Solar Thin Films, Inc. provides corporate update and announces new contract
NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Solar Thin Films, Inc. (OTC BB: SLTZ), is pleased to provide current and prospective shareholders with a corporate update.
- Solar Thin Films has successfully reorganized operations to lower costs and expenditures.
- Management has negotiated and eliminated $4 million in debt.
- The company has retained Marcum LLP as its public accountant.
- The company has filed financials up to and for the quarter ended Q2 2014.
- Solar Thin Films Group has been awarded a contract for the procurement and installation of solar lighting unit.
James Solano, Solar Thin Films, Inc. CEO stated, "During the past 6-months we have been actively assessing our operations in a manner that will allow us to continue to pursue new opportunities, fulfill current obligations and contracts, while lowering expenses. A recent win for the company was the awarding of a contract by the Transportation Security Administration, a division of the United States Department of Homeland Security. We are also pursuing the development, construction and operation of a 4.08 MWAC grid connected solar farm on 16.074 acres in West Virginia. Although this particular project remains in the early stages, we are very encouraged by the progress we've made so far."
"We are optimistic about the remainder of 2014, especially considering the installation of a solar lighting unit that will be completed during the fourth quarter. We believe this contract, awarded to us by the TSA, opens the door for us to expand into more city, state and governmental agencies, as well as the private sector. Solar Lighting Units are being placed throughout the United States at various locations and have become a staple within communities and companies that are eager to expand their green efforts by saving energy and eliminating the dependence on oil and electricity," concluded Mr. Solano.
ABOUT SOLAR THIN FILMS, INC.
Solar Thin Films, Inc. is a clean technologies firm focused on commercial, municipal, and utility scale renewable energy generation. In conjunction with our solar PV division, the company has other core business divisions including patented off-grid solar lighting systems; and SpaceCube lightweight composite storage and shipping technology.
For additional information visit www.solarthinfilmsgroup.com
FORWARD LOOKING STATEMENTS
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects.
Investor Relations Contact
Matt Graci
516-476-6352 / [email protected]
SOURCE Solar Thin Films, Inc.
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