June 07, 2006
By: by Sawchuk, Brown Associates
Halfmoon, NY — (PR Newswire) — May 18, 2006
— Dr. John Tuttle, Chairman and CEO of DayStar Technologies, Inc. (NASDAQ: DSTI), a developer and manufacturer of innovative Photovoltaic Foiläproducts, today announced plans to accelerate the Company’s manufacturing capacity along with the 2006 Milestones required to support the mission. Dr. Tuttle stated:
“We strongly believe that the global demand for non-fossil fuel energy solutions, the continued shortage of Silicon solar cells, the progress and experience we have achieved to date, and the support and encouragement from our stakeholders have converged to create a window of opportunity that has driven us to accelerate the deployment of our manufacturing capabilities. To accomplish this we have developed an execution plan that includes a number of near term achievable milestones. The purpose of releasing this plan to our Stakeholders is to provide a framework for monitoring our progress in the coming months and years.
“Over the past few months, with the addition of three high-level executives to our Team, we have completed our 2006-2008 execution plan to fulfill our three-year Mission Statement: Establish a profitable manufacturing platform, expandable to Gigawatt (GW) scale,by 2008 (one GW equals one thousand Megawatts). DayStar’s Mission is consistent with President Bush’s ‘Solar America Initiative (SAI)’, which also calls for an acceleration of US solar cell manufacturing capacity to achieve five to ten GW of generating capacity by 2015 (enough to power one to two million households). We believe such expansion can only be accomplished with a scaleable thin-film technology, that CIGS is the optimum thin-film solution and that DayStar’s unique approach and capabilities are best positioned within the PV industry to accomplish this goal.
“We are on target to complete our current process development initiatives and transition from pilot-scale to commercial-scale production on our Gen II manufacturing line by the end of the second quarter of this year. This production line is a tremendous learning tool for us and has served as proof of product and production viability of discrete Photovoltaic Foilsä. Upon reaching commercial-scale production, we will have completed the objective of our Gen II program. Accordingly, we are now concentrating the majority of our production program efforts and associated funding on bringing our higher volume and lower cost Gen IIIäline up earlier than previously planned.
“Last month, we announced the creation of our new Equipment Development Group to support the development of our first Gen IIIäplatform. We project that this production line will be installed in our expanded manufacturing facility in New York in early 2007 and will have a target capacity of 10 MW per year. Additional production tools are planned to reach a minimum of 20 MW per year capacity by the end of 2007. Once efficacy of our Gen III product and production has been proven, we will be in a position to replicate this platform and expand our total production capacity. In parallel with replication of this platform, we will develop an expanded platform to achieve greater economies of scale consistent with our Mission. Our first target is to fill out our New York manufacturing facility with 100 MW of production capacity. Success at this juncture will form the basis for dramatic expansion and duplication of numerous facilities worldwide.
“The following is a brief list of the 2006 Milestones we will work towards to achieve these goals.
“We believe this updated execution strategy and the supporting milestones are appropriate responses to evolving market conditions and will enable us to more rapidly serve our existing and future customers, accelerate our path to profitability, achieve GW-scale manufacturing capacity consistent with the mission of the President’s SAI, and increase value to our shareholders. Completing our Gen II program is analogous to leaving base camp on the way to climbing a high mountain peak. Executing on our Gen IIIäprogram enables us to reach the summit of our goal of Making Free Energy Affordableä.”
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is an emerging leader in low cost, high efficiency PhotovoltaicFoil™ that converts sunlight into energy. The Company manufactures CIGS solar cells, which are deposited on flexible metal foils using production processes adapted from the semiconductor and magnetic drive industries. As an alternative to wafer-silicon solar cells, DayStar believes the unique combination of its CIGS solar cell design coupled with proprietary manufacturing processes on flexible metal substrates could substantially lower costs and remove deployment barriers currently limiting large adoption of solar energy. For more information on the Company, please visit http://www.daystartech.com.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future, " "plan" or "planned, " "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks that our products may not achieve customer acceptance or that they will not perform as expected, and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and DayStar Technologies Inc. undertakes no obligation to update such statements.