CHENGDU, China, June 23 /PR Newswire-Asia-First Call/ -- Apollo Solar Energy, Inc. (OTC Bulletin Board: ASOE) ("Apollo Solar" or "the Company"), a leading vertically integrated miner, refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, as well as design and construction of solar PV projects and solar power stations in the People's Republic of China, today announced that the Company has engaged Mr. Jack Lifton as Chief Technical and Business Advisor of the company.
According to the consulting agreement, Mr. Lifton will be entitled to receive a monthly base consulting fee of $2,500 commencing June 18, 2010 and has also been granted options to acquire 300,000 shares of the Company's common stock which will vest in instalments over the thirty-six month period of his consulting agreement with an exercise price at $3.50.
Mr. Jack Lifton is an independent consultant, with more than 48 year's experience, in the sourcing of those minor metals for which he originally coined the phrase "the Technology Metals." Educated as a physical chemist and metallurgist, his work includes original research into the properties of most of the rare metals used in alternative energy technologies. He now covers the exploration for, and the mining, refining and recycling of a spectrum of nonferrous metals, including lithium, tellurium, selenium, indium, gallium and the rare earth metals.
Mr. Jack Lifton consults, writes, and lectures around the world. His clients include companies in the global OEM automotive, heavy equipment, electrical and electronic, mining, smelting and refining industries. He has a wealth of knowledge in locating and analyzing new and recycled supplies of technology metals. Today, Mr. Lifton primarily consults to institutional investors doing due diligence on metal-related opportunities for green technologies.
Based upon the consulting agreement, Mr. Jack Lifton will provide consulting services to Apollo, including but not limited to, the following: (i) organizing a technical and business advisory board that consist of top worldwide experts in the field of high purity metals that have strategic and critical applications in alternative energy, electronic materials and other high technologies; (ii) assisting Apollo's marketing team with selling its high purity metals, including tellurium, in the United States and other major industrial countries; (iii) introducing Apollo to institutional investors and accredited investors.
"We are very pleased to engage Mr. Jack Lifton as Chief Technical and Business Advisor of the Company," Mr. Renyi Hou, CEO of the Company commented. "Mr. Lifton has 48 years experience in the sourcing of 'Technology Metals' that play a significant role in innovation of green energy, electronic materials and other high technology industry. We expect that Mr. Lifton's experience and network in the field will assist Apollo's management and marketing effort to a new level."
"I'm also very pleased to take the position of Chief Technical and Business Advisor of Apollo," Mr. Jack Lifton commented. "Apollo's innovative technologies and manufacturing skills in producing high and ultra-high purity technology metals in large quantities for the mass production of green technologies in particular and for electronic in general are unsurpassed. Therefore it is to Apollo that the high tech industry will now turn for the first step on the green road to the future."
About Apollo Solar Energy, Inc.
Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in mining, refining and producing high purity tellurium (Te), tellurium-based compounds and other metals for thin film solar PV industry as well as for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra- high purity metals and commercial-purity metals. Apollo Solar also expects to be a leading constructor and operator in future government-funded solar power station projects in China, including possible 10 GW solar power stations in Anhui province, China.
Safe Harbour Statement
The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expectation that it will supply thin film solar panels to CECS and joint construction of thin scaled solar energy power stations with CECS are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
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SOURCE Apollo Solar Energy, Inc.