Solar Thin Films, Inc. (OTC Markets: SLTZ) (the "Company"), an
environmentally conscious company working to bring new products to
market with a strong focus on Fiber Reinforced Plastics technology
(FRP), as well as waste to energy and solar energy, announced today that
it has signed a contract, effective September 13, 2013, for the design,
supply and construction of three photo-voltaic (PV) solar fields in West
Virginia. The underlying agreement had been announced earlier in a press
release dated July 31, 2013, as an agreement in principle.
As previously announced, the agreement is with property owner Tri-State
Solar/Wind Energy LLC ("Tri-State"). There are a total of three
properties to be developed, as follows:
1) Sam Black Church Rd. Crawley, WV (Site # 1)
2) Wolf Creek Rd.
Fayetteville. WV (Site # 2)
3) Muddy Creek Rd. Alderson. WV (Site #
Sites #1 and #2 are to have 8-10 MW in solar electrical production
capacity, while site #3 is to have capacity for 15-20 MW. The
anticipated value of the contract is $124-$160 million.
Tri-State will be responsible for, and is in the process of obtaining
financing to complete the three projects, and clearing and preparing
each property in preparation for the installation of the solar panels.
The Company has agreed to use its expertise to assist Tri-State in the
negotiation and execution of Power Purchase Agreements with the local
power utility company.
The Company is entitled to receive a 20% deposit on each of the projects
prior to commencement of installation. It is also entitled to progress
bill on a monthly basis to recover its costs and expenses. Any remaining
unbilled amounts up to the agreed installation price are to billed and
paid upon satisfactory completion of the work.
James Solano, Chief Executive Officer stated, "We a very happy to report
the execution of this contract as it brings us one step closer to
bringing significant revenues and profits to the Company. It showcases
some of our abilities as a company in a way that allows us to report
revenue and earnings growth, without causing a significant impact on our
working capital position. The future looks bright for us and I look
forward to reporting further progress on this and our other projects,
some of which we have already announced."
The Company estimates that it will start installation work before the
end of 2013 and that the installations will be complete within 18 months.
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
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
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
For more information, contact:
James Solano, President & CEO
Solar-Thin Films, Inc.
James Solano, 516-341-7787