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Article by DailyStocks_admin    (09-19-08 03:09 AM)

Filed with the SEC from Sep 04 to Sep 10:

DayStar Technologies (DSTI)
Quercus Trust owns 26,673 shares (0.1%) after selling 257,355 from Aug. 11 through Aug. 28, at prices ranging from $2.96 to $3.46, and 1.8 million on Aug. 28 at $3.15.

CEO BACKGROUND

Randolph A. Graves, Jr. Dr. Graves was appointed Chairman of the Board on January 22, 2007. He joined us as a director in October 2003 and has served as our Lead Director from October 2006 to April 2008. From 1991 to 2005, Dr. Graves served as Executive Consultant with Graves Technology Inc., a consulting and design company and since 2002 has served as the acting Chief Financial Officer of Eurotech, Ltd., a public company that acquires, develops, and markets chemical and electronic technologies and products for use in environmental and security markets. Dr. Graves previously served as Eurotech’s Chairman and Chief Executive Officer, and prior to joining Eurotech was the President of Graves Technology, Inc. Dr. Graves was formerly the President and Chief Executive Officer of Mosaic Multisoft Corp., a Research Leader at NASA Langley Research Center, and Director, Aerodynamics Division, at NASA headquarters in Washington, D.C. Dr. Graves received his B.S. and M.S. degrees from Virginia Polytechnic Institute and State University, his Master of Management from Stanford University’s Graduate School of Business, and his D.Sc. from George Washington University.

Stephan J. DeLuca. Dr. DeLuca has served as our Chief Executive Officer since November 2006 and as a director since October 2006. Dr. DeLuca joined us in April 2006 as our Chief Operating Officer. From January 2001 to April 2006, Dr. DeLuca was Vice President, Worldwide Sales and Business Development for INFICON Holding AG, a leading developer, manufacturer, and supplier of innovative vacuum instrumentation, critical sensor technologies, and process control software for the semiconductor and related industries. Dr. DeLuca joined INFICON in January 1991 as Product Manager for Gas Analysis products. In 1994, he assumed responsibility for the start up of INFICON’s Environmental Health and Safety business unit, and from May 2000 through December 2002 he managed INFICON’s Asia Sales operations, based in Taiwan. Dr. DeLuca holds a Ph.D. in Applied Chemistry from the Colorado School of Mines, an MBA from Syracuse University, an MS in Geochemistry from the Colorado School of Mines, and a B.A. in Chemistry from University of California, San Diego.

Robert G. Aldrich. Dr. Aldrich joined us as a director in October 2003. Since 1995, Dr. Aldrich has provided executive and consulting assistance to identify and develop business opportunities arising from globalization, technology, environmental quality, and energy deregulation. From September 2000 to 2005, he served as Chief Executive Officer of Dirigo Energy, Inc., an energy-related risk management company. Other assignments during 2000 to 2005, included serving as a director and interim President of TTI Technologies, Inc., a developer of solid waste fluidized bed combustion systems; Chairman of Burstpower, Inc., a developer of ultracapacitor energy storage products; President, Commercial Operations, Solo Energy Corporation, a catalytic microturbine developer; and resident executive, leadership and management training, for the Onshore Oil Company of Abu Dhabi, United Arab Emirates, a company that explores, drills, develops and exports crude oil. Dr. Aldrich served from 1992 to 1995 as Vice President and Group Vice President, Electric Power Research Institute. Since 1992 he has been a member of the American Management Association’s International Council. From 1993 to 1995, he was a director of Ramtron, a public company developing non-volatile memory chips. Dr. Aldrich holds a Ph.D. in Solid State Science and Technology from Syracuse University and a Bachelor in Metallurgical Engineering from Rensselaer Polytechnic Institute.

Kevin S. Flannery. Mr. Flannery joined us as a director in March 2007. Since 1992, Mr. Flannery has served as President and Chief Executive Officer of Whelan Financial Corporation, a crisis management and consulting firm. He is also Chairman and Chief Execution Officer of Rehrig United Inc., a manufacturing company in Richmond, Virginia. He was Chairman of the Board and Chief Executive Officer of RoweCom, Inc. a provider of service and e-commerce solutions for purchasing and managing print and e-content knowledge resources, from April 2002 to October 2004, and Chairman of the Board and Chief Executive Officer of Telespectrum Worldwide a telemarketing and customer service company, from May 2002 to August 2004. From 1976 to 1991, Mr. Flannery was a Senior Managing Director of Bear, Stearns & Co., a global investment bank and securities trading and brokerage firm. He also currently serves as Chairman of the Board of FPM Heat Treating LLC, a leading provider of heat treat processes; Vice Chairman of the Board of Texas Petrochemicals Inc., a chemical company; and as a Director of Luxfer Holdings PLC, a manufacture of high performance engineering materials, and Particle Drilling Technologies, Inc., an oilfield service and technology company.

Richard Nevins. Mr. Nevins joined us as a director in November 2007. In May 2008, he rejoined Jefferies & Company, Inc., a full service investment bank, as a Managing Director in the Corporate Finance Division. He currently serves as a director for InSight Health Services Corp., national provider of diagnostic imaging services;

Aurora Trailer Holdings, a provider of services to the nationwide network of distributors; and SPELL C LLC, a licensing services company and subsidiary of The Cherokee Group. Prior to rejoining Jefferies & Company, Mr. Nevins served as interim Chief Executive Officer for InSight Health Services from August 2007 to May 2008. From July 2007 to September 2007, Mr. Nevins served as interim Chief Executive Officer of U.S. Energy Systems, Inc., a renewable energy company, where he assisted the company in evaluating and implementing its reorganization efforts. In January 2008. U.S. Energy Systems, Inc. and two of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. From 1998 to July 2007, Mr. Nevins served as Managing Director and co-head of the Recapitalization and Restructuring Group of Jefferies & Company, Inc., where he established and led the international recapitalization and restructuring team in London from 2004 until he retired from Jefferies in 2007. Prior to his tenure at Jefferies & Company, Mr. Nevins served in several leadership positions as a director, financial advisor, and corporate executive. Mr. Nevins holds an MBA from the Stanford Graduate School of Business and a Bachelor of Arts in Economics from the University of California, Riverside.

Scott M. Schecter. Mr. Schecter joined us as a director in January 2005. Since April 2005, Mr. Schecter has served as the Chief Financial Officer of HydroGen Corporation, a company in the business of designing and manufacturing air-cooled Phosphoric Acid Fuel Cell power generation systems and is currently serving as a director of bieMEDIA, LLC, a media design, production, distribution and technology company. From 1994 to 2004, Mr. Schecter served as Vice President, Chief Financial Officer, and Treasurer of Fuel Tech, Inc., a technology company which develops, commercializes and applies state-of-the-art proprietary technologies for air pollution control. He also served as Chief Financial Officer from 1995 through 1999 of Clean Diesel Technologies, Inc., a publicly traded development stage company in the specialty chemical business. In 1990, Mr. Schecter participated in a management buyout of American Vision Centers, Inc., a consumer products company, and served as that company’s Senior Vice President and Chief Financial Officer through January 1994. He received his Bachelor of Science degree in Accounting with Distinction from State University of New York at Albany and an MBA with a double major in Finance and Entrepreneurial Management from The Wharton School, University of Pennsylvania. Mr. Schecter is a certified public accountant.

MANAGEMENT DISCUSSION FOR LATEST QUARTER

Overview

We have developed a proprietary thin film deposition technology for solar photovoltaic, or PV, products that we believe will allow us to achieve a total module manufacturing cost per watt of less than $1.00. We are utilizing our proprietary single-stage sputtering deposition process to apply high-efficiency copper indium gallium selenide, or CIGS, semiconductor material over large area substrates in a continuous fashion. Through our proprietary deposition process, we have achieved greater than 14% cell efficiencies over large areas on CIGS PV devices. We are developing a commercial scale proprietary deposition tool and intend to integrate this tool with commercially available thin film manufacturing equipment, which will provide us with a critically differentiated manufacturing process. We believe this approach will allow us to achieve commercial-scale production capacity with fewer potential line initialization difficulties.

We intend to manufacture monolithically integrated CIGS-on-glass modules to address near-term market opportunities, including grid-tied centralized utility markets, as well as grid-tied decentralized markets. We intend to begin installation of a planned 25 megawatt, or MW, manufacturing line in 2008, and expect commercial shipments to begin in 2009. To facilitate our entry into the addressable solar PV market, we have entered into a contract with Blitzstrom GmbH, a leading thin film solar PV integrator, that commits Blitzstrom to purchase a minimum of 50% of our production through 2011, subject to these products meeting defined performance criteria.

We have also signed a Letter of Intent with juwi Solar, to evaluate the viability of our PV products for sale and use by juwi Solar in their commercial PV projects. Based on the results of the evaluation, juwi Solar may commit to purchase up to 25% of our production through 2011.

In the future, we may seek to develop CIGS-on-foil packaged in flexible format for the emerging building integrated photovoltaic, or BIPV, markets.

Critical Accounting Policies and Estimates

The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosures. A summary of those accounting policies can be found in the notes to the financial statements set forth in our Annual Report on Form 10-KSB. Certain of our accounting policies are considered critical as they are both important to the portrayal of our financial condition and results of operations and require judgments on the part of management about matters that are uncertain. We have identified the following accounting policies that are important to the presentation of our financial condition and results of operations.

Investments. We account for investments in accordance with SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities.” Management determines the appropriate classification of securities at the time of purchase. All securities held by the Company as of June 30, 2008 consisted of short-term Treasury Notes and Bills and are classified as available-for-sale. Such investments are carried at fair value, based on quoted market prices with the unrealized holding gains and losses reported as Accumulated Other Comprehensive Income in the stockholders’ equity section of the balance sheet. Realized gains and losses on sales of all such securities, computed using the specific identification cost method, are included in other income and expenses. We evaluate declines in market value for potential impairment. If the decline results in a value below cost and is determined to be other than temporary, the investment is written down to its impaired value and a new cost basis is established.

Revenue Recognition. We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB 104). SAB 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectibility is reasonably assured. Since inception of the development stage on July 1, 2005, we have earned minimal amounts of product revenue.

Since inception of the development stage on July 1, 2005, our principal source of revenue has been from government funded research and development contracts and grants. Grant revenue is recognized when we fulfill obligations as set forth under the grant. Terms of the grant reflected in the accompanying financial statements require us to maintain specified employment criteria over a five year period. If we fail to meet the specified criteria, we must repay the unearned portion of the grant. As a result, we recorded deferred revenue of $420,000 as of June 30, 2008.

Property and Equipment. Property and equipment is stated at cost. Depreciation is computed using straight-line and an accelerated method over estimated useful lives of three to seven years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized.

Share-Based Compensation. Effective January 1, 2006, we adopted the provisions of Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment(SFAS 123(R)), which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors based on estimated fair values. Additionally, we follow the SEC’s Staff Accounting Bulletin No. 107 “Share-Based Payment,” as amended by SAB 110, which provides supplemental SFAS 123(R) application guidance based on the views of the SEC. We adopted SFAS 123(R) using the modified prospective transition method. Under this transition method, share-based compensation expense recognized in our statements of operations for the three and six months ended June 30, 2008 and 2007 included (a) compensation expense for all share-based awards granted prior to, but not yet vested, as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS 123, and (b) compensation expense for all share-based awards granted beginning January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of SFAS 123(R).

Derivative Stock Warrants. Certain terms in the convertible note (“Note”) and related documents issued on May 25, 2006, as well as subsequent agreements entered into on January 19, 2007, namely the potential for cash settlement require that the warrants issued in conjunction with these documents be treated as a derivative instrument and, therefore, classified as a liability on the balance sheet. As such, the liability must be adjusted to fair value at the end of each reporting period, in accordance with SFAS 133 “Accounting for Derivative Instruments and Hedging Activities,” and any changes in fair value reported as a gain or loss on derivative liabilities in our statement of operations. The Black-Scholes option-pricing model is used to estimate the warrant fair values. Upon a change of control of our company, warrant holders having the right to purchase 600,003 shares of common stock would have the right to require us to repurchase the warrants from them at a purchase price equal to the Black-Scholes value of the unexercised portion of the warrants. Generally, this accounting treatment will result in a reported loss during any accounting period in which there is a reported increase in the sales price of our common stock on the NASDAQ Capital Market. Conversely, this accounting treatment generally will result in a reported gain during any accounting period in which there is reported decrease in the sales price of our common stock on the NASDAQ Capital Market.

Results of Operations

Comparison of the Three Months Ended June 30, 2008 and 2007

Certain reclassifications have been made to the 2007 financial information to conform to the 2008 presentation. Such reclassifications had no impact on net loss.

Research and development expenses. Research and development expenses were $3,875,213 for the three months ended June 30, 2008 compared to $2,646,540 for the three months ended June 30, 2007, an increase of $1,228,673 or 46%. These expenses increased primarily due to the ramp up of development efforts for our monolithically integrated CIGS-on-glass modules and the manufacturing processes we will utilize for this product. We have hired several key individuals required for such development efforts as we move toward commercialization of our products. As such, we experienced an increase in personnel-related costs, including an increase in share-based compensation expense of $422,649, as well as an overall increase in operational expenses in this area.

Selling, general and administrative expenses. Selling, general and administrative expenses were $2,053,000 for the three months ended June 30, 2008 compared to $1,761,834 for the three months ended June 30, 2007, an increase of $291,166 or 17%. The increase in selling, general and administrative expenses was due primarily to the increase in personnel related costs in support of the development efforts of our CIGS PV products and manufacturing processes. Selling, general and administrative expenses included share-based compensation of $480,869 and $569,379 for the three months ended June 30, 2008 and 2007, respectively.

Restructuring . There were no restructuring expenses for the three months ended June 30, 2008. There was $171,564 in restructuring expenses for the three months ended June 30, 2007. The expense in 2007 relates to professional services for the restructuring of a $15 million convertible note issued in 2006 and to the transition of manufacturing and certain engineering efforts as well as our corporate headquarters to California.

Depreciation and amortization expenses . Depreciation and amortization expenses were $770,457 for the three months ended June 30, 2008 compared to $762,956 for the three months ended June 30, 2007, an increase of $7,501. Depreciation and amortization expenses remained consistent year over year as a full period of depreciation expense was incurred in each quarter on depreciable assets, primarily equipment utilized in the development of our CIGS PV products and manufacturing processes. The depreciable basis of such assets did not significantly increase during this comparative period. The overall increase in property and equipment on our balance sheet during the period was due primarily to the acquisition of and initial costs incurred for certain equipment required for the construction of our planned 25 MW manufacturing line as well as certain development tools utilized in the scale-up of our deposition process. These items are classified as construction in progress until they are placed in service and therefore have no current impact on depreciation expense.

Other income. Other income was $239,386 for the three months ended June 30, 2008 compared to $41,545 for the three months ended June 30, 2007, an increase of $197,841. We experienced a significant increase in cash with the completion of a secondary offering in the fourth quarter of 2007. The increase in cash as well as the investment of a portion of the proceeds in U.S. Treasury obligations, resulted in an increase in interest income during the second quarter of 2008 as compared with the second quarter of 2007.

Interest expense. Interest expense was $10,711 for the three months ended June 30, 2008 compared to $40,268 for the three months ended June 30, 2007, a decrease of $29,557. The decrease in interest expense was primarily due to the decrease in outstanding notes and capital leases during the period.

Amortization of note discount and financing costs. There was no amortization of note discount and deferred financing costs for the three months ended June 30, 2008. Amortization of note discount and financing costs was $266,911 for the three months ended June 30, 2007. The Note contained a beneficial conversion feature as well as warrants issued to the original holder of the Note. The aggregate fair value of the conversion feature and warrants represented a discount to the Note, totaling $5.3 million and was amortized using the effective interest method over the life of the Note. The financing costs related to the Note were capitalized and amortized over the life of the Note as well. As the Note was converted to common stock during the first quarter of 2007, all unamortized note discount and remaining deferred financing costs at the time of the conversion were expensed.

Loss (gain) on derivative liabilities . Loss on derivative liabilities was $802,907 for the three months ended June 30, 2008 compared to a loss on derivative liabilities of $749,585 for the three months ended June 30, 2007. The warrants issued in conjunction with the Note are considered derivative liabilities and are therefore required to be adjusted to fair value each quarter. A decrease in our stock price during the period results in a decrease in the warrant liability and a gain on derivative liabilities. Conversely, an increase in our stock price during the period would result in an increase in the warrant liability and a loss on derivative liabilities. During the three months ended June 30, 2008 and 2007, our common stock price increased which caused an increase in the fair value of the warrant liability. This resulted in a loss on derivative liabilities of $802,907 and $749,585 during the three months ended June 30, 2008 and 2007, respectively.

Net loss. Net loss was $7,272,902 for the three months ended June 30, 2008 compared to a loss of $6,358,113 for the three months ended June 30, 2007. The increase in net loss is due primarily to the increase in research and development costs, including personnel and related costs where we experienced an increase in share-based compensation expense of $334,139, as well as costs associated with the development and preparation for commercialization of our CIGS PV products and manufacturing technologies.

CONF CALL

Deborah A. Stapleton

Welcome everyone to the DayStar Mid-Year 2008 Operational Update Conference Call. The speaker today will be Dr. Stephen DeLuca, the company’s CEO.

But before we begin I would like to remind you that some of the comments we will make on this call are forward-looking including, without limitation, statements regarding expectations of further technological development as well as timing and ability to scale to production capacity and complete the build out of a production facility.

These statements are only predictions based on assumptions that are believed to be reasonable at the time they are made and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as representing our views in the future and we undertake no obligation to publicly update or revise these statements.

Our actual results may differ materially and adversely from any projections and forward-looking statements discussed on this call. Our Annual Report on Form 10-KSB and other forms on file with the SEC identify important risk factors and uncertainties that you should consider and that may affect whether our forward-looking statements prove to be correct.

Now I’ll turn the call over to Dr. Stephen DeLuca.

Stephen J. DeLuca

With me today is our new CFO, Bill Steckel. Bill will be making the formal presentation of our financial disclosures at our earnings release next month but he’ll also be available to take questions at the end of this session. I’m extremely happy to have Bill on our team and I look forward to his contributions in developing and implementing our financial strategy. While Bill is focused on strategic issues, Chris Lail will continue handling the Corporate Controlling function and based on his accomplishments at DayStar, I’m pleased to announce today that Chris has been promoted to Vice President and Corporate Controller.

Now we’d like to give you some context around the operational update today. Our last conference call we set out a significant milestone of releasing the design for our CIGS production tool by the end of Q2 this year. We know there is a lot of interest in our progress on Big Baby and how we are maintaining our timeline to begin production in Q1 2009. Rather than waiting for our earnings release which we are planning to do in early August, we decided to give you an operational update to answer these questions about our progress. As a reminder to those of you who have been following our progress this year we set milestones in three major areas, that’s mini-module development, engineering the scale up of our CIGS Deposition Process and building out the production line to begin partial shipments. I’ll update you on our progress in each of these areas.

While most of the mini-module development so far has been focused on the CIGS Deposition Process we have also used this program to develop processes for the other steps in making a complete module. A key feature for any PV module is its survivability and proper encapsulation is key to making modules that last more than 20 years in the environment. As I have discussed in the past CIGS is especially sensitive to moisture. Encapsulating processes and materials that work for silicon-based [thin phones] don’t necessarily work for CIGS due to moisture ingress. With this in mind we have developed lamination and edge seal processes for our glass modules that we have tested for moisture penetration. These test modules have passed the 1,000 [GMPS] heat test which we believe provides a good indication that our encapsulation process will protect the modules from moisture over a 20 year lifetime.

In cost effective manufacture of high performance CIGS getting the proper control on the incorporation of selenium is critical. The work on mini-modules has progressed from the initial task of proving out DayStar’s one step CIGS Deposition Process so that development of monitoring and control systems required for scale up of the process. We have successfully developed these systems to the point where we now believe we have effective control over the reactive sputtering process achieving stable, controllable and reproducible results has a direct impact on the scale up of our process in Big Baby and is a necessary step for ultimately meeting our goals of producing low cost photovoltaic panels in high volumes.

In our last update we said that Big Baby had arrived in our facility in Santa Clara and we stated our belief that we would be able to release the chamber design for our production tool by the enc of the second quarter. The initial tests on Big Baby have gone well and the films we have made have been well within the uniformity specifications we set. In this first stage of development we have been focused on fundamental engineering issues which allow us to make decisions about the viability of the tool for production.

First, the mechanical and electrical performance of the tool was shaken out in initial testing. The vacuum integrity, operation of the transport mechanism, load lock systems, computer controls were all validated. Secondly, since heating the sub-strait to high temperatures the key to our process we demonstrated the ability to bring the sub-straits to proper temperature in the time we believe is required for our process to work in production.

The third aspect of our initial testing was the sputtering capability of the tool that is the ability to make uniform films on a large scale. The tool deposit simultaneously on two two-foot by four-foot pieces of glass so we were looking for uniform films on four-foot by four-foot scale. The [milithium] films that we have produced to date have uniformity of thickness and electrical properties as well as adhesion well within the specifications over both two-foot by four-foot panels.

These results give us confidence that the basic structure of our tool design is sound and so we have released the tool design to begin fabrication of our production CIGS Deposition tool for the 25-megawatt line. This keeps us on our timeline to have our first production line up and running in Q1 in 2009. We expect the first production CIGS chambers to arrive in September. In my last update I mentioned that we expected to have a scaled up process of record for the CIGS thin film developed by the time we start up our first production line in Q1 of 2009. We plan to begin making CIGS films in Big Baby this month. Our expectation is that we will achieve a stable CIGS Deposition Process in Big Baby by the end of this quarter that can be further refined in Q4 to meet our Q1 2009 milestone to release the production process of record.

The factory in Newark, California is currently undergoing its initial fit up. We expect this process to be completed in time to receive the initial production tools scheduled to begin arriving in September. Purchasing of the major tools for the production line is well under way. We have also engaged vendors to design and implement the automation systems required for high true put operation.

As I mentioned tools will begin arriving in September and we expect to be receiving tools throughout the year as we build out the line. We have taken steps to offset the potential for delayed tool deliveries. As an example, we have ordered extra deposition chambers that have multiple use capabilities. We can utilize these chambers initially to offset delays that may occur in equipment delivery or they can be used to add capacity. We believe the added cost of this contingency may be offset by the potential for such additional components to assist in keeping our timeline in tact and ultimately to add to our plant capacity.

Although we will not give financial guidance on this call I would like to point out that due to planned capital spending including the acquisition of production equipment as we build out our factory you should expect to see significant changes to our balance sheet. We will discuss this in more detail at our earnings release next month.

In summary we have accomplished the tasks in Q2 2008 that permit us to remain confident that we can commence production at our factor in Q1 2009. Finally I would like to say a few words about our management and staff. DayStar is in a transition from being a development stage company to becoming a commercial manufacturing company. During this transition we have had several management changes. We have flattened our organization, promoted from within and brought in a group of highly qualified managers at the Director and Senior Director level. These changes were necessary to bring DayStar through its ongoing transition as we build an organization focused on attaining manufacturing excellence. The additions this year of Ratson Morad as President and COO and Bill Steckel as CFO give us the foundation we need to take the technology we have developed and move DayStar forward to production.

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