Attached files
file | filename |
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8-K - SOLAR ENERTECH CORP | v171000_8k.htm |
EX-10.1 - SOLAR ENERTECH CORP | v171000_ex10-1.htm |
EX-10.3 - SOLAR ENERTECH CORP | v171000_ex10-3.htm |
EX-10.4 - SOLAR ENERTECH CORP | v171000_ex10-4.htm |
EX-10.2 - SOLAR ENERTECH CORP | v171000_ex10-2.htm |
EX-10.5 - SOLAR ENERTECH CORP | v171000_ex10-5.htm |
Solar
EnerTech Announces Changes to and Automatic Conversion of all Series A and
Series B Convertible Notes and Changes to Series A, Series B and Series C
Warrants
— New
Capital Structure Positions Company for Continued Growth —
— Two
Members Added to Board of Directors —
Mountain View, CA, January 8,
2010 – Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company")
today announced significant changes to the Company's Series A and Series B
Convertible Notes and Series A, Series B and Series C Warrants.
On
January 7, 2010, the Company retired approximately $11,559,145 in aggregate
outstanding principal owed under the Company's Series A and Series B Convertible
Notes (the "Notes") by entering into a Series A and Series B Notes Conversion
Agreement (the "Conversion Agreement") with the holders of the Notes
representing at least seventy-five percent of the aggregate principal amounts
outstanding under the Notes. Under the Conversion Agreement, all of the Notes
have been amended and election has been taken such that all outstanding
principal and all accrued but unpaid interest with respect to all of the
outstanding Notes have been automatically converted into shares of the Company's
common stock at a conversion price per share of common stock of $0.15 effective
as of January 7, 2010 (the "Conversion Date"). The holders of the Notes have
agreed to waive all accrued and unpaid late charges instead of converting them
into stock. No further payments are owing or payable under the Notes.
Approximately 78,277,055 shares of the Company's common stock are issuable in
the conversion. As of the Conversion Date, each Note no longer represents a
right to receive any cash payments (including, but not limited to, interest
payments) and only represents a right to receive the shares of common stock into
which such Note has been automatically converted into.
On
January 7, 2010, the Company also entered into an Amendment to the Series A,
Series B and Series C Warrants (the "Warrant Amendment") with the holders of at
least a majority of the common stock underlying each of the Company's
outstanding Series A Warrants, Series B Warrants and Series C Warrants. The
Warrant Amendment reduces the exercise price for all of the Warrants to $0.15,
removes certain maximum ownership provisions and removes antidilution provisions
for lower-priced security issuances.
In
addition, the Board of Directors appointed David A. Field and David Anthony to
the Company's Board of Directors, effective upon the date of the Company's
filing of its Form 10-K for the fiscal year ended September 30, 2009. Mr. Field
is currently the President and Chief Executive Officer of Applied Solar, LLC and
a director of ThermoEnergy Corporation. Mr. Anthony is currently the Managing
Director of 21 Ventures and sits on the boards of ThermoEnergy Corporation,
Agent Video Intelligence, Axion Power International, Inc., 3GSolar,
BioPetroClean, and VOIP Logic.
Commenting
on the restructuring, Mr. Leo Young, Chief Executive Officer of Solar EnerTech
said, "We are pleased to be able to restructure and retire our Series A and
Series B Convertible Notes. Our efforts to improve our capital structure will
improve our balance sheet and help support our strategic expansion and long term
growth initiatives."
Commenting
on the addition of Messrs. Field and Anthony, Mr. Young said, "We are pleased to
announce that David Field and David Anthony have joined our Board of Directors.
We believe they will be wonderful additions and look forward to their input and
expertise as we endeavor to continue to grow Solar EnerTech."
About
Solar EnerTech Corp.
Solar
EnerTech is a photovoltaic solar energy cell manufacturing enterprise
incorporated in the United States with its corporate office in Mountain View,
California. The Company has established a 67,107-square-foot
manufacturing facility at Jinqiao Modern Technology Park in Shanghai, China. The
Company currently has two 25MW solar cell production lines and a 50MW solar
module production facility.
Solar
EnerTech has also established a Joint R&D Lab at Shanghai University to
develop higher efficiency cells and to put the results of that research to use
in its manufacturing processes. Led by one of the industry's top
scientists, the Company expects its R&D program to help bring Solar EnerTech
to the forefront of advanced solar technology research and
production.
Safe
Harbor Statement
Statements
contained in this press release, which are not historical facts, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
largely on current expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that could cause
actual events and results to differ materially from these statements. These
statements are not guarantees of future performance, and readers are cautioned
not to place undue reliance on these forward-looking statements, which are
relevant as of the date of the given press release and should not be relied upon
as of any subsequent date. Solar EnerTech undertakes no obligation to update
publicly any forward-looking statements.