UNION CITY, Calif., Aug. 14, 2012 (GLOBE NEWSWIRE) -- DayStar Technologies, Inc. (Nasdaq:DSTI) today announced the hiring of Dale Hoover to serve as Chief Financial Officer, Vice President, and Corporate Secretary, effective August 7, 2012. Mr. Hoover will report to the Chief Executive Officer.
Mr. Hoover is a Certified Public Accountant, a Certified Management Accountant and is certified in Corporate Financial Management. Prior to joining the Company, Mr. Hoover, 59 years old, was Controller of the Civil Group of Tutor Perini Corporation from December 2006 to February 2012, where he was responsible for financial and operations support including monitoring senior operations personnel, cost controllers, and business unit financial officers and controllers.
On August 7, 2012, the Board of Directors (the "Board") of DayStar Technologies, Inc. (the "Company") approved an increase in the size of the Board from five members to nine members in accordance with the Company's bylaws. The Board then offered the following persons positions as independent directors to the four newly-created vacancies, Denis Mimeault, Ruben Dos Reis, John Terrence Betham, and Ronald Garry Yost. The Board has not yet determined on which Board committees, if any, Messrs. Mimeault, Dos Reis, Betham, or Yost will serve.
Peter A. Lacey, Chairman of the Board and Interim Chief Executive Officer, commented: "Dale Hoover has a strong background in Construction Finance and Accounting, which will be vital as we build out DayStar's presence in the Solar Project Development and Ownership businesses. Denis Mimeault, Ruben Dos Reis, John Terrence Betham, and Ronald Garry Yost each bring unique skills and experience which strengthen our Board of Directors. The management and the Company's Board of Directors welcome them and look forward to a productive future."
As an inducement to Mr. Hoover accepting employment with the Company, a majority of the independent directors on the Company's Board of Directors (the "Board") approved the grant to Mr. Hoover of a restricted stock award of 200,000 shares, vesting in equal installments over the 12 months following the date of grant. Mr. Hoover's equity award was granted as an inducement material to his entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
Messrs. Mimeault, Dos Reis and Betham will receive stock in lieu of cash payments for board and committee meeting fees. The Board approved the grant of 25,000 shares of the Company's common stock to each new director, subject to stockholder approval of an increase in the Company's existing incentive equity plan or adoption of a new stockholder-approved equity plan. Mr. Yost is already a substantial shareholder in DayStar a result of DayStar's equity investment in ECO Australia, the solar project construction business he founded.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is a developer of solar photovoltaic products based upon CIGS thin film deposition technology and is currently embarked on a strategy of strategic partnerships to enter new markets within the global renewal energy industry. For more information, visit the DayStar website at http://www.daystartech.com.