Day4 Energy completes ACI acquisition

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At the completion of the acquisition 5,400,000 common shares of the company were issued at a price of USD$0.90 per share. The company said the balance of the common shares may be issued subject to earnout provisions as set forth in the purchase agreement related to this acquisition.

At the closing of the acquisition, ACI and the vendor of the ACI shares, DE Solar Holding GmbH entered into a long-term relationship agreement whereby DE Solar and its group members agreed not to sell the common shares of the company for a period of three years (with the common shares acquired, being released in three equal installments annually over the three year period), and on any sale the company has the prior right to arrange for a purchaser.

The DE Solar group is not permitted to sell more than 2,000,000 common shares of the company in any one year and sales have to be in a maximum size of 500,000 shares. DE Solar has agreed that it will not acquire more than 30 percent of the issued common shares of the company and that it will not solicit proxies or enter into any transaction to effect control of the company.

The company has agreed to appoint two nominees of DE Solar to the board of directors of the company. The long-term relationship agreement terminates when DE Solar and its group members cease to hold 15 percent of the company's common shares, subject to the above noted hold periods.

DE Solar also entered into an agreement not to compete with Day4 Energy and its subsidiaries for a period of three years.

"This is truly a momentous day for both organizations," noted George Rubin, president of Day4 Energy. "Over the past three years, Day4 Energy has successfully commercialized its patented Day4 Electrode and Guardian technologies, and completed the industrial scale-up of its proprietary manufacturing processes. Today, with a strong track record of superior in-field performance of our advanced photovoltaic modules, we are well positioned to evolve our business model towards offering our customers a turn-key manufacturing system for our Day4 branded solar pv modules" concluded Mr. Rubin.

With the acquisition of ACI complete, Day4 Energy is uniquely positioned to significantly alter the traditional approach to manufacturing and distributing solar photovoltaic cells and modules. ACI, located in South Germany, develops, builds, and integrates state-of-the art production automation and process equipment for the photovoltaic industry. Together, the combination of Day4 Energy's proprietary and patented technologies and ACI's specialized equipment and manufacturing processes has enabled the roll-out of Day4 solarSYSTEMS – a turn-key manufacturing system for photovoltaic cells and modules.

"With technological differentiation rapidly emerging as a critical area for most PV manufacturers, we believe the combination of our state-of-the-art equipment and Day4 Energy's technology will offer an unbeatable combination for those organization looking to gain an advantage in the high-growth but competitive market for pv modules" said Mr. Karl-Heinz Menauer, CEO of ACI. "Innovation has long been a hallmark of both organizations, with ACI recently recognized as one of Germany's 100 most innovative small to medium-sized enterprises" concluded Mr. Menauer.

http://www.day4solarsystems.com