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Solar Thin Films, Inc. Subsidiary Atlantis Solar LLC Signs MOU

^{Published on 2010-06-07 06:50:28 - Market Wire}
 

NEW YORK, NY--(Marketwire - June 7, 2010) - Solar Thin Films, Inc. (OTCBB: [ SLTZ ]) today announced that its US manufacturing division, Atlantis Solar LLC (Atlantis), has signed an agreement with Solterra Fotovoltaico S.A. ("Solterra") wherein Solterra will purchase USA assembled solar panels from Solar Thin Films, Inc. Solterra is a developer of solar energy projects in Italy, Switzerland and Romania. The potential size of the agreement will be up to 80MW during 2010 and 2011. The initial contract for 2010 would be for a total of 18MW or nearly $20,000,000 with the entire project approaching $100,000,000. In order for the MOU to become a final contract, Atlantis is required to meet certain conditions.

About Solar Thin Films, Inc.
Solar Thin Films ([ www.solarthinfilms.com ]) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon photovoltaic ("PV") modules through its subsidiary Kraft Elecktronikai Zrt. based in Budapest, Hungary. The Company sells both "turnkey systems" and sub-systems to customers currently located in China, Spain and the United States and has produced equipment for installations in the US, Germany, Portugal, Taiwan, Greece and Spain. The Company believes that its line of thin-film photovoltaic manufacturing equipment positions it to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin-film" PV modules as part of a cost effective, "clean technology" energy solution. Atlantis Solar LLC is the US manufacturing arm of Solar Thin Films, Inc.

Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-K, 10-Q, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").

These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.