DayStar Announces 2007 Third Quarter Financial Results

HALFMOON, N.Y., Nov. 15 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI) today announced its financial results for the third quarter ended September 30, 2007.

Net loss from operations was $3.8 million, or $0.25 per share, compared to a loss of $6.3 million, or $0.93 per share on a fully diluted pro forma basis for the third quarter of fiscal 2006. On September 30, 2007, the company's cash and cash equivalents totaled approximately $6.5 million. DayStar is a development stage company funding its transition to commercialization of its solar photovoltaic products, and as such, has historically reported net losses.

"The third quarter of 2007 concluded a crucial phase in DayStar's development," stated Dr. Stephan DeLuca, CEO of DayStar. "During this time we built the foundation for implementing our near-term commercialization strategy and a restructuring of our finances that ultimately resulted in our successful public offering in the fourth quarter."

On October 31, 2007 DayStar announced the completion of a follow-on public offering in which it sold 17,250,000 shares of its common stock and generated net proceeds of approximately $68 million to the company. DayStar has used $9.2 million from existing cash and the net proceeds of the offering to repay in full its existing indebtedness. The remaining net proceeds from this offering will be used by the company to manufacture its proprietary deposition tool, for the construction of its 25 megawatt factory, and for working capital and other general corporate purposes.

About DayStar Technologies, Inc.

DayStar Technologies, Inc. is engaged in the development, manufacturing, and marketing of photovoltaic products based upon CIGS thin film semiconductor technology.

This news release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks that we will not be able to manufacture our products or that they will not perform as expected, and other risks identified in our Registration Statement on Form SB-2 and other filings with the SEC. You should consider these factors in evaluating the forward- looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and DayStar Technologies, Inc. undertakes no obligation to update such statements.

 

For more information, contact:

 

Kellie Caughorn

InfusionCapital

407-566-1051

kcaughorn@InfusionCapital.com

www.infusioncapital.com