By Greentech Lead
Australia: DayStar Technologies has acquired 10 percent interest in Eco
Energy Solutions (Australia) as part of the Company’s new strategic initiative
to become a more fully integrated, global renewable energy company.
Eco Energy Solutions specializes in the design,
construction, and maintenance of solar projects with operations in Australia,
Fiji, and Somoa.
With this acquisition, DayStar plans to enter into the
attractive and growing Australian and South Pacific renewables markets as well
as the energy project solutions business.
DayStar acquired the 10 percent stake in Eco Energy
Solutions through the issuance of 285,714 shares of DayStar common stock valued
at $2.80 per share to Eco Energy Solutions owner Ronald Garry Yost.
With DayStar’s acquisition of a 10 percent interest,
Sunlogics Power Fund Management, a wholly owned subsidiary of Salamon
Group, will own a 90 percent stake in Eco Energy Solutions.
This is 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.
“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,” said Peter Lacey, chairman and interim CEO, DayStar.