DayStar Announces Management Change

MILPITAS, Calif., Feb. 28, 2011 /PRNewswire/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced that Magnus Ryde has resigned from his roles as Chief Executive Officer and Director of DayStar effective February 28, 2011, in order to pursue other opportunities.

"I am grateful for the opportunity to have led DayStar throughout this past year and am confident that the progress we have made to restructure our balance sheet and in discussions with potential strategic partners have DayStar well positioned for near-term success," commented Magnus Ryde.

Peter Lacey, DayStar's Chairman of the Board, has been appointed to the additional position of Interim Chief Executive Officer, effective February 28, 2011. Mr. Lacey commented, "We appreciate the leadership that Magnus Ryde provided to DayStar during this very challenging time as well as the progress that has been made during Mr. Ryde's tenure as CEO to position the Company for a successful strategic partnership. I look forward to taking a more active role in the day-to-day operations of the business and working closely with the rest of the management team during this very exciting time for the Company. I am committed to doing everything necessary to continue to build upon the progress that has been made to position the Company for a strategic partnership and to lead DayStar through its next phase of growth."

Mr. Lacey has served as our Chairman of the Board since October 2009. Mr. Lacey has been the President, Chief Executive Officer and a Director of Cervus Equipment Corporation since May 2003. Cervus Equipment Corporation, which had over $450 million in revenue in 2010 is listed on the TSX – Toronto Stock Exchange (CVL) and operates 15 agricultural and turf John Deere stores in Alberta, Saskatchewan, and British Columbia, as well as 5 Bobcat and JCB construction equipment stores in Alberta and 10 material handling equipment branches in Alberta, Saskatchewan and Manitoba. Mr. Lacey is also the President, Chief Executive Officer and a trustee of Proventure Income Fund, a public real estate income trust (REIT) listed on the TSX Venture Exchange, which is in the commercial rental property business and provides commercial real estate leases to Cervus and other companies since November 2005. Mr. Lacey has also been the Chairman of the Board and Director of Eveready Energy Services, a public company listed on the Toronto Stock Exchange that provides industrial and oilfield maintenance and production services to the energy, resource, and industrial sectors, since September 2004. Eveready was sold to Clean Harbors Inc. in 2009. Mr. Lacey has been a member of the Red Deer College Board of Governors and Chairman.