/ News en-us Copyright 2008 DayStar Technologies / Thu, 11 Mar 2010 16:44:54 EST DayStar Technologies Appoints Magnus Ryde Chief Executive Officer Santa Clara, CA, February 16, 2010 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced that Magnus Ryde has been appointed chief executive officer and director of the company’s board of directors. Mr. Ryde brings a wealth of experience to DayStar. He formerly served as President of TSMC-USA, Taiwan Semiconductor Manufacturing Company’s United States’ operations. He also held numerous senior executive positions during his 18 year tenure at KLA-Tencor, the world’s leading supplier of process control and yield management solutions for the semiconductor and related industries, including Vice President of Worldwide Field Operations, manufacturing manager, product marketing manager, KLA Europe Director, and VP of Corporate Sales. He is a graduate of Linkoping University of Sweden and received his Industrial Engineering MS degree from Stanford University. In welcoming Mr. Ryde to DayStar, DayStar chairman of the board, Mr. Peter Lacey said, “Magnus is an executive possessing a unique combination of skills and experiences that make him the ideal leader for DayStar as the company commercializes its CIGS PV modules. Magnus has extensive experience with world class semiconductor manufacturers and high technology companies.” “I am excited to lead DayStar through the next phase of growth as we commercialize our unique thin-film PV technology,” said Mr. Ryde. “DayStar has a robust technology roadmap which calls for commercial CIGS PV modules with a conversion efficiency of greater than 13 percent and less than $0.85 cost per watt at full production scale. There is wide consensus that CIGS is the most promising photovoltaic thin-film platform. DayStar has demonstrated repeatable high efficiency CIGS with its one-step sputter deposition process and I am confident in our ability to scale this process and commercialize our product.” Mr. Ryde assumed his CEO duties at DayStar and joined the Board of Directors effective February 15, 2010. DayStar also announced that Mr. William Steckel resigned from his positions of CEO and CFO on February 15, 2010. Mr. Steckel will continue to serve on DayStar’s board of directors. “On behalf of the DayStar board of directors, I’d like to thank Bill Steckel for his excellent service to the company and I look forward to his continued contributions as a director of DayStar,” said DayStar chairman, Peter Lacey. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar's business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release, such as the statements regarding DayStar’s technology roadmap and commercialization of DayStar’s CIGS PV modules, are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar's results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties are detailed in DayStar's annual report on Form 10-K for the year ended December 31, 2008 and quarterly report on Form 10-Q for the quarter ended September 30, 2009, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Contact: DayStar Technologies, Inc. Patrick J. Forkin III Sr. Vice President – Corporate Development 408.907.4633 investor@daystartech.com /news.cfm/articleid/86014 DayStar Technologies Mon, 15 Feb 2010 00:00:00 EST December 22, 2009 4:05 PM EST SANTA CLARA, Calif. , Dec. 22 /PRNewswire-FirstCall/ -- DayStar Technologies , Inc. (Nasdaq: DSTI ), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced information today regarding its Annual Shareholders Meeting scheduled for 2:00 pm on December 22, 2009 . In order to allow sufficient time to solicit additional votes for the matters proposed to shareholders, DayStar is adjourning its Annual Meeting to January 20, 2010 . As of Monday, December 21, 2009 , a quorum had not been reached. Shareholders may vote in a variety of ways. We believe the fastest and most convenient way for shareholders to vote is by following the instructions to vote on line, found on the proxy card. Shareholders may also vote by mail, by telephone using an automated system, or in person, all as further detailed in the Proxy materials received by shareholders. Requests for additional proxy materials may be made at investor@daystartech.com or by calling 408-907-4654. The agenda for the adjourned meeting, and the record date of the close of business on November 20, 2009 for the shareholders entitled to vote at the meeting, will remain unchanged. For information regarding the agenda at the adjourned meeting, see DayStar's proxy statement filed with the Securities and Exchange Commission on December 1, 2009 and mailed to the shareholders on or about December 3, 2009 . The Annual Meeting will be reconvened January 20, 2010 , at 2:00 PM , local time at the Company's offices at 2972 Stender Way, Santa Clara, California 95054. /news.cfm/articleid/84816 DayStar Technologies Tue, 22 Dec 2009 00:00:00 EST SANTA CLARA, Calif., Nov. 18 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI ), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced today that its board of directors has appointed Dr. Kang Sun, Ph.D. as an independent director of the board of directors of the company, effective immediately. "I am very pleased to welcome Dr. Sun to the DayStar board of directors," said Peter Lacey, Chairman of the Board. "His demonstrated success and leadership as President and Chief Operating Officer of JA Solar and his depth of experience in technology companies will be of great value to DayStar as we move forward to commercialize DayStar's CIGS thin-film technology." "I am pleased to join DayStar's board of directors and I look forward to working with Bill Steckel and the management team to contribute to the company's success in every way possible," said Dr. Sun. "I believe that DayStar's proprietary CIGS technology has significant commercial potential in the rapidly growing thin-film, photovoltaic market." Dr. Sun is currently President and CEO of RayTracker Inc., an advanced photovoltaic tracking system manufacturer. Dr. Sun previously served as President, Chief Operating Officer and Director of China-based JA Solar Holdings Co., a world leader in photovoltaic products. At JA Solar, Dr. Sun was responsible for successfully securing $620 million in equity funding in 2007 and 2008 and led the business to profitability by growing revenue from $90 million in 2006 to approximately $800 million in 2008. Prior to joining JA Solar Holdings, Dr. Sun served as Managing Director, New Business Development & Chief Strategy Officer, New Business and New Products Group for Applied Materials where he was responsible for new business ventures and the company's corporate strategic licensing business. From 1990 to 2005, Dr. Sun held executive positions in several large business enterprises and technology start-ups, including serving as Vice President of New Venture Business at Honeywell International Inc., General Manager of the optical devices business at Allied Signal, Vice President of New Business and Technology at Oce, and Vice President of Business Development at Microfabrica. Dr. Sun received his Ph.D. degree in material science from Brown University, master's degree in chemistry from University of Georgia and bachelor's degree in chemistry from Nanjing University, China. /news.cfm/articleid/84813 DayStar Technologies Wed, 18 Nov 2009 00:00:00 EST Santa Clara, CA, November 13, 2009 - DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced today that its board of directors has appointed Mr. Jonathan Fitzgerald as an independent director of the board of directors of the company, effective immediately. "We are very fortunate to have Jonathan Fitzgerald join the DayStar board of directors," said Peter Lacey, Chairman of the Board. "He has a wealth of experience in working with growth technology and cleantech companies." William Steckel, CEO of DayStar, continued, "Our entire management team welcomes Jon Fitzgerald and we look forward to utilizing his knowledge and experience as we move forward to commercialize our CIGS thin-film technology." Mr. Fitzgerald is an independent investment banker providing advisory services to early and growth-stage businesses in a variety of technology industries. Previously, Mr. Fitzgerald was a Managing Director and senior investment banker with the firm of Morgan Joseph & Co. Inc. In addition to leading the Firm's Cleantech investment banking practice, Mr. Fitzgerald served a variety of industrial clients across the western region. Mr. Fitzgerald also served as the Interim-CEO of Harvest Wind Limited, a development stage wind turbine manufacturer based in Oregon. Jonathan also served as an Adviser to iSense Corporation, Boston Poly Corporation and Trustwater LLC. Mr. Fitzgerald was Co- Head of Capital Markets origination for North America at Dresdner Kleinwort Wasserstein. In this capacity he oversaw the origination of loan, bond and equity products for the firm's key corporate relationships across multiple industry sectors. In addition to traditional capital markets products, Jonathan has significant experience in acquisition finance, liability management, structured finance and securitization. Mr. Fitzgerald also held senior investment positions in New York and London at Credit Suisse First Boston and Lehman Brothers, leading international investment banks. Mr. Fitzgerald holds a B.A. with Distinction from Bowdoin College, an MSc.(Econ) from The London School of Economics and Political Science and an M.B.A. from the Wharton School of the University of Pennsylvania. /news.cfm/articleid/84814 DayStar Technologies Fri, 13 Nov 2009 00:00:00 EST Nov. 9, 2009 (PR Newswire) -- SANTA CLARA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its third quarter ended September 30, 2009. Net loss for the third quarter of 2009 was $6.2 million or $0.18 per share, compared with a net loss of $6.7 million or $0.20 per share in the third quarter of 2008. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce, and also reflects the decrease in payroll and research and development expenses resulting from the sale of DayStar's Halfmoon, NY operations early in the quarter. The per share losses were calculated on the weighted average common shares outstanding of 33.4 million for the third quarter ended September 30, 2009, compared with 33.3 million for the third quarter ended September 30, 2008. DayStar had cash and cash equivalents of $1.7 million at September 30, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $47.6 million at September 30, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar's investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of September 30, 2009, DayStar had total liabilities of $23.8 million, and total stockholders' equity was $26.2 million. During the third quarter of 2009, DayStar received $2.0 million in bridge financing from Mr. Peter Alan Lacey. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial additional funds in the near term. For a description of DayStar's capital resources and additional funding requirements, please refer to the "Liquidity and Capital Resources" section of DayStar's Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today. /news.cfm/articleid/84817 DayStar Technologies Mon, 09 Nov 2009 00:00:00 EST DayStar Technologies Announces Appointment of Richard C. Green, Jr. to Board of Directors SANTA CLARA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced today that its board of directors has appointed Mr. Richard C. Green as an independent director of the board of directors of the company, effective immediately. "Rick Green possesses a unique combination of talent and successful experience in power and renewable energy," said Peter Lacey, Chairman of the Board. "His guidance and strategic vision will be of great value to DayStar as we move forward and sharpen our focus on pursuing strategies and opportunities consistent with building significant, long-term value for our shareholders." William Steckel, CEO of DayStar, continued, "Our management team welcomes Rick Green and his commitment to renewable energy and to DayStar as we commercialize our CIGS thin-film technology." Mr. Green has spent over 30 years in the energy industry, serving for 20 years as the Chairman and CEO of Aquila Corporation, formerly UtiliCorp United, an international gas and electric company. Mr. Green has been credited with leading a successful turnaround to successfully reposition Aquila during the energy market crisis of 2002. Additionally, he demonstrated leadership and perseverance in pioneering both the strategy and successful execution of a significant business expansion of UtiliCorp United to a Fortune 30 company. UtiliCorp United was a multi-national electric and gas utility business and national energy marketing and trading business with revenues of $36.3 billion. Mr. Green is also Chairman of Midwest Research Institute (MRI) which has a core focus that includes renewable energy, life sciences and national security and defense. He currently serves on the Board of Directors of the Alliance for Sustainable Energy that operates the National Renewable Energy Laboratory (NREL) for the U. S. Department of Energy. He serves on the General Partners' Advisory Board of Directors of Hudson Clean Energy Partners. Hudson Clean Energy Partners is a leading global private equity firm, dedicated solely to investing in renewable power, alternative fuels, energy efficiency and storage. Mr. Green founded The Calvin Group LLC which is a firm that acts as a catalyst to management teams facing significant challenges or seeking to explore new opportunities. Mr. Green is a Graduate of Southern Methodist University and serves as a member of the Board of Directors of the Hall Family Foundation, a Trustee of the Nelson-Atkins Museum of Art and the Washington D.C. based Urban Institute. /news.cfm/articleid/84811 DayStar Technologies Mon, 09 Nov 2009 00:00:00 EST Santa Clara, CA, August 10, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its second quarter ended June 30, 2009. Net loss for the second quarter of 2009 was $6.7 million or $0.20 per share, compared with a net loss of $7.3 million or $0.22 per share in the second quarter of 2008. The lower net loss reflects a decrease in payroll and related costs due to a reduction in workforce, as well as a decrease in share-based compensation during the second quarter of 2009 as compared with the same period in the prior year. The per share losses were calculated on the weighted average common shares outstanding of 33.4 million for the second quarter ended June 30, 2009, compared with 33.1 million for the second quarter ended June 30, 2008. DaySt ar had cash and cash equivalents of $1.3 million at June 30, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $50.0 million at June 30, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar’s continued investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of June 30, 2009, DayStar had total liabilities of $20.8 million, and total stockholders’ equity was $30.9 million. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial funds in the near term. For a description of DayStar’s capital resources and additional funding requirements, please refer to the “Liquidity and Capital Resources” section of DayStar’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today. /news.cfm/articleid/82355 DayStar Technologies Mon, 10 Aug 2009 00:00:00 EST Santa Clara, CA, July 15, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced today the sale of substantially all the non-core assets of its Halfmoon, NY operation to Veeco Compound Semiconductor, Inc. (“Veeco”), a wholly-owned subsidiary of Veeco Instruments, Inc. (Nasdaq: VECO) . Dr. Robert Aldrich, Chief Executive Officer commented, “As we have previously disclosed, we are in negotiations with potential strategic partners to allow us to expand our manufacturing capability and commercialize our CIGS PV modules. This sale of our New York assets is another step in our strategic partnership strategy and is consistent with the direction we established for DayStar approximately two years ago. In 2007 we moved our primary operations to Santa Clara, California and focused our development on single step reactive sputtering on glass substrates and we moved away from flexible foil based CIGS.” Dr. Aldrich further noted, “We have retained the intellectual property developed in New York for future use in either glass or flexible substrate PV modules, while Veeco has purchased assets that will allow them to advance their CIGS solar equipment strategy.” The sale of the company’s New York assets will reduce annual operating expenses by over $2.0 million. The transaction also allows the company to continue its efforts on the DayStar-proprietary reactive sputter process currently in use to produce CIGS-on-glass photovoltaic modules without diminishing opportunities to re-enter flexible PV module markets when business, technology, and market conditions favor such a product. DayStar’s core technology, the creation of the critical CIGS (copper indium gallium diselenide) layer in a single heated process step using the same proven reactive sputter process as used in virtually all flat panel display and architectural glass factories, remains exclusively owned by the Company. “Veeco’s efforts to advance their CIGS equipment business, leveraging their extensive portfolio of thermal deposition technology, aligned perfectly with DayStar’s efforts to bring our single step reactively sputtered CIGS to market. Our New York team has provided expert support as the company transferred headquarters to California and we thank them for their contributions. DayStar’s resources are focused on our core technology as we begin our production ramp while our earlier efforts on flexible substrate two-step CIGS facilitates Veeco’s misson in solar”, commented Robert Weiss, DayStar’s Chief Technology Officer. Further details of the transaction will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission. /news.cfm/articleid/82071 DayStar Technologies Wed, 15 Jul 2009 00:00:00 EST Santa Clara, CA, July 14, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced several organizational changes. “We are in negotiations with potential strategic partners that will allow us to expand our manufacturing capability and commercialize our CIGS PV modules,” said Dr. Robert Aldrich, Chief Executive Officer. “The promotion of key members of our team and the re-assignment of related responsibilities is being executed now as part of our strategic partnership strategy.” Ratson Morad resigned from his role as President and Chief Operating Officer effective July 10, 2009. "We are grateful for Mr. Morad’s efforts since he joined DayStar in February 2008,” stated Dr. Aldrich. "We wish Mr. Morad the very best in his future endeavors." In order to more effectively align with and support DayStar’s strategic partnership strategy, the company announced the appointment of David Dailor as the company’s Senior Director of Operations. Since joining DayStar as Senior Director of Fab Operations in 2008, Mr. Dailor has managed the company’s Newark, CA factory layout, infrastructure build out and initial installation of manufacturing tools. In his new role, Mr. Dailor will also be responsible for coordinating DayStar’s manufacturing operations with the manufacturing resources of potential strategic partners. “Dave Dailor has done a great job managing the design and build out of our initial manufacturing facility,” said Dr. Aldrich. “He is well qualified to integrate our manufacturing operations with our potential strategic partners,” added Dr. Aldrich. Mr. Dailor has over 15 years of experience leading high-tech manufacturing operations to increase output, reduce cycle time and increase yields. He has managed large organizations operating on a 24x7 basis. Prior to joining DayStar, Mr. Dailor has held various positions at companies including KLA Tencor Corporation, VLSI Technology and Texas Instruments. In his new role, Mr. Dailor will report to Bill Steckel, the company’s Chief Financial Officer. Mr. Steckel will continue to lead the company’s financial functions and will add Legal, Human Resources and Operations responsibilities. Mr. Steckel has over 25 years experience in technology companies, including experience as the Factory Manager of an optoelectronic factory startup and as the President of a global manufacturer of power supplies generating $450 million of annual revenues. “Bill has the depth of experience to lead our operating team as we forge relationships with potential strategic partners,” commented Dr. Aldrich. “He has managed global operations and is experienced with both in house and contract manufacturing, which will suit DayStar well as the company moves forward”. Patrick J. Forkin III has been appointed Sr. Vice President of Corporate Development and Strategy. Mr. Forkin joined DayStar as Vice President – Corporate Development in September 2008. “I am delighted to recognize Patrick Forkin’s significant contributions in the development of our potential strategic partnerships,” stated Dr. Aldrich. “He will continue to manage our strategic partnerships, government relations and the development of corporate strategies,” added Dr. Aldrich. Mr. Forkin has over 20 years of senior level experience in renewable energy equity research, corporate finance, mergers and acquisitions and strategic planning. Mr. Forkin is a certified public accountant. Prior to joining DayStar, Mr. Forkin has held various positions at companies including Deloitte & Touche, Tejas Securities Group and J. Michael-Patrick, LLC. /news.cfm/articleid/82070 DayStar Technologies Tue, 14 Jul 2009 00:00:00 EST Santa Clara, CA, May 13, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced that at the request of the Board of Directors, Stephan J. DeLuca resigned from his roles as Chief Executive Officer and director of DayStar effective May 12, 2009. DayStar also announced the appointment of Robert G. Aldrich, Chairman of the Board of Directors of DayStar, to the additional position of Chief Executive Officer of the Company, effective May 12, 2009. DayStar also announced plans to implement a reduction of approximately 30 percent of its workforce. The reduction is expected to be completed in the second quarter. "We are grateful for Dr. DeLuca’s efforts over the past few years as the company achieved many key technical and operational milestones,” stated Dr. Aldrich. "We wish Dr. DeLuca the very best in his future endeavors." “I am excited about the opportunity to lead DayStar’s senior management team as we continue our efforts to build-out our initial manufacturing line and commence commercial shipments of our product. “I believe that our senior management team, including Ratson Morad, President and Chief Operating Officer, Bob Weiss, Chief Technology Officer, Bill Steckel, Chief Financial Officer and Patrick Forkin VP – Corporate Development are committed and well qualified to accomplish our objectives,” stated Dr. Aldrich. "We continue to face a challenging operating environment that requires us to make difficult decisions," said Dr. Aldrich. "We believe the workforce reduction announced today, coupled with our ongoing focus on expense control, will help us accomplish our objectives and conserve cash.” Dr. Aldrich was appointed DayStar’s Chairman of the Board in September 2008. He joined DayStar as a director in October 2003. Since 1995, Dr. Aldrich has provided executive and consulting assistance to identify and develop business opportunities arising from globalization, technology, environmental quality, and energy deregulation. Dr. Aldrich served from 1992 to 1995 as Group Vice President, Electric Power Research Institute (EPRI). From 1990 to 1992, he was a director of Ramtron, a public company developing non-volatile memory chips. Prior experience includes executive positions with Alcan Aluminum Corporation, Niagara Mohawk Power Corporation, and Syracuse Research Corporation. Dr. Aldrich holds a Ph.D. in Solid State Science and Technology from Syracuse University and a Bachelor in Metallurgical Engineering from Rensselaer Polytechnic Institute. /news.cfm/articleid/79922 DayStar Technologies Wed, 13 May 2009 00:00:00 EST Santa Clara, CA, May 11, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its first quarter ended March 31, 2009. Net loss for the first quarter of 2009 was $7.7 million or $0.23 per share, compared with a net loss of $4.5 million or $0.14 per share in the first quarter of 2008. The higher net loss reflects an increase in research and development expenses incurred during 2009 for CIGS-on-glass module and manufacturing process development. The per share losses were calculated on the weighted average common shares outstanding of 33.5 million for the first quarter ended March 31, 2009, compared with 32.8 million for the first quarter ended March 31, 2008. DaySt ar had cash and cash equivalents of $6.5 million at March 31, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $45.8 million at March 31, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar’s continued investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of March 31, 2009, DayStar had total liabilities of $16.0 million, and total stockholders’ equity was $37.0 million. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial funds in the near term. For a description of DayStar’s capital resources and additional funding requirements, please refer to the “Liquidity and Capital Resources” section of DayStar’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today. Conference Call The Company intends to schedule a conference call to be announced at a later date to discuss first quarter financial results and an update on strategic partnership and financing activities. /news.cfm/articleid/79674 DayStar Technologies Mon, 11 May 2009 00:00:00 EST About DayStar Technologies, Inc. Santa Clara, CA, March 16, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its fourth quarter and full year ended December 31, 2008. Net loss for the fourth quarter of 2008 was $7.8 million or $0.23 per share, compared with a net loss of $8.0 million or $0.29 per share in the fourth quarter of 2007. Net loss for the full year ended December 31, 2008 was $26.3 million or $0.79 per share, compared with a net loss of $36.1 million or $2.09 per share in 2007. The lower net loss reflects a significant reduction in non-recurring, non-cash expenses, primarily related to the restructuring of a convertible note and other changes in business strategy in 2007. This reduction in non-cash expenses was partially offset by increased operating expenses incurred during 2008 for CIGS-on-glass module and manufacturing process development. The per share losses were calculated on the weighted average common shares outstanding of 33.4 and 33.2 million for the fourth quarter and year ended December 31, 2008, respectively, compared with 27.5 and 17.3 million for the fourth quarter and year ended December 31, 2007, respectively, reflecting the sale of shares in connection with Daystar’s follow on public offering in October 2007. DaySt ar had cash and cash equivalents of $17.1 million at December 31, 2008, compared with $61.4 million at December 31, 2007. Net property and equipment was $37.1 million at the end of 2008 compared to $9.1 million at the end of 2007, reflecting DayStar’s investment in equipment and improvements during 2008. As of December 31, 2008, DayStar had total liabilities of $11.4 million, and total stockholders’ equity was $43.5 million. Conference Call DayStar will hold its year end conference call today, Monday, March 16, 2009, at 2 pm Pacific time. To listen to the call, dial (412) 858-4600 approximately 10 minutes prior to the start of the call. The pass code is DayStar. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial (412) 317-0088. The pass code is 428596. DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) BALANCE SHEETS December 31, 2008 December 31, 2007 ASSETS Current Assets: Cash and cash equivalents $ 17,120,401 $ 61,365,559 Other current assets 543,357 666,511 Total current assets 17,663,758 62,032,070 Property and Equipment, at cost 46,022,825 14,911,021 Less accumulated depreciation and amortization (8,942,105 ) (5,774,823 ) Net property and equipment 37,080,720 9,136,198 Other Assets: Other assets 204,108 72,427 Total Assets $ 54,948,586 $ 71,240,695 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable and accrued expenses $ 7,554,814 $ 2,620,635 Notes and capital leases payable, current portion 171,983 174,996 Deferred rent, current portion 175,212 — Deferred revenue and gain 420,000 2,333 Total current liabilities 8,322,009 2,797,964 Long-Term Liabilities: Notes and capital leases payable — 171,983 Deferred revenue — 420,000 Deferred rent 2,951,557 — Stock warrants 125,481 2,771,090 Total long-term liabilities 3,077,038 3,363,073 Commitments and Contingencies — — Stockholders’ Equity: Preferred stock, $.01 par value; 3,000,000 shares authorized; 0 shares issued and outstanding — — Common stock, $.01 par value; 120,000,000 shares authorized; 33,438,862 and 32,621,262 shares issued and outstanding at December 31, 2008 and December 31, 2007, respectively 334,389 326,213 Additional paid-in capital 140,179,025 135,387,049 Accumulated deficit (10,145,391 ) (10,145,391 ) Deficit accumulated during the development stage (86,818,484 ) (60,488,213 ) Total stockholders’ equity 43,549,539 65,079,658 Total Liabilities and Stockholders’ Equity $ 54,948,586 $ 71,240,695 DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended December 31, For the Years Ended December 31, 2008 2007 2008 2007 Revenue: Research and development contract revenue $ — $ 60,000 $ — $ 60,000 Total revenue — 60,000 — 60,000 Costs and Expenses: Research and development 5,687,197 3,260,965 17,678,212 10,420,541 Selling, general and administrative 2,057,746 2,589,295 8,864,142 6,875,610 Restructuring — 1,084,776 — 2,840,996 Depreciation and amortization 934,832 786,067 3,242,504 3,013,149 Total costs and expenses 8,679,775 7,721,103 29,784,858 23,150,296 Other Income (Expense): Other income 132,244 437,211 848,409 566,533 Interest expense (7,392 ) (272,530 ) (39,431 ) (523,355 ) Amortization of note discount and financing costs — (13,826 ) — (4,176,138 ) Gain (loss) on derivative liabilities 730,827 (522,843 ) 2,645,609 (2,828,136 ) Loss on extinguishment of debt — — — (6,091,469 ) Total other income (expense) 855,679 (371,988 ) 3,454,587 (13,052,565 ) Net Loss $ (7,824,096 ) $ (8,033,091 ) $ (26,330,271 ) $ (36,142,861 ) Weighted Average Common Shares Outstanding (Basic And Diluted) 33,438,862 27,462,346 33,164,993 17,302,763 Net Loss Per Share (Basic and Diluted) $ (0.23 ) $ (0.29 ) $ (0.79 ) $ (2.09 ) /news.cfm/articleid/77639 DayStar Technologies Mon, 16 Mar 2009 00:00:00 EST Santa Clara, Calif., March 2, 2009 / PR Newswire-First Call / – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of photovoltaic products based on CIGS thin film semiconductor technology, today announced that it has scheduled its fourth quarter and year-end 2008 financial results conference call for Monday, March 16, 2009 at 2:00 pm Pacific time. To listen to the call, dial 412-858-4600 approximately 10 minutes prior to the start of the call. The pass code is DayStar. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 412-317-0088. The replay pass code is 428596. The DayStar financial results conference call will be available via a live webcast on the investor relations section of the DayStar website at www.daystartech.com/investor-events.cfm. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 12 months. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing, and marketing of photovoltaic products based upon CIGS thin film semiconductor technology. For more information, visit the DayStar website at www.daystartech.com. /news.cfm/articleid/77212 DayStar Technologies Mon, 02 Mar 2009 00:00:00 EST Commercialization Progress Continues Santa Clara, CA, Nov. 13, 2008 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of photovoltaic products based on CIGS thin-film semiconductor technology, today announced financial results for its third quarter ended Sept. 30, 2008. Net loss for the third quarter was $6.7 million, or a loss of $0.20 per share, compared with a net loss of $3.8 million, or a loss of $0.25 per share in the third quarter of 2007. The increase in net loss reflects higher operating expenses for CIGS-on-glass module and manufacturing process development as the company continued its progress toward commercialization. The per share loss was calculated on the weighted average common shares outstanding of 33.3 million, compared with 15.2 million in the third quarter of last year, reflecting the company’s public offering in the fourth quarter of 2007. DaySt ar had cash, cash equivalents and investments of $34.4 million at Sept. 30, 2008, compared with $47.9 million at June 30, 2008. Except for operating accounts, all of the company’s cash is invested in U.S. treasury instruments. As of Sept. 30, 2008, the company had total liabilities of $8.1 million, and total stockholders’ equity was $50.2 million. The company also reported third quarter capital investments of $9.5 million to support its planned ramp to commercial production. “We are pleased to announce that we have met our third quarter technical milestones and are now focused on successfully scaling up our single step deposition process,” said Dr. Stephan DeLuca, chief executive officer. “We have achieved greater than 12 percent cell efficiencies on our 2’ by 4’ substrates. Additionally, we have continued to build out CIGS 1, our first production deposition tool, and we expect to have the capability to produce full 2’ by 4’ modules in the first quarter of 2009” he said. Conference Call DayStar will hold its third quarter conference call today, Thursday, Nov. 13, 2008, at 2 pm Pacific time. To listen to the call, dial (415) 228-4574 approximately 10 minutes prior to the start of the call. The pass code is DayStar. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial (203) 369-3290. =========================================================== /news.cfm/articleid/73306 DayStar Technologies Thu, 13 Nov 2008 00:00:00 EST Santa Clara, Calif., Nov. 3, 2008 / PR Newswire-First Call / – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of photovoltaic products based on CIGS thin film semiconductor technology, today announced that it has scheduled its third quarter 2008 financial results release and conference call for Thursday, November 13, 2008. The investor conference call will begin at 2:00 pm Pacific Standard Time. To listen to the call, dial 415-228-4574 approximately 10 minutes prior to the start of the call. The pass code is DayStar. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 203-369-3290. The DayStar financial results conference call will be available via a live webcast on the investor relations section of the DayStar website at www.daystartech.com/events.cfm . Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 12 months. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing, and marketing of photovoltaic products based upon CIGS thin film semiconductor technology. For more information, visit the DayStar website at www.daystartech.com. /news.cfm/articleid/73084 DayStar Technologies Mon, 03 Nov 2008 00:00:00 EST