HOUSTON, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Solar Quartz Technologies Corporation (OTC:SQTX) has completed its acquisition of extensive solar assets including HPQ silica deposits in Australia and exclusive processing technologies.
SQTX also announced the commencement of a Private Placement offering under SEC Rule 506(c) of one million newly issued restricted shares at $1.25 per share, with the intention of raising up to $1.25 million. Purchasers of these newly issued restricted SQTX shares will also be entitled to receive an additional 10 shares for every SQTX share purchased through the private offering, prior to November 15th, 2017.
In accordance with the acquisition terms, all previous SQTX shareholders as of October 10th, 2017 (other than the Seller), will be entitled to receive an additional ten newly issued SQTX shares for each share currently owned.
SQTX has engaged the accounting firm of Thayer O’Neal Company LLC to complete the SQTX audits through September 30, 2017 and update all SEC filings, which are expected to be completed in the next 30 to 45 days. The Company will then return to a fully reporting status with the SEC and seek approval for relisting on the OTCQB, or possibly to be listed on OTCQX, NASDAQ or NYSE markets.
The Company is also preparing to file an S-1 Registration Statement with the SEC seeking to raise $150 million with the proceeds to be used for locating new HPQS processing factories in Queensland, Australia, and in Texas.
About Solar Quartz Technologies Corporation.
High Purity Silica Quartz (HPQ) assets are rare globally, and are essential as primary feedstock for the production of High Purity Quartz Sand, an essential primary material necessary in the first stage production of high-tech Photo-Voltaic (PV) solar panels, semi-conductors, fiber optical cables, halogen lamps, HD and LCD television screens, and Epoxy Molding Compounds (EMC). Due to its sole ownership of the solar assets SQTX has significant cost advantages compared to traditional HPQ manufacturers in Norway, Russia and North Carolina.
SQTX is the sole owner of the two High Purity Quartz Silica deposits known as White Springs and Quartz Hill, located in Far North Queensland, Australia, which together, contain in excess of 15 million tons of 99.5%+ pure HPQ deposits, that is in high demand in the global marketplace as feedstock in the production of High Purity Quartz Sand (HPQS), and also in much demand in the high-end electronics manufacturing industry. The company is also seeking funds to build a new commercial scale HPQ pre-processing factory to generate early sales revenues from un-processed HPQ sales to China. Concurrently, it intends to proceed with the development of the second stage factory for processing this feedstock into High Purity Quartz Sand to supply manufacturers of PV solar panels and other high-end technology applications.
"The SQTX management team will initially focus on re-establishing previous $150 million orders from China, and orders for unprocessed HPQ raw quartz, to be delivered from the pre-processing factory in the major port in Townsville, North Queensland, Australia,” said the Houston TX-based Company CEO, Warren Dillard.
Forward-Looking Statements
All statements in this release that are not strictly historical facts are "forward-looking statements." Such forward-looking statements are based on SQTX’s current assumptions, beliefs and expectations, and involve risks, uncertainties and other factors that may cause SQTX’s actual results to be materially different from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words such as "expect," "plan," "possibility," "offer," "if," "negotiate," "when," "believe," "will," "estimate," "continue," and similar expressions. Risks, uncertainties, and other factors that could cause or contribute to such differences include, but are not limited to: ongoing and future intellectual property enforcement actions; the ability to successfully litigate or settle claims of patent infringement; SQTX’s ability to obtain necessary financing, generate sufficient cash flow, and maintain appropriate indebtedness; and the increasing development of market competition in the area of telecommunications.
These factors and others are described in more detail in SQTX’s public filings with the Securities and Exchange Commission, including the risks discussed in the "Risk Factors" section in SQTX’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of these reports can be found on OTC Markets website. SQTX is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
Company Contact: Michael Selsman, Public Communications Co. ms@publiccommunicationsco.com
For additional SQTX information or to request a local conference call with executive management, email – executive@sqt.solar, kg@sqt.solar, rm@sqt.solar, or wd@sqt.solar.