Solar Thin Films, Inc announces agreement to acquire KLC Green Energy Corp.
Friday, Aug 09, 2013
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, subject to final documentation, to acquire 100% of KLC Green Energy Corp (“KLC”).
KLC manufactures a solar panel system known as Smart Solar Tracking System (the “Tracker”). The unique feature of the Tracker is that the solar panel changes position in response to the movement of the sun in relation to the earth; in essence, following the sun’s path. This feature allows for a 50% increase in the amount of energy produced by the panel and has many applications, including outdoor lighting for walkways, property lighting, etc. and can be used in both stand-alone and networked lighting applications.
The parties have agreed to finalize the agreement within 30 days. The acquisition includes 100% of KLC including a small amount of work in progress, as well as inventory. The terms of the acquisition will be reported when the definitive agreement is signed by both parties.
Source: Business Wire