News
DayStar Technologies "Making Free Energy Affordable"
DayStar CEO Releases Current Operational Update and Clarifies Three-Year Vision and Mission
Halfmoon, NY – (PR Newswire) – March 28, 2006 – Dr. John Tuttle, Chairman and CEO of DayStar Technologies, Inc. (NASDAQ: DSTI), a developer and manufacturer of solar cells on flexible media, today released an operational update detailing progress that has been made by DayStar over the past several months a well as a briefing on the Company’s updated Vision and Mission. Dr. Tuttle stated:“In addition to providing our regular Operational Update, I would like to take this opportunity to brief our stakeholders on the results of our recent “vision quest”. With input from the investment community, our customers, our regional and national governmental partners and future commercial partners, DayStar’s executive management team convened to solidify our Company Vision and Mission, which has manifested in clarity of intention for 2006 and beyond. This was and remains an exciting and dynamic process. In the coming weeks, we intend to further outline our plans in even more detail, as we complete our 2006-2008 strategic execution planning.
Operations:
“Since my last Operational Update, DayStar has been immersed in growing all facets of our Company. We have again nearly doubled our staff and now employ nearly 60 high quality people. We achieved many of our internal end-of-year milestones by shipping product to our two commercial customers and we have experienced both significant technological progress, as well as anticipated production challenges (e.g. equipment delivery delays). Attention to our industry in general and our products in particular has also provided us a wealth of business development opportunities, which will further refine our Company’s focus.
“In my last update, I described the various production level milestones that we are looking to achieve in the near future. The last quarter of 2005 saw DayStar initiate Pilot production of our CIGS solar cells. This effort enabled us to exercise our Gen II line and discover various process strengths, weaknesses and bottlenecks. Our efforts in early 2006 have focused on expanding this capability to higher volumes and on enhancing product quality and suitability of our cells for various traditional and unique module-making processes. As such, we have been operating, and will continue to operate, in a development mode until we transition our production to a highly targeted cell design, performance specification and refined production process. We anticipate being in this operation mode through the end of the 2nd Quarter, after which we will refocus our efforts toward Commercial Scale production and resume larger volume shipments to our customers.
“A major requirement for this effort was the expansion of our manufacturing team. We are very pleased to have secured the services of Mr. Jack McCaffrey, our new Vice President of Manufacturing, who brings a tremendous level of knowledge and maturity to this function. We are also winding down the search for our new Chief Operating Officer to round out our executive management team and take us marching forward towards achieving our goals in all aspects of our growing business.
Vision and Mission:
“As we look forward to the rest of 2006 and beyond, we are drawing certain conclusions about how to best compete in the PV marketplace. The 2005 industry production numbers are out. The PV industry again maintained steady growth, however the well-documented shortage of Silicon feedstock appears to threaten future industry growth scenarios. Whereas this fact looms as a black cloud with those that rely on this raw material, it represents an unprecedented opportunity for DayStar’s product line of CIGS solar cells. Therefore, rapid expansion of our manufacturing capabilities is of the highest import (closely behind the need for product performance and reliability).
“A significant element in our expansion plans is the need to rapidly design, construct, test and then replicate our manufacturing infrastructure. To this end, we recently announced the launching of our new Equipment Development Group, to be located in Santa Clara, California, in the heart of Silicon Valley. We are confident this augmentation of our core capabilities will pay significant future dividends to our stakeholders and better enable us to quickly build our solar cell factory capacity here in New York State.
In this quest, we foresee the following 3-D road map:
2006: Initiate Revenue
2007: Grow Revenue
2008: Achieve Profitability
Dr Tuttle concluded, “In the weeks to follow, I will communicate the specific steps we feel will enable us to Develop, Demonstrate and Deploy our unique PV manufacturing platform; replication of which will move us one step closer to realizing the ultimate goal of our new company tag line- "Making free energy affordableTM”.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is an emerging leader in low cost, high efficiency Photovoltaic Foil™ that converts sunlight into energy. The Company manufactures CIGS solar cells, which are deposited on flexible metal foils using production processes adapted from computer component manufacturing. 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.
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