HALFMOON, N.Y., March 23 /PRNewswire-FirstCall/ -- DayStar Technologies (Nasdaq: DSTI) today received confirmation that the State of New York has awarded the University at Albany College of Nanoscale Science and Engineering (CNSE) at the Albany NanoTech research complex a $750,000 Technology Transfer Incentive Program Grant to work with DayStar in the development of optimized substrate templates for CIGS solar cell applications. The award was made possible through the New York State Office of Science, Technology and Academic Research (NYSTAR)'s Technology Transfer Incentive Program (TTIP). Awards made through TTIP are designed to promote, encourage and facilitate economic development in New York through university-based or corporate-sponsored research, which assists companies within the State to commercialize high technology products and bring them to the marketplace. In a news announcement released this week by New York Governor George E. Pataki, he stated, "Today's economy is driven by new technologies, and therefore it is essential that New York remains at the forefront of high-tech innovation and development." Dr. John Tuttle, Chairman and Chief Executive Officer of DayStar, noted, "We are pleased to have won this generous grant from the State of New York and look forward to working with some of the world's foremost scientists at Albany Nanotech in addressing timeline acceleration issues that will assist DayStar in manifesting a leadership position in the solar industry. We view this grant as yet another validation of the Governor's commitment to driving renewable energy technologies into the mainstream." The terms of the TTIP grant provide for NYSTAR to match 1:1 financial contributions from both DayStar and CNSE. The research will be conducted at CNSE's Energy and Environmental Technology Applications Center (E(2)TAC), which is dedicated to leveraging CNSE's research, resources and infrastructure to support advances in energy and environmental applications. Over a two year period, both DayStar and Albany NanoTech will each contribute $375,000 and NYSTAR will contribute $750,000. "This grant represents further recognition of DayStar's unique technology value proposition and will assist us in optimizing our commercial scale production of CIGS solar cells on or ahead of schedule," concluded Tuttle. "Working with leading industry partners to demonstrate and deploy innovative breakthroughs that have significant technological and commercial potential is at the heart of our mission, as envisioned by state leaders Governor George Pataki, Assembly Speaker Sheldon Silver and Majority Leader Joseph Bruno," said Alain E. Kaloyeros, Ph.D., President of Albany NanoTech and Vice President and Chief Administrative Officer of the UAlbany College of Nanoscale Science and Engineering. "The TTIP grant will enable a critical expansion in our relationship with Daystar Technologies, one of the world's emerging leaders in the development of commercially viable solar cell systems." About DayStar Technologies, Inc. DayStar Technologies, Inc. is an emerging leader in manufacturing low cost, high efficiency Photovoltaic Foil(TM) that converts sunlight into energy. The Company's patented and proprietary products utilize silicon-free CIGS solar cells, which are deposited on specialty metal foils using production processes adapted from commodity computer component manufacturing. DayStar believes the unique combination of its CIGS solar cell design coupled with inexpensive manufacturing processes can lead to solar electricity at commercially viable rates. For more information on the Company, please visit www.daystartech.com. About CNSE The College of Nanoscale Science and Engineering at the University at Albany -- SUNY is the first college in the world devoted exclusively to the development and deployment of innovative nanoscience concepts. Located within the Albany NanoTech complex, a 450,000 square foot complex, including the only 200mm/300mm wafer facilities in the academic world, encompasses nanoelectronics, system-on-a-chip technologies, biochips, optoelectronics and photonics devices, closed-loop sensors for monitoring, detection, and protection, and ultra-high-speed communication components. With over 65,000 square fee of Class 1 capable 300 mm wafer cleanrooms, as well as on-site faculty and student researchers, Albany NanoTech provides corporate partners with a unique environment to pioneer, develop, and test new nanoscience and nanoengineering innovations within a technically aggressive and financially competitive R&D environment. SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future, " "plan" or "planned, " "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks that our products may not achieve customer acceptance or that they will not perform as expected, and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and DayStar Technologies Inc. undertakes no obligation to update such statements. FOR MORE INFORMATION, PLEASE CONTACT: Stephanie Noiseux, Elite Financial Communications Group 407-585-1080 or via email at firstname.lastname@example.org
SOURCE DayStar Technologies, Inc.