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Monday, June 4, 2012
(SLMU) and Sunlogics Power Management Inc Announce Sale of 10% Interest of (DSTI)
SOURCE: Salamon Group, Inc.
June 04, 2012 14:09 ET
Salamon Group (SLMU) and Sunlogics Power Management Inc. Announce Sale of 10% Interest of Eco Energy Solutions Australia to DayStar Technologies (DSTI)
LAS VEGAS, NV--(Marketwire - Jun 4, 2012) - Sunlogics Power Management Fund, a wholly owned subsidary of Salamon Group (OTCQB: SLMU) (PINKSHEETS: SLMU), reduced approximately $800,000 in debt with the sale of 10% interest in Eco Energy Solutions (Australia) Pty Limited to DayStar Technologies, Inc. (DSTI), a NASDAQ listed Company.
Michael Matveishen stated, "We look forward to the expanding business relationship between our two companies. Strategic deals like this one, allowed Sunlogics to reduce debt and DayStar an entry foothold into the global renewable energy market. Sunlogics and DayStar are committed to a long-term working relationship in the renewable energy markets."
The acquisition of Eco Energy Solutions (Australia) Pty Limited ("Eco Energy Solutions") represents DayStar's entry into the energy project solutions business establishing a presence in the areas of engineering, construction, and ownership of solar power generation projects. This also establishes DayStar's initial footprint in the attractive and growing Australian and South Pacific renewable energy markets. Eco Energy Solutions specializes in the design, construction, and maintenance of solar projects with operations in Australia, Fiji, and Samoa.
With DayStar's acquisition of a 10% interest, Sunlogics Power Fund Management, Inc.("Sunlogics"), a wholly owned subsidiary of Salamon Group, Inc. (OTCQB: SLMU) (PINKSHEETS: SLMU), will own a 90% stake in Eco Energy Solutions, and this represents the first strategic acquisition in which DayStar and Sunlogics have a mutual interest. The management of DayStar and Sunlogics intend to continue to pursue strategic opportunities that will be beneficial to the shareholders of both companies.
DayStar Chairman and Interim CEO, Peter Lacey, commented: "We are extremely excited to announce the investment in Eco Energy Solutions. This transaction represents a critical step in the new strategic direction of DayStar. Garry Yost and his team have built a very successful and dynamic business with expertise in several areas of the energy projects solutions business, specifically within the Australian and South Pacific markets. We look forward to working with Garry and the team to build upon the successful history of Eco Energy Solutions and continuing to work with the Sunlogics management team to pursue opportunities that will be mutually beneficial to our shareholders."
About SALAMON GROUP, INC.
Salamon Group, Inc., through its Sunlogics Power Fund Management Inc. division, is a solar energy project company specializing in the construction management and acquisition of renewable energy power projects. Sunlogics Power also looks to acquire assets and other companies in the solar and renewable energy space that are a strategic fit. Sunlogics Power is also a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers, http://www.sunlogicspowerfund.com.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is a developer of solar photovoltaic products based upon CIGS thin film deposition technology and is currently embarked on a strategy of strategic partnerships to enter new markets within the global renewal energy industry. For more information, visit the DayStar website at www.daystartech.com.
For further information about this release, contact William Nalley, Investor Relations, Orsay Groupe, Inc., firstname.lastname@example.org and/or 305-515-8077.
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