NEW YORK, NY -- (Marketwire) -- 05/26/10 -- Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has acquired 100% of the issued and outstanding shares of Atlantis Solar LLC ("Atlantis"). Solar Thin Films will maintain Atlantis as a wholly owned subsidiary. Atlantis intends to create a Solar Panel assembly and manufacturing facility in the US to fabricate both crystalline and amorphous silicon modules. It is anticipated that such operations will commence in Fall 2010. Atlantis has already received its first non-binding memorandum of understanding from a customer for the potential purchase of up to 80MW of crystalline modules. If the transaction is consummated, the potential gross revenues from this sale could be as much as 100 Million ($100,000,000) dollars over the next three years. Atlantis is headed by James Molinaro, co-founder of Solvinti LLC, who has over twenty-five years of executive management, sales and production experience in the Solar and Semiconductor industries.
About Solar Thin Films, Inc.
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon photovoltaic ("PV") modules through its subsidiary Kraft Elecktronikai Zrt. based in Budapest, Hungary. The Company believes that its line of thin-film photovoltaic manufacturing equipment positions it to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin-film" PV modules as part of a cost effective, "clean technology" energy solution.
Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-K, 10-Q, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").
These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.