Wednesday, August 28, 2013

Solar Thin Films, Inc Announces Agreement to Acquire Solar Potables Business, Inc.

UNIONDALE, N.Y.--(eSolarEnergyNews.com)--Solar Thin Films, an environmentally conscious company working to bring new products to market with a strong focus on Fiber Reinforced Plastics technology, as well as waste to energy and solar energy, announced today an agreement, subject to final documentation, to acquire Solar Portables Business, Inc. of Tucson, Arizona. Terms were not disclosed.

SPB manufactures and installs a line of thin solar products that meet both GSA and Department of Defense specifications. The acquisition includes $4 million of work in progress and an additional $1 million in finished goods inventory. The Company anticipates completing the acquisition in the next 30-45 days.

James Solano, Chief Executive Officer of the Company stated, “The acquisition of SPB is another essential piece of our corporate development for several reasons. First, it directly adds revenue to the Company this year from completion of work in progress, plus gives us a retail product line that should generate additional revenue opportunities next year. Second, the SPB product, which is the most advanced and approved technology available, will enhance the value of the fiber reinforced plastic shipping containers that we intend to manufacture for the Department of Defense and other customers because it will allow for the powering of tracking and locking systems used on the containers. This acquisition, along with other announcements we have made, is further evidence of the development of our Company, which should create considerable excitement for our shareholders.”

Originally posted at BusinessWire.com