North Coast Solar Stocks

May 13, 2009

DayStar Technologies Announces Management Change and Workforce Reduction

Filed under: DSTI — Tags: , , — Jason @ 4:05 pm

Wednesday May 13, 2009, 4:05 pm EDT

SANTA CLARA, Calif., May 13 /PRNewswire-FirstCall/ — DayStar Technologies, Inc. (DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced that at the request of the Board of Directors, Stephan J. DeLuca resigned from his roles as Chief Executive Officer and director of DayStar effective May 12, 2009. DayStar also announced the appointment of Robert G. Aldrich, Chairman of the Board of Directors of DayStar, to the additional position of Chief Executive Officer of the Company, effective May 12, 2009. DayStar also announced plans to implement a reduction of approximately 30 percent of its workforce. The reduction is expected to be completed in the second quarter.

“We are grateful for Dr. DeLuca’s efforts over the past few years as the company achieved many key technical and operational milestones,” stated Dr. Aldrich. “We wish Dr. DeLuca the very best in his future endeavors.”

“I am excited about the opportunity to lead DayStar’s senior management team as we continue our efforts to build-out our initial manufacturing line and commence commercial shipments of our product. “I believe that our senior management team, including Ratson Morad, President and Chief Operating Officer, Bob Weiss, Chief Technology Officer, Bill Steckel, Chief Financial Officer and Patrick Forkin VP – Corporate Development are committed and well qualified to accomplish our objectives,” stated Dr. Aldrich.

“We continue to face a challenging operating environment that requires us to make difficult decisions,” said Dr. Aldrich. “We believe the workforce reduction announced today, coupled with our ongoing focus on expense control, will help us accomplish our objectives and conserve cash.”

Dr. Aldrich was appointed DayStar’s Chairman of the Board in September 2008. He joined DayStar 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.

Dr. Aldrich served from 1992 to 1995 as Group Vice President, Electric Power Research Institute (EPRI). From 1990 to 1992, he was a director of Ramtron, a public company developing non-volatile memory chips. Prior experience includes executive positions with Alcan Aluminum Corporation, Niagara Mohawk Power Corporation, and Syracuse Research Corporation. 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.

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: