- News
20 March 2012
DayStar raises $500,000 from Sunlogics Power
DayStar Technologies Inc of Milpitas, CA, USA, which develops copper indium gallium diselenide (CIGS) thin-film photovoltaic products, has entered into a securities purchase agreement with Salamon Group Inc subsidiary Sunlogics Power Fund Management Inc of Kelowna, BC, Canada (a solar energy project firm specializing in the construction management and acquisition of renewable energy power projects). Sunlogics Power has loaned the firm $500,000 for the payment of outstanding liabilities and other working capital purposes (making it DayStar’s senior creditor).
Providing investment to companies in the solar industry, Sunlogics Power Fund Management is a project-acquiring partner of Sunlogics PLC and its subsidiary, as well as other third-party project developers, specializing in the design, development and operation of solar energy solutions (including rooftop- and ground-mount solar power systems).
Sunlogics Power Fund Management has also entered into a consulting arrangement with DayStar to assist its management with business development and with exploring and evaluating strategic opportunities.
“We are pleased to announce this relationship with Sunlogics Power Fund Management and are excited about the opportunities it presents to our shareholders and other stakeholders,” says DayStar’s chairman & interim CEO Peter Lacey. “We look forward to working with the Sunlogics team to explore strategic transactions which we believe will benefit the shareholders of both companies,” he adds.
DayStar’s technology is a good fit for highly efficient solar module manufacturing, comments Sunlogics Power Fund Management’s CEO Michael Matvieshen. “This initial investment positions us as a significant DayStar shareholder upon conversion. DayStar is listed on NASDAQ under symbol DSTI and this will facilitate future business opportunities for the companies and fits well into our overall plan,” he adds.
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