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Alt Energy Business: DayStar To Extinguish $1 Mil Of Debts

October 25, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — DayStar Technologies, Inc. (NASDAQ: DSTI), a developer of solar photovoltaic products, said it has inked agreements to extinguish around $1 million in outstanding debts.

According to DayStar, Socius CG II, Ltd. has entered into agreements with fourteen of DayStar's vendors pursuant to which Socius purchased around $1 million of the aggregate amount of debt, and then settled the resulting amounts owed in exchange for free-trading shares of DayStar's common stock.  

According to the company, the debts extinguished in this transaction will initially be settled in exchange for around 325,000 free-trading shares of DayStar's common stock, subject to final adjustment.

The initial number of shares to be issued to Socius will be adjusted on the 21st trading day following the date on which the initial shares were first issued based on a 25 percent discount to the volume weighted average price of DayStar's common stock over the 20-day period.

In no event will the aggregate number of shares of common stock issued to Socius exceed 9.99% of the total number of shares of the company's common stock outstanding.  

California-based DayStar Technologies is a developer of solar photovoltaic products based on CIGS thin-film deposition technology.


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