BRITISH COLUMBIA--(Marketwire - May 20, 2010) - Natcore Technology Inc.
(TSX VENTURE:NXT)(PINK SHEETS:NTCXF) announces that, further to its news
release dated May 12, 2010, it has received approval of the TSX Venture
Exchange for the acquisition of Vanguard Solar Inc., and the acquisition has
As a result
of this acquisition, the Company is pleased to welcome the former shareholders
of Vanguard, including two leading venture capital firms, to the family of
closing of this acquisition, Natcore plans to aggressively advance the
cutting-edge solar technologies being developed by Vanguard Solar, in
particular the development of a flexible, thin-film photovoltaic material
capable of silicon solar cell-like efficiency performance potentially at
one-tenth the manufacturing cost and one-twentieth the capital investment.
"We are very
excited about the potential of the technology developed by Vanguard," says
Chuck Provini, Natcore's president and CEO. "With its potential suitability for
use in now-dormant photographic film coating facilities, it holds the potential
for rapid adoption following the remaining larger-scale proof-of-concept
development. We will pursue this potential through both in-house efforts and
possible joint ventures with industry."
Natcore's chairman, adds that, "Through this acquisition, in combination with
the many still-untapped applications of our Liquid Phase Deposition process and
our acquisition of NewCyte Technology, Natcore is building a very valuable
portfolio of intellectual property. While we will remain focused on our core
business plan encompassing the development of anti-reflective film growth
equipment and tandem solar cells, we will also explore the development of
non-core applications through joint ventures and new corporate vehicles."
The Vanguard Solar technology involves a proprietary chemical bath
process similar to Natcore's liquid phase deposition (LPD) technology, although
Vanguard had grown II-VI compound semiconductor thin films on carbon nanotubes
at room temperature and ambient pressure, while Natcore has thus far
concentrated on growing silicon dioxide films on silicon substrates.
The first-generation products from Vanguard's method could produce 15%-16%
efficiencies at module costs of 60¢ to 70¢ per watt. It is anticipated that
second-generation technology could achieve 20% efficiencies at even lower costs
per watt. The investment for production facilities is projected as low as $10
million to $15 million per 100-megawatt to 150-megawatt production capability,
as compared with current costs of as much as $250 million for standard
solar-cell production facilities. Vanguard's production equipment would be
designed for insertion into existing roll-to-roll film-coating lines of the
sort that have been displaced by the emergence of digital photography. All
production materials are widely available and dramatically cheaper than silicon
and other thin-film systems. If successfully developed, the process would
enable a very cost-efficient production capability in large-scale facilities.
Vanguard has achieved
proof-of-concept in small-area devices and is ready to move to a validation
stage, during which the company will demonstrate larger-area working devices at
the targeted efficiencies expressed above. Vanguard has two pending patents
covering its solar cell development, as well as a broad range of photodetectors
and optical sensors. Among the applications for the latter are manufacturing
process monitoring and controls, homeland security surveillance and biomedical
sensors for diagnostics and testing.
consideration for the purchase of Vanguard, Natcore is issuing Vanguard
shareholders a total of 375,236 common shares. Natcore is also issuing 120,075 common
shares to a firm performing services for Vanguard to pay legal fees incurred by
Vanguard, and 20,000 common shares to a firm providing services to Natcore in
relation to the Vanguard acquisition. The securities of Natcore issued pursuant
to these transactions are subject to a hold period expiring on September 20,
On behalf of the Board of Directors,
President and Chief Executive Officer
Statements in this
press release other than purely historical factual information, including
statements relating to revenues or profits, or the Company's future plans and
objectives, or expected sales, cash flows, and capital expenditures constitute
forward-looking statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties inherent in
the Company's business, including risks inherent in the technology history.
There can be no assurance that such forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on such statements. Except in accordance with applicable
securities laws, the Company expressly disclaims any obligation to update any
forward-looking statements or forward-looking statements that are incorporated
by reference herein.
About Natcore Technology Inc.
Natcore Technology is the
exclusive licensee, from Rice University, of a thin-film growth technology
enabling room-temperature growth of various silicon oxides on silicon wafers in
a liquid phase deposition (LPD) process. Although the implications of this
discovery for semiconductors and fiber optics are significant and wide-ranging,
the technology has immediate and compelling applications in the solar sector.
Specifically, the Company's LPD process could enable silicon solar cell
manufacturers to significantly reduce manufacturing costs and increase
throughput, and has the potential to allow, for the first time, mass manufacturing
of super-efficient (30%+) tandem solar cells with double the power output of today's
most efficient devices.
Having been independently tested
and verified by one of the world's most respected science and technology
laboratories, Natcore's technology is now in the process of being
commercialized. Our goal: to make stand-alone solar energy competitive with
conventional power generation.
This press release
does not constitute an offer to sell or a solicitation to buy any of the
securities in the United States. The securities have not been and will
not be registered under the United States Securities Act of 1933, as amended
("the U.S. Securities Act") or any state securities law and may not be offered
or sold in the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.