VANCOUVER, BC — (Marketwire) — 08/09/11 — Quantum Solar Power Corp. (“Quantum”) (OTCBB: QSPW) has entered into a Consulting Agreement (the “Agreement”) with the firm Quorum Capital Corporation. (“QCC”) of Vancouver, British Columbia. QCC will provide Quantum with advisory services to assist Quantum in establishing an office in Dusseldorf, Germany.
Under the terms of the Agreement, QCC will provide services introducing Quantum to key industry contacts in Germany. In addition, QCC will assist Quantum in establishing a physical office in Dusseldorf, Germany, hiring staff for that office and ensuring all German employment and business requirements are met in accordance with German and European Union laws. As compensation for QCC–s services, Quantum has agreed to pay an initial fee of $5,000 CDN plus HST on execution. Further compensation will be paid in monthly increments of $2,000 CDN plus HST, beginning on September 8, 2011 until termination or non-renewal of the agreement. Quantum has also agreed to grant options to purchase 2,000,000 shares of common stock in Quantum at an exercise price of $1.00 per share until July 7, 2014. The options will vest immediately upon issuance according to the following schedule: 333,335 upon execution, 333,333 on August 8, 2011, 333,333 on September 8, 2011, 333,333 on October 8, 2011, 333,333 on November 8, 2011 and 333,333 on December 8, 2011. Quantum retains the right to accelerate the issuance of options if warranted.
The Agreement is for an initial period of six months, renewing for an additional 6 months automatically at the end of each term. Daryl Ehrmantraut, President and CEO of Quantum, said, “We look forward to working with Quorum in establishing our presence in Dusseldorf, Germany. This is one more step in the execution of Quantum–s business strategy. Creating a foothold in the world–s leading solar power nation makes perfect sense for a company pursuing a groundbreaking solar technology.”
Quantum Solar Power Corp. is developing a “Next Generation Device” (NGD) photovoltaic technology. Quantum–s NGD is a patent pending, laboratory model that utilizes a new approach to solar power conversion with the potential to remove the necessity of utilizing expensive silicon semiconductor-based technologies. We believe Quantum–s NGD technology has the potential to match the efficiency of crystalline silicon PV at the cost of thin film PV. The anticipated NGD technology is free of any rare element dependencies found in other current solar technologies. We believe Quantum has the potential to create solar cells (through manufacturing partnerships) at significantly less cost per watt than current technologies. Quantum Solar Power has offices in the U.S. and Canada and can be found on the web at:
This news release contains forward-looking statements regarding future events and Quantum–s future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”) and constitute “forward looking information” within the meaning of U.S. securities laws. These statements include statements about Quantum–s planned technological development plan and are based on material factors and assumptions including Quantum–s management–s current expectations, estimates, forecasts, and projections about the industry in which Quantum operates and the beliefs and assumptions of Quantum–s management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Quantum–s future financial performance, Quantum–s anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Quantum–s technological development plan may not be successful, and those risks identified in Quantum–s Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2011. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Quantum undertakes no obligation to revise or update any forward-looking statements for any reason.
Nancy Tamosaitis
Vorticom, Inc.
212.532.2208