BUDAPEST, Hungary, Dec. 13, 2006 (PRIME NEWSWIRE) -- Solar Thin Films, Inc. (Pink Sheets:SLTF) (the "Company" or "Solar Thin Films") announced that its majority owned subsidiary Kraft Rt. ("Kraft") will reach an important target on December 18, 2006, by completing its second shipment of thin film photovoltaic production equipment to China for Terra Solar North America Inc. ("Terra Solar"), a major customer of the Company. Terra Solar is a wholly-owned subsidiary of Terra Solar Global. This shipment is part of an order Kraft received from Terra Solar in December 2005, for an aggregate purchase of approximately $5 million USD relating to the manufacturing of a 2.5 megawatt (MW) amorphous silicon photovoltaic production line.
The equipment manufacturing and installation contract between Kraft and Terra Solar entails the design, manufacturing, shipping and installation of a turnkey manufacturing facility focused on the production of amorphous silicon based photovoltaic modules at the customer's plant in China. The first shipment was completed at the end of July 2006. The installation of the facility is expected to be completed during the first half of next year.
In this project, such a turn-key facility consists of hardware and machinery designed, manufactured, assembled, and installed by Kraft, as well as software, know-how and training associated with the manufacturing process supplied by Terra Solar. Terra Solar is currently serving as the main contractor guaranteeing process performance for the Chinese purchaser and Kraft serves as the equipment supplier through Terra Solar.
About Solar Thin Films, Inc.
Solar Thin Films operates through its majority owned subsidiary Kraft Electronics Rt. Kraft is an equipment manufacturing company headquartered in Budapest, Hungary engaged in the design, development and manufacturing of equipment utilized in the production of thin film based photovoltaic modules. Solar Thin Films' common stock is traded on the Other OTC Capital Market under the symbol "SLTF.PK".
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The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.