cash flow
approximately $75,000,000 Euros over 20 years (beginning at
approximately $3.9M Euro per year). The electricity sales contracts
have a consumer price index increase clause. This lock-up agreement
allows DayStar 200 days to complete its due diligence, regulatory
approvals, and financing.
These solar parks have an asset value of approximately $21,000,000
Euros base on yielding a 15% IRR, and estimated annual power
production of 10,850 MWh per year. Each of the solar parks were
constructed with Bosch monocrystalline solar cells and SMA Inverters
and are fully equipped with data acquisition systems for 24/7
monitoring.
Lorne (Mark) Roseborough, DayStar's President, stated, "We are very
pleased with the prospects of this acquisition as we continue to
establish our global footprint in the Renewable Energy Sector. The
Rating agency Standard and Poor's has recently upgraded Greece's
sovereign credit rating to stable, creating an excellent opportunity
for the acquisition of these types of infrastructure assets."
About ARXIKON S.A.:
Arxikon is a dynamically developing construction company, active in
the construction of complex buildings and facilities to high-tech
specifications. The Company operates throughout Greece, as well as,
in Southeastern Europe, through its affiliated companies
AR????? DOO in Serbia,
AR????? OOD in Bulgaria and ARXIKON LTD in
Cyprus.
About DayStar Technologies, Inc:
DayStar Technologies, Inc. (DSTI) 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 including
ownership and construction of solar and renewable power plants. For
more information, visit the DayStar website at
http://www.daystartech.com/.
For further information contact, William J Nalley, Orsay Groupe,
305-515-8077, Info@orsaygroupe.com.
Safer Harbor: Statements contained in this news release which are not
historical facts may be forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they do
not relate strictly to historical or current facts. They often
include words like "believe," "expect," "anticipate," "estimate" and
"intend" or future or conditional verbs such as "will," "would,"
"should," "could" or "may." We undertake no obligation to update any
forward-looking statements.
Contacts:
DayStar Technologies Inc.:
Dan Giesbrecht
Phone: 1-800-daystar
Email: Email Contact
ARXIKON CONSTRUCTION COMPANY S.A.
9, Semitelou St. 11 528, Athens
Tel +30 210 7475900
Fax +30 210 7470005
Email: Email Contact
William J. Nalley
Investor Relations
Orsay Groupe
#305-515-8077
Email: Email Contact
SOURCE: DayStar Technologies, Inc.
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