News

25 January 2010

 

Magnolia Solar completes reverse merger; becomes publicly traded corporation

Magnolia Solar Inc of Woburn, MA, USA recently said that, on 31 December, it completed a reverse merger with publicly traded firm Mobilis Relocation Service Holdings Inc. Magnolia merged with Mobilis Relocation Services Inc, a Nevada corporation, becoming a subsidiary of Mobilis, as well as its principal operating business. Following the merger, Mobilis changed its name to Magnolia Solar Corp.

Incorporated in the State of Delaware in January 2008, Magnolia is developing nitride-based thin-film solar cells that incorporate nanostructured anti-reflection coating technology to capture a larger part of the solar spectrum and hence boost energy conversion efficiency. The cells can also be deposited on low-cost substrates (such as glass and flexible structures such as polymers) to reduce the cost per watt for terrestrial applications.

In 2008, while not generating revenue, Magnolia Solar generated losses totaling $38,904. A ‘going concern’ statement filed with the US Securities and Exchange Commission (SEC), says that the firm needs to raise additional funds to carry out its business plan, and that continuation of operations is dependent on continued financial support from its shareholders and its ability to obtain necessary equity financing.

“Becoming a publicly traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin-film solar business,” says Magnolia Solar’s co-founder, president & CEO Dr Ashok K. Sood.

See related item:

Magnolia Solar appoints Kopin technology director Welser as CTO

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