Solar Thin Films, Inc Announces Sale of Hungarian Subsidiary and Reduction of Debt

Solar Thin Films, Inc Announces Sale of Hungarian Subsidiary and Reduction of Debt

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 the sale of all of its ownership stake of Hungarian subsidiary, Kraft, R.t. ("Kraft"), to GJR Collectibles LLC ("GJR"), which represents at least 95.5% of the capital stock of Kraft. As a result of the sale, approximately $4 million of previously-consolidated liabilities of Kraft was removed from the Company's balance sheet. James Solano commented that "this transaction dramatically improves our working capital position and adds strength to our balance sheet by substantially reducing our liabilities, which helps to position us to move forward on other fronts."

The effective date of the debt reduction is September 27, 2013.

About Solar-Thin Films, Inc.

Through its 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 which initially will be marketed and sold in the United States and the Caribbean.

Forward-Looking Statements

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

Solar-Thin Films, Inc.
James Solano, 516-341-7787
President & CEO

KEYWORDS:   United States  North America  New York


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