DayStar Technologies, Inc. (NASDAQ: DSTI) confirmed today that 55 million common shares have been received into escrow. The company is also to receive senior secured preferred shares of PacWest Equities with a par value of 27 million dollars for the sale of DayStar’s CIGS technology assets. The closing of this sale is subject, among other things, to the final approval of DayStar’s shareholders at a meeting which it expects to hold after the final version of DayStar’s proxy statement for the meeting is filed with the Securities and Exchange Commission. DayStar has received confirmation from stakeholders that there are sufficient numbers in favor of this proposal to carry the necessary vote to approve the sale.
CEO Lorne Roseborough stated, “We believe this transaction fits well with our business model and expect it will save DayStar $20,000.00 per month in warehousing costs and eliminate the losses the company has been recording from asset deprecation of several million dollars per year, thereby strengthening our equity.”