DayStar Tech Board Okays Acquisition Of 20% Equity Ownership In Premier Global

2/6/2013 8:51 AM ET

DayStar Technologies Inc. (DSTI: Quote) said Wednesday its board has approved the acquisition of a 20% equity ownership in BC-based Premier Global Holdings Corporation, which has successfully demonstrated solar cells that are the first to combine energy generation and power storage in one cell.

DayStar is to issue $12 million in preferred stock in return for the 20% equity ownership position in privately held Premier. The preferred can be converted to common stock at $1.60 per share, and will pay an in-kind dividend of 5% per annum.

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by RTT Staff Writer

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