HOUSTON, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Solar Quartz (OTC:SQTX) announced a new Private Placement offering of one million restricted shares, at $1.50 per share, to raise $1.5 million. Purchasers of the PPM SQTX Restricted shares will receive a bonus for every share purchased prior to November 30th, 2017. All new investors will receive 10 shares for the cost of one. Solar Quartz shares closed at $4.75 on October 12, 2017. The PPM is separate from the scheduled free of charge issuance of 10,021,340 shares to all company shareholders of record as of October 17, 2017.
As VNGE ceased commercial operations in June 2014, following the sale of its assets, the company has been advised that Transfer Agency shareholder records and contact information may not be current. Accordingly, the company requests all ex-VNGE and recent new SQTX shareholders contact the company at e-mail "executive@sqt.solar" notifying the company of their shareholding to ensure they are included in the free of charge share issuances.
The Solar Quartz Technologies $530 million Solar Industry asset purchase for Vanguard Energy is completed, and FINRA has allowed the Company name change from Vanguard to Solar Quartz Technologies Corporation and the VNGE symbol change to SQTX.
In compliance with the terms and conditions of the asset sale and purchase agreement, the Company announced that an additional 10,021,340 newly issued shares will be distributed free of charge to all VNGE/SQTX shareholders of record as at close of business October 17th, 2017. New SQTX replacement share certificates, including the approximate 10:1 free bonus shares, are scheduled to be issued within the next 60 days.
The Company filed an 8K Information Statement, Oct 13, with the Securities and Exchange Commission (SEC) that more fully explains the PPM 10:1 bonus share offering and the approximate 10 for one bonus. This is not a share split.
SQTX has engaged company auditors Thayer O’Neal Company LLC to complete the audits through September 30, 2017 and bring all required SEC filings up-to-date in the next 30 to 45 days, to be eligible for SEC fully reporting status. The Company will then apply to the SEC for SQTX to be Uplifted to the OTCQX or possibly NASDAQ or NYSE Mkts.
The Company is also preparing to file an S-1 Registration Statement with the SEC for approval to raise $100 million for a new HPQS factory, in Queensland, Australia, and in Texas.
High Purity Silica Quartz (HPQ) assets are rare, and are essential as feedstock for the production of High Purity Quartz Sand, an essential primary material necessary in the first stage high-tech manufacturing of Photo-Voltaic (PV) solar panels, semi-conductors, fiber optical cables, halogen lamps, HD and LCD television screens, and Epoxy Molding Compounds (EMC). SQTX technologies produce significant cost advantages compared to traditional HPQ manufacturers in Norway, Russia and North Carolina.
SQTX is the sole owner of the exclusive mining and development rights for 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, a feedstock in the production of High Purity Quartz Sand (HPQS), that is in high demand globally.
The company is in negotiations for funding to build a new commercial scale HPQ pre-processing factory to generate early sales revenues from processed HPQ. Concurrently, it will 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, at 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.
SQTX - Company Contact: Warren Dillard – executive@sqt.solar