Solar Thin Films, Inc Announces Agreement-In-Principle for $10 million Project in Uganda
UNIONDALE, N.Y.--(BUSINESS WIRE)-- Solar Thin Films, Inc (OTC Markets: SLTZ) (the "Company"), an environmentally conscious company working to bring new products to market with a strong focus on Fiber Reinforced Plastics technology (FRP), as well as waste to energy and solar energy, announced today an agreement-in-principle to design, supply and construct a modular school and clinic in Uganda, Africa.
The project calls for the design, supply and construction of a 36,000 square foot school and an 8,000 square foot clinic, along with well-water supply and area lighting. The Company's portion of the $15 million project is approximately $10 million. The Company's design and prototype drawings have been accepted in principle, subject to finalization of the design and budget. It is expected that final agreements will be signed later this month.
The design calls for a modular structure using the Company's GREEN technology products, including the Vulcan FRP panel. The Vulcan panels will be manufactured in the USA by the Company and shipped to Uganda for installation. The school and clinic's power will be supplied by the Company's photo-voltaic (PV) solar panels and battery storage. Indoor lighting will utilize the Company's LED lighting products. Outdoor lighting for the grounds and well-water supply will also utilize solar energy. Excess power output will be purchased by the municipal power authority.
The Company expects to begin manufacturing the modular Vulcan panels and PV solar panels in the fourth quarter of 2013, with delivery to Uganda completed in the second quarter of 2014. Installation should be completed by the end of 2014.
James Solano, Chief Executive Officer of the Company stated, "This is the first of many international projects we intend to announce over the next few months and years. These projects will further demonstrate the Company's ability to be a worldwide leader in innovative technology and alternative energy. We wish to thank HELP International for assisting us in presenting our prototype design and budget to the Ugandan authorities. We will provide public updates as this project proceeds through to completion."
About Solar-Thin Films, Inc.
Through its wholly-owned subsidiary Quality Resource Technologies, Inc., the Company is focused on developing its business in three areas: (1) developing and manufacturing shipping containers using patented Fiber Reinforced Plastics (FRP) technology, (2) building housing using patented FRP technology and (3) developing waste to energy and solar energy projects.
About HELP International
HELP International is a Colorado based non-profit founded in 2000 to provide disaster relief and humanitarian aid locally, national and internationally. HELP International specializes in disaster relief with the goal of helping people overcome disasters and become self-sufficient again.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.
Notwithstanding the language set forth in the preceding paragraph, the safe harbor for forward- looking statements under the Private Securities Litigation Reform Act of 1995 is not available for statements made by an issuer of a penny stock.
Investors should review the Company's filings with the OTC Markets including, but not limited to, sections with respect to intellectual property.
For more information, contact:
James Solano, President & CEO
Tel: 516 -341-7787
For more information:
Solar Thin Films
James Solano, 516 -341-7787
President & CEO
KEYWORDS: Uganda United States North America New York Africa
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