Solar cell manufacturer DayStar Technologies Inc. (DSTI) Wednesday said it has appointed Michael Matvieshen as its chief executive officer and director, succeeding Robert Aldrich who has resigned from the company.
Santa Clara, California-based DayStar noted that in anticipation of the closing of the partnership between EPOD Solar Inc. (EPDS.OB) and Daystar that was announced most recently, Robert Aldrich has resigned as CEO.
On September 21, 2009, DayStar executed a letter of intent with Kelowna, British Columbia-based EPOD Solar with regard to a proposed transaction or series of related transactions for the partnership between both companies.
At that time, DayStar also entered into a purchase agreement and security agreement with Peter Alan Lacey to provide a bridge loan of $2 million. Daystar at that time also noted that upon completion of the bridge loan, Matvieshen will be appointed Chief Executive Officer of DayStar Technologies, while Aldrich will remain in his role as Chairman.
Matvieshen was the founder of EPOD and has served in the role of President and CEO of that company since 2003. Prior to founding EPOD, he was President of Wolverine Resources Inc., an oil upgrading refinery owned by the venture capital firm SGGF.
Aldrich joined DayStar as a director in October 2003. In September 2008, he was appointed as chairman and in May 2009, he became the CEO.
DSTI is currently trading at $0.76 per share, up 4.11%, on the Nasdaq.
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