Solar Thin Films, Inc. Acquires Quality Resource Technologies, Inc.
NEW YORK--(BUSINESS WIRE)-- Solar Thin Films, Inc. (Pinksheets: SLTZ) (the "Company") announced today that a closing occurred on April 30, 2013 (the "Closing Date") pursuant to an agreement dated April 26, 2013 with Quality Resource Technologies, Inc. ("QRT") to acquire 100% of the issued and outstanding shares of QRT in exchange for fifty (50%) percent of the issued and outstanding shares of the Company's stock. As of the Closing Date, the Company acquired approximately ninety-five (95%) percent of the QRT Shares. The Company contemplates receiving the approval of the balance of the QRT Stockholders within 30 days after the Closing Date.
STF intends to arrange to raise a total of $5,000,000 pursuant to the sale of newly issued STF Common Stock; a minimum of $2,000,000 to be raised within 60 days after the Closing Date and the balance to be raised within 150 days after the Closing Date.
STF shall have three operating divisions as follows: (1) an operating division developing patent container technology for the shipping industry, (2) an operating division for building hurricane housing initially in the Caribbean and subsequently throughout the World and (3) an operating division focused on renewable energy.
About Solar Thin Films, Inc.
Solar Thin Films, Inc. was formerly engaged in the manufacturing of solar module production equipment and turnkey amorphous silicon module factories. The Company has shifted its focus from turnkey facility production to other fields.
About Quality Resource Technologies, Inc.
Upon raising sufficient financing, QRT will focus on (1) developing shipping containers using its patented Fiber Reinforced Plastics (FRP) technology, (2) building housing using patented FRP technology and (3) developing waste-to-energy and solar energy projects which will be marketed and sold in initially the United States and the Caribbean.
Solar Thin Films, Inc.
James Solano, 516-589-1103
KEYWORDS: United States North America New York
The article Solar Thin Films, Inc. Acquires Quality Resource Technologies, Inc. originally appeared on Fool.com.
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