/ News en-us Copyright 2008 DayStar Technologies / Thu, 02 Sep 2010 14:03:31 EST DayStar Technologies Announces 2010 Second Quarter Financial Results Newark, CA, August 23, 2010 – 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, 2010. Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009. The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company’s Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter. The loss for the second quarter of 2010 also includes share-based compensation of $1.5 million. Overall, cash expenses were reduced significantly during the second quarter of 2010 as compared with 2009 with the implementation of cost savings measures including a reduction in workforce in order to preserve cash while focusing our resources on the development of our core CIGS technology and fundraising efforts to secure strategic partners and commercialize our product. The per share losses were calculated on the weighted average common shares outstanding of 4.1 and 3.7 million for the second quarter ended June 30, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended June 30, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented on May 11, 2010. DayStar’s common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010. The balance sheet as of June 30, 2010, and the statement of operations for the three months and six months ended June 30, 2010, is attached as exhibits to this press release. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. 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 our business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release 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. Such forward–looking statements include statements regarding our cost savings measures and prospective fundraising efforts. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include our ability to raise substantial additional capital in the short term, our ability to achieve favorable outcomes in pending litigation, our ability to continue our business as a going concern, our ability to execute our commercialization plan and such other risks and uncertainties detailed in our annual report on Form 10-K for the year ended December 31, 2009, our quarterly reports on Form 10-Q, 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. We undertake 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. VP Corporate Development 408/907.4633 investor@daystartech.com /news.cfm/articleid/86381 DayStar Technologies Mon, 23 Aug 2010 00:00:00 EST DayStar is pursuing offshore manufacturing of its CIGS solar modules In discussions with several potential partners Newark, CA, July22, 2010 – DayStar Technologies, Inc. (NASDAQ: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced today it is pursuing a strategy for offshore manufacturing of its CIGS solar modules. DayStar CEO, Magnus Ryde, commented, “While DayStar has accomplished significant innovations with our CIGS process and technology, we have encountered challenges in obtaining affordable capital for the build-out and operation of our facility in Newark, California. At this time, we are pursuing opportunities to manufacture our CIGS modules offshore and have begun discussions with several potential partners to implement this strategy. We are encouraged by the high caliber of the potential partners we are in discussions with. They understand the commercial potential for our CIGS modules and they bring substantial manufacturing and financial capabilities to the table. Those potential partnerships, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a reverse merger with or an acquisition of DayStar. We are confident in our core proprietary CIGS technology and believe that completing a transaction with a strategic partner and manufacturing our CIGS modules offshore would provide the best opportunity to bring our product to market and to manufacture the product in the most cost effective manner.” Mr. Ryde added, “In addition to the potential partnership discussions mentioned above, we disclosed on May 3, 2010 that DayStar entered into an agreement with Dynamic Worldwide Solar Energy LLC ("Dynamic") to provide DayStar with a series of loan commitments and at least one fully funded 25MW solar energy project. Under the terms of that agreement, Dynamic has proposed to assign to DayStar its interest in a fully financed contract to fabricate, construct and install, and commence the operation of, a 25 MW solar energy generation plant. We are actively working with Dynamic on these projects. If consummated, these projects will add a new “downstream” dimension to DayStar and allow us to become a fully integrated solar energy company. DayStar's acceptance of the assignments is subject to applicable due diligence.” As disclosed in a Form 8-K filing last night with the SEC, DayStar was notified by its landlord, BMR-Gateway Boulevard LLC that the Company’s lease for the premises located at 7333-7373 Gateway Boulevard in Newark, California has been terminated. 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, including statements regarding potential partnerships, 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, 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 and Strategy Pforkin@daystartech.com /news.cfm/articleid/86380 DayStar Technologies Tue, 22 Jun 2010 00:00:00 EST Newark, CA, June 2, 2010 – DayStar Technologies, Inc. (NASDAQ: DSTID), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced today that on May 27, 2010 it received a letter from the NASDAQ Stock Market confirming that the Company has met the requirements of the NASDAQ Hearings Panel’s decision dated April 9, 2010, and accordingly the Panel has determined to continue the listing of the Company’s securities on The NASDAQ Stock Market. “We are very pleased that the Hearings Panel has granted our request to remain listed on the NASDAQ Stock Market,” said Magnus Ryde, Chief Executive Officer. “I strongly believe that our continued listing on the NASDAQ Stock Market enhances shareholder value. Again, we are very appreciative of our shareholders who participated in our annual meeting on April 23, 2010 and approved the reverse split. Your support has been crucial to positioning the Company to retain its NASDAQ listing.” 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 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, 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 A. Renée Sutton, Esq. General Counsel 408/907.4654 investor@daystartech.com /news.cfm/articleid/86378 DayStar Technologies Wed, 02 Jun 2010 00:00:00 EST Newark, CA, May 24, 2010 – DayStar Technologies, Inc. (Nasdaq: DSTID), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its first quarter ended March 31, 2010. Net loss for the first quarter of 2010 was $6.1 million or $1.61 per share, compared with a net loss of $7.7 million or $2.06 per share in the first quarter of 2009. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce in order to focus our resources on the development of our core CIGS technology while we continue fundraising efforts to complete our initial production line. The per share losses were calculated on the weighted average common shares outstanding of 3.8 and 3.7 million for the first quarter ended March 31, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended March 31, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented by DayStar on May 11, 2010. DayStar’s common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010. The balance sheet, as of March 31, 2010, and the statement of operations for the three months ending March 31, 2010, are attached as exhibits to this press release. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. 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 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, 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. VP Corporate Development 408/907.4633 investor@daystartech.com Christopher T. Lail VP & Corporate Controller 408/907.4600 investor@daystartech.com /news.cfm/articleid/86376 DayStar Technologies Mon, 24 May 2010 00:00:00 EST DayStar Technologies Announces Reverse Stock Split Stock Will Begin Trading On A Split Adjusted Basis On May 12, 2010 Santa Clara, CA, May 11, 2010 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced information today regarding its reverse stock split. The Company previously announced that its Board of Directors has approved a 1-for-9 reverse split of its common stock, pursuant to previously obtained stockholder authorization at its 2009 Annual Meeting held on April 23, 2010. The reverse stock split will be effective at 6:00 pm, Eastern Time, on May 11, 2010. DayStar's common stock will begin trading on NASDAQ on a split adjusted basis when the market opens on May 12, 2010, under the temporary trading symbol "DSTID." The trading symbol will revert to "DSTI" after approximately 20 trading days. The reverse split will reduce the number of shares of the Company's common stock outstanding from approximately 36 million shares to approximately 4 million shares. Proportional adjustments will be made to DayStar's outstanding stock options and other equity incentive awards, and its equity compensation plans. The Company’s authorized shares will remain unchanged Information For Stockholders Upon execution of the reverse split, DayStar shareholders will receive one new share of DayStar common stock for every nine shares held. Record holders of DayStar common stock will receive a letter of transmittal shortly after the effective date with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. Computershare will act as the exchange agent, and can be contacted at (800) 546-5141 (domestic holders) or 1-781-575-2765 (international holders). DayStar will not issue fractional shares as a result of the reverse stock split. Any fractional shares will be rounded up to the next whole number. For more information on DayStar's reverse stock split, please refer to the proxy materials previously sent out or additional information in the Investor Events section of the Company's website at www.daystartech.com/investor-events.cfm. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. 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 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, 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. DayStar Technologies, Inc. A. Renée Sutton, Esq. General Counsel 408/582.7100 investor@daystartech.com /news.cfm/articleid/86369 DayStar Technologies Tue, 11 May 2010 00:00:00 EST DayStar Technologies Announces Bridge Financing Related Proposed Transactions Include Equipment Loan and Acquisition of 25MW Solar Energy Project Santa Clara, CA, May 3, 2010 – DayStar Technologies, Inc. (Nasdaq: DSTI) (“DayStar”), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced that it has entered into an agreement with Dynamic Worldwide Solar Energy LLC (“Dynamic”) to provide DayStar with a bridge loan of up to the principal amount of $3 million (the “Loan”). “I am very pleased to announce the bridge loan facility and series of proposed transactions with Dynamic” said Magnus Ryde, Chief Executive Officer. “These transactions will be of great value to DayStar as we move forward to commercialize DayStar’s CIGS thin-film technology. In addition, the proposed transaction to acquire a funded 25MW solar energy project enables DayStar to become a fully integrated solar company.” On April 29, 2010, Dynamic funded the first tranche of the Loan in an amount of $650,000. In connection with the funding of the first tranche of the Loan, DayStar issued to Dynamic a Note in the principal amount of $650,000, convertible at the option of Dynamic into shares of DayStar common stock at $0.30 per share and a warrant entitling Dynamic to purchase 2,166,667 shares of common stock at an exercise price of $0.70 per share. The funding of subsequent tranches of the Loan, up to a maximum of $3 million, will be subject to the discretion of Dynamic and will be on terms comparable to those applicable to the first tranche. Contemporaneously with the execution of the Loan, Bighorn Capital, Inc. (“Bighorn”), an affiliate of Dynamic, issued to DayStar, a commitment to use its best efforts to obtain for DayStar a five-year equipment loan (the “Equipment Loan”), to be secured by collateral consisting of both existing equipment owned by DayStar and equipment currently on order by DayStar from European vendors in an amount at least equal to (i) 80% of the delivered and installed total purchase price for such equipment (for a total of approximately $35,200,000), or (ii) 80% of the value of such equipment (as determined by the equipment lender in its sole judgment), provided, however, that the final principal amount of the Equipment Loan shall not be less than $21,000,000. The Company is not obligated to accept the terms of the Equipment Loan if it varies materially from the terms as outlined in the commitment. In addition to the transactions described above with respect to the Loan and the Equipment Loan, within 90 days from the first tranche of the Loan, Dynamic has proposed to assign to DayStar its interest in a fully financed contract (the “Contract”) to fabricate, construct and install, and commence the operation of, a 25 MW solar energy generation plant (the “Transaction”). DayStar’s acceptance of the assignments is subject to applicable due diligence, stockholder and regulatory approval. Under the Transaction, DayStar will issue shares of its common stock to Dynamic which represent 52% of the total issued and outstanding shares of the common stock of DayStar, subject to adjustment if the Contract and Transaction combined value is more than or less than $18,000,000. Dynamic has represented that (i) the solar energy generation plant construction debt shall be in an amount of approximately $90,000,000 and shall be provided by a United States-based (or branch of a United States-based) “money center bank”, (ii) the transaction shall be commercially sound, (iii) the ownership assets to be acquired in the Transaction shall be largely covered by political risk insurance, to the extent such insurance is commercially and reasonably available, and (iv) the valuation of the Transaction shall not be less than $10,000,000. The Parties will commence due diligence, including DayStar’s engagement of a nationally-recognized investment banking or asset and business valuation firm to determine the fair financial value to DayStar of the proposed Contract and Transaction and to issue a fairness opinion thereon. If due diligence and the fairness valuation process is successful, DayStar will prepare definitive agreements to solicit shareholder approval of the Transaction. Further details of the Loan, Equipment Loan and Transaction will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission. About DayStar Technologies, Inc. DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. About Dynamic Worldwide Solar Energy, LLC Dynamic Worldwide Solar Energy, LLC is a privately-held, U.S.-based company formed to work with energy, environmental and real estate professionals on the financing, development, construction, management and operation of alternative energy facilities (waste-to-energy, solar and wind) around the world. Initial projects scheduled for completion are valued at over US$1 billion and will provide several hundred MW of electrical generation capacity for multiple locations in Central and South America. Turn-key, dual-purpose waste-to-energy/solar plant projects are also being evaluated for Romania, Ukraine, Greece, Poland and South Africa. Dynamic believes that its new relationship with DayStar will enable it to improve the efficiency of its facilities with DayStar’s state-of-the-art technology, thus enhancing Dynamic’s competitive advantages, while expanding the market for that technology worldwide. About Bighorn Capital, Inc. Bighorn Capital, Inc. was founded in 1999 and is headquartered in Las Vegas, Nevada. This privately owned company uses superior capital relationships, exceptional analytics and creative structure capabilities to deliver swift execution on the best possible economic terms for real estate owners, investors and developers. Bighorn offers a broad range of funding options to meet capital requirements across the entire spectrum of real estate projects and capital structures as a joint venture partner, buyer, lender or originator. In recent years, Bighorn has entered into several exclusive relationships with emerging Green Energy Companies. Bighorn owns Green Energy companies, proprietary technology and patents. These relationships, technology, and experience enable Bighorn to provide financing options and Green Energy solutions to even the most remote sections of the globe. 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 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. Forward looking statements in this press release including those related to DayStar becoming a fully integrated solar company and statements regarding the consummation of the proposed acquisition and financing transactions. Some of the potential risks and uncertainties are detailed in DayStar’s annual report on Form 10-K for the year ended December 31, 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. DayStar Technologies, Inc. Magnus Ryde Chief Executive Officer 408/884.0011 investor@daystartech.com Patrick J. Forkin III Sr. Vice President – Corporate Development & Strategy 408/907.4633 investor@daystartech.com /news.cfm/articleid/86379 DayStar Technologies Wed, 05 May 2010 00:00:00 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