Solar Thin Films now owns 95% of QRT

(SeeNews) - May 6, 2013 - US solar equipment maker Solar Thin Films (OTC:SLTZ) said Friday it had acquired 95% of Quality Resource Technologies Inc (QRT) in an equity transaction.

Houston-based QRT focuses on developing, manufacturing and selling of light-weight fiber reinforced shipping containers, storage and housing units.

As part of a contract to buy the full issued and outstanding capital of QRT, Solar Thin Films has taken possession of the 95% stake in exchange for 50% of its own outstanding shares. Within a 30-day period after completing the acquisition, which occurred on April 30, the buyer will seek to obtain approval to purchase the remaining shares of QRT, it said.

Solar Thin Films plans to obtain some USD 5 million (EUR 3.8m) through issuing new common shares of the company. At least USD 2 million of the proceeds it targets will be raised within 60 days after the acquisition of QRT. The remaining amount will be raised within a 150-day period.

Following the transaction, the buyer will have three operating units -- one for developing patent container technology for the shipping segment, another one for constructing hurricane housing and a renewable energy division.

(USD 1.0 = EUR 0.762)

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