Management has been advised that during the month of October another entity (the "Entity") will enter into an agreement with the Company's largest creditors granting the Entity an option to purchase the debt which was owed to such creditor by the Company. This Entity intends to enter into an agreement with the Company granting an option to the Entity to convert an aggregate of $1,176,466 of the Company's debt into shares of the Company's common stock at a conversion price of $0.03 per share. There can be no assurance that this option will be exercised. The Company will remain liable for the full payment of the principal, interest and all obligations pursuant to the Company's indebtedness to such creditor if the option is not exercised.
If all of the options are exercised, this will be a major step in cleaning up the Company's balance sheet. In addition, the Company intends to restructure itself into an international developer and syndicator of solar power projects.
About Solar Thin Films, Inc. Solar Thin Films, Inc. was formerly engaged in the manufacturing of solar module production equipment and turn-key amorphous silicon module factories. The Company is establishing itself as, an international developer and syndicator of solar power projects.
Source: http://www.marketwatch.com/story/solar-thin-films-inc-reaches-agreements-for-option-to-convert-debt-2011-10-17
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