The board of directors for DayStar Technologies has accepted the notice to terminate a letter of intent in regards to the proposed transaction with EPOD Solar, citing its decision as in the best interest for all of DayStar’s shareholders. The company will still search for other financing options and will also continue with the $125 million loan guarantee application with the U.S. Department of Energy, filed September 14.
In management news, Daystar’s board has chosen Peter Alan Lacey as chairman, while former chairman, Dr. Robert Aldrich, will retire immediately. Lacey, also president and CEO of Cervus LP, previously entered into a purchase and security agreement with DayStar to provide a bridge loan of $2 million.
Finally, Michael Matvieshen’s resignation from CEO of DayStar has been accepted by the board and they have appointed William Steckel (pictured), the current CFO, to the president and CEO positions.