Octillion Completes Private Placement
Proceeds to be used for general corporate purposes and further development of new nanosilicon photovoltaic solar cells that have the potential to adapt home and office glass windows into ones capable of generating electricity from sunlight.
Vancouver, BC – April 23, 2007 – Octillion Corp. (Symbol: OCTL) today announced it has completed a $500,000 private placement with accredited investors. The Company sold 1,000,000 units, with each unit consisting of one common share and three share purchase warrants. In total, inclusive of the proceeds to be received from the exercise of the warrants, the Company will receive $2,150,000 from this funding.
The proceeds from this private placement will be used for working capital and general corporate purposes including, but not limited to, ongoing research and development work involving the integration of silicon nanoparticles onto glass surfaces in order to convert solar energy coming through home and office windows into electricity, without losing significant transparency or requiring major changes in manufacturing infrastructure.
These nanosilicon photovoltaic solar cells are created through a unique electrochemical and ultrasound process that produces identically sized (1 to 4 nanometers in diameter) highly luminescent nanoparticles of silicon that provide varying wavelengths of photoluminescence with high quantum down conversion efficiency of short wavelengths (50% to 60%). The process of producing these silicon nanoparticles is supported by 10 issued US patents, 7 pending US patents, 2 issued foreign counterpart patents and 19 pending foreign counterpart patents.
The Company’s research and development work is being conducted at fully equipped research facilities located at the University of Illinois in Urbana-Champaign (UIUC) pursuant to a Sponsored Research Agreement with UIUC. Our current ongoing solar cell technology research and development initiatives include:
- Construction of a small scale prototype window coated with nanosilicon photovoltaic solar cells;
- Testing of photovoltaic conversion in the prototype window;
- Optimizing materials used in the prototype window;
- Obtaining target light transmission of 70% through the prototype; and
- Conducting a cost benefit engineering analysis.
“When combined with funds already on hand, this private placement significantly bolsters our cash reserves,” states Mr. Harmel S. Rayat, President and CEO of Octillion. “Having funds readily available gives us multiple options that could potentially include, among other things, enhancing the pace of our current research and development initiatives or seeking out other technologies and business opportunities for the benefit of our shareholders.”
The securities sold by the Company consisted of 1,000,000 units, at a price of $0.50 per unit, with each unit consisting of one share of common stock, one Class C Non-redeemable Warrant to purchase a share of common stock at $0.50 per share for a period of 18 months from the date of issuance, one Class D Non-redeemable Warrant to purchase a share of common stock at $0.55 per share for a period of 24 months from the date of issuance and one Class E Non-redeemable Warrant to purchase a share of common stock at $0.60 per share for a period of 36 months from the date of issuance.
SolarWindow Technologies, Inc. creates transparent electricity-generating liquid coatings. When applied to glass or plastics, these coatings convert passive windows and other materials into electricity generators under natural, artificial, low, shaded, and even reflected light conditions.
Our liquid coating technology has been presented to members of the U.S. Congress and received recognition in numerous industry publications. Our SolarWindow™ technology may generate 50-times the power of a conventional rooftop solar system and may achieve a one-year payback when installed on all four sides of a 50-story building, according to independently-validated power and financial modeling.
Power and Financial Model Disclaimer
The company's Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations, which are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 360 degrees building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide equivalents. Actual power, energy production and carbon dioxide equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.
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No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the "company" or "SolarWindow Technologies") believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company's products, technical problems with the company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.