VANCOUVER, British Columbia, Feb. 7, 2013 /PRNewswire/ -- Quantum Solar Power Corp. ("Quantum") (OTCBB: QSPW)
As a by-product of research on Quantum's photovoltaic technology, a discovery was made of a way of nano-structuring glass to make it super hydrophobic (water beads and rolls off) and resistant to oil and other materials. Given that the solar panel prices are currently very low as a result of Chinese manufacturers flooding the market with low cost silicon products, Quantum has determined to focus its research activities on this glass technology. The technology has potential application to many different kinds of glass products particularly advanced glass products such as glass for touchscreens, car glass and mirrors. Although Quantum has developed the technology no patents have been obtained to date. Because of the difficulty obtaining financing in Quantum due to its current stock market prices and debt burdens Quantum will seek to obtain financing to develop the technology through NanoSMC Structured Materials Corp. ("NanoSMC"), a wholly owned subsidiary focused on glass research and development.
Settlement with Simon Fraser University
On January 30, 2013, Quantum, its wholly-owned subsidiary, 0935493 B.C. Ltd. ("NumberCo") and Canadian Integrated Optics, BC Ltd. ("CIO"), (collectively the "Debtors") entered into a settlement agreement (the "Settlement Agreement") with Simon Fraser University ("SFU") to settle obligations totaling $455,901 (the "SFU Indebtedness") under the terms of the Amended Research Agreement between the Debtors and SFU. The SFU Indebtedness was incurred by CIO in the course of conducting research activities at SFU on behalf of Quantum. Quantum and NumberCo had guaranteed (the "Guarantee") the majority of the SFU Indebtedness in May of 2012 and Quantum was obligated to pay the balance of the SFU Indebtedness which was incurred from research activities conducted on Quantum's behalf between May and November of 2012. The guarantee of Quantum and NumberCo was secured by a security agreement granting SFU security over three Kurt J. Lesker PVD 75 deposition tools (the "Collateral"). Under the terms of the Settlement Agreement by Bills of Sale dated for reference January 22, 2013, NumberCo transferred the Collateral and certain supporting equipment to SFU. In addition, the Debtors agreed to release any possible claims they may have had against SFU for losses possibly incurred from the mislabeling of gasses at SFU's 4D Lab Facility. In addition to providing the Debtors with a release of the obligations under the Amended Research Agreement, Guarantee and Security Agreement, SFU agreed to release claims to the intellectual property developed under the Amended Research Agreement.
Resignation of Andras Pattantyus-Abraham.
Effective January 31, 2013, Andras Pattantyus-Abraham resigned as President, Chief Executive Officer and as a Director of Quantum. Dr. Pattantyus-Abraham's resignation was not due to, and was not been caused by, in whole or in part, any disagreement with Quantum, whether related to the Quantum's operations, policies, practices or otherwise.
Effective February 6, 2013, Quantum appointed Daryl Ehrmantraut as its Chief Executive Officer and President. Mr. Ehrmantraut is also the Chief Operating Officer and a director of Quantum.
Settlement with Creditors
Quantum is continuing negotiations with its other creditors and hopes to be able to resolve most of its liabilities through a combination of asset transfers, share issuances of Quantum and/or NanoSMC and future cash payments by Quantum or NanoSMC when financing is obtained.
About Quantum Solar Power Corp.
Quantum is developing, through its subsidiary NanoSMC Structured Materials Corp. ("NanoSMC"), a proprietary technology for making nano-structured glass that is super hydrophobic and resistant to other materials.
Quantum also holds technology for a "Next Generation Device" (NGD™) photovoltaic device. Quantum's NGD™ is a patent pending, technology that utilizes a new approach to solar power conversion with the potential to remove the necessity of utilizing expensive silicon semiconductor-based technologies.
Forward-Looking Statements This news release contains forward-looking statements regarding future events and Quantum's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of U.S. securities laws. These statements include statements about Quantum's planned technological development plan and are based on material factors and assumptions including Quantum's management's current expectations, estimates, forecasts, and projections about the industry in which Quantum operates and the beliefs and assumptions of Quantum's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Quantum's future financial performance, Quantum's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Quantum's technological development plan may not be successful, and those risks identified in Quantum's periodic reports filed on EDGAR. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Quantum undertakes no obligation to revise or update any forward-looking statements for any reason.
Contact: Daryl Ehrmantraut
Chief Executive Officer
Quantum Solar Power Corp. firstname.lastname@example.org
+1 (604) 681-6311
SOURCE Quantum Solar Power Corp.