VANCOUVER, British Columbia,
Feb. 7, 2013 /PRNewswire/
-- Quantum Solar Power Corp. ("Quantum") (OTCBB:
QSPW)
Glass Technology
As a by-product of research on Quantum's photovoltaic
technology, a discovery was made of a way of nano-structuring glass
to make it super hydrophobic (water beads and rolls off) and
resistant to oil and other materials. Given that the solar panel
prices are currently very low as a result of Chinese manufacturers
flooding the market with low cost silicon products, Quantum has
determined to focus its research activities on this glass
technology. The technology has potential application to many
different kinds of glass products particularly advanced glass
products such as glass for touchscreens, car glass and
mirrors. Although Quantum has developed the technology no
patents have been obtained to date. Because of the difficulty
obtaining financing in Quantum due to its current stock market
prices and debt burdens Quantum will seek to obtain financing to
develop the technology through NanoSMC Structured Materials Corp.
("NanoSMC"), a wholly owned subsidiary focused on glass research
and development.
Settlement with Simon Fraser
University
On January 30, 2013, Quantum, its
wholly-owned subsidiary, 0935493 B.C. Ltd. ("NumberCo") and
Canadian Integrated Optics, BC Ltd. ("CIO"), (collectively the
"Debtors") entered into a settlement agreement (the "Settlement
Agreement") with Simon Fraser
University ("SFU") to settle obligations totaling
$455,901 (the "SFU Indebtedness")
under the terms of the Amended Research Agreement between the
Debtors and SFU. The SFU Indebtedness was incurred by CIO in
the course of conducting research activities at SFU on behalf of
Quantum. Quantum and NumberCo had guaranteed (the
"Guarantee") the majority of the SFU Indebtedness in May of 2012
and Quantum was obligated to pay the balance of the SFU
Indebtedness which was incurred from research activities conducted
on Quantum's behalf between May and November of 2012. The
guarantee of Quantum and NumberCo was secured by a security
agreement granting SFU security over three Kurt J. Lesker PVD 75
deposition tools (the "Collateral"). Under the terms of the
Settlement Agreement by Bills of Sale dated for reference
January 22, 2013, NumberCo
transferred the Collateral and certain supporting equipment to
SFU. In addition, the Debtors agreed to release any possible
claims they may have had against SFU for losses possibly incurred
from the mislabeling of gasses at SFU's 4D Lab Facility. In
addition to providing the Debtors with a release of the obligations
under the Amended Research Agreement, Guarantee and Security
Agreement, SFU agreed to release claims to the intellectual
property developed under the Amended Research Agreement.
Resignation of Andras
Pattantyus-Abraham.
Effective January 31, 2013,
Andras Pattantyus-Abraham resigned
as President, Chief Executive Officer and as a Director of
Quantum. Dr. Pattantyus-Abraham's resignation was not due to,
and was not been caused by, in whole or in part, any disagreement
with Quantum, whether related to the Quantum's operations,
policies, practices or otherwise.
Effective February 6, 2013,
Quantum appointed Daryl Ehrmantraut
as its Chief Executive Officer and President. Mr. Ehrmantraut
is also the Chief Operating Officer and a director of Quantum.
Settlement with Creditors
Quantum is continuing negotiations with its other creditors and
hopes to be able to resolve most of its liabilities through a
combination of asset transfers, share issuances of Quantum and/or
NanoSMC and future cash payments by Quantum or NanoSMC when
financing is obtained.
About Quantum Solar Power Corp.
Quantum is developing, through its subsidiary NanoSMC Structured
Materials Corp. ("NanoSMC"), a proprietary technology for making
nano-structured glass that is super hydrophobic and resistant to
other materials.
Quantum also holds technology for a "Next Generation Device"
(NGD™) photovoltaic device. Quantum's NGD™ is a patent pending,
technology that utilizes a new approach to solar power conversion
with the potential to remove the necessity of utilizing expensive
silicon semiconductor-based technologies.
Forward-Looking Statements This news release contains
forward-looking statements regarding future events and Quantum's
future results that are subject to the safe harbors created under
the Securities Act of 1933 (the "Securities Act") and the
Securities Exchange Act of 1934 (the "Exchange Act") and constitute
"forward looking information" within the meaning of U.S. securities
laws. These statements include statements about Quantum's planned
technological development plan and are based on material factors
and assumptions including Quantum's management's current
expectations, estimates, forecasts, and projections about the
industry in which Quantum operates and the beliefs and assumptions
of Quantum's management. Words such as "expects,"
"anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," "continues," "may," variations of
such words, and similar expressions, are intended to identify such
forward-looking statements. In addition, any statements that refer
to projections of Quantum's future financial performance, Quantum's
anticipated growth and potentials in its business and other
characterizations of future events or circumstances are
forward-looking statements. Readers are cautioned that these
forward-looking statements are only predictions and are subject to
risks, uncertainties, and assumptions that are difficult to
predict, including the risk that Quantum's technological
development plan may not be successful, and those risks identified
in Quantum's periodic reports filed on EDGAR. Therefore, actual
results may differ materially and adversely from those expressed in
any forward-looking statements. Quantum undertakes no obligation to
revise or update any forward-looking statements for any reason.
Contact: Daryl Ehrmantraut
Chief Executive Officer
Quantum Solar Power Corp. media@quantumsp.com
+1 (604) 681-6311
SOURCE Quantum Solar Power Corp.