August 28, 2013 - Solar Thin Films announced today an agreement, subject to final documentation, to acquire Solar Portables Business, Inc. ("SPB") of Tucson, Arizona. Terms were not disclosed.
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."