(By Balaseshan) DayStar Technologies Inc. (NASDAQ: DSTI) said it has agreed to exchange indebtedness for common stock which resulted in the company increasing its net worth by about $3.9 million.
The transaction consisted of the exchange of about $3.9 million of indebtedness (including accrued interest) held by Peter Lacey, the Chairman of the Board for DSTI, for shares of common stock valued at $1.20 per share.
"We are very pleased with this transaction which strengthens the company's balance sheet. This transaction reflects our commitment and support of its goals. We are excited about our Global Renewable Utility Market concept, and a cleaner balance sheet will help facilitate that growth," said Lorne Roseborough, President of DayStar.
[Related -Daystar Technologies (DSTI) Appoints John Ng as Finance Chief, Replacing Dale Hoover]
DayStar is a developer of solar photovoltaic products for solar photovoltaic (PV) products based upon copper indium gallium diselenide (CIGS) thin film deposition technology.
The company is currently embarked on a strategy of strategic partnerships to enter new markets within the global renewal energy industry including ownership and construction of solar and renewable power plants.
The company utilizes a one-step sputter deposition process and has manufactured a commercial scales deposition tool to apply copper indium gallium diselenide (CIGS) material over area glass substrates in a continuous fashion.
DSTI is trading up 6.31% at $1.18 on Wednesday. The stock has been trading between $0.90 and $3.50 for the past 52 weeks.