SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Hague Corp. ("Hague") (OTCBB: HGUE), a publicly traded resource exploration company, today announced it has completed the planned reorganization transaction with Solterra Renewable Technologies, Inc. ("Solterra"), whereby Solterra has become a wholly-owned subsidiary of Hague. Pursuant to the transaction, Hague cancelled 40,000,000 shares of stock previously owned by Gregory Chapman, President, CEO and director of Hague, and Hague issued 41,250,000 shares to the former shareholders of Solterra. In a contemporaneous transaction, Hague completed a financing and received gross proceeds of $1,500,000 and issued 3,525,000 shares of restricted common stock and convertible debentures in the face amount of $1,500,000.
Solterra is a start-up solar technology and quantum dot manufacturing firm which was founded by Stephen Squires. The company perceives an opportunity to acquire a significant amount of both quantum dot and solar photovoltaic market share by commercializing a low cost quantum dot processing technology and a low cost quantum dot based third generation photovoltaic technology/solar cell, pursuant to an exclusive license agreement with William Marsh Rice University ("Rice University"). The firm's objective is to become the first bulk manufacturer of high quality tetrapod quantum dots and the first solar cell manufacturer to be able to offer a solar electricity solution that competes on a non-subsidized basis with the price of retail electricity in key markets in North America, Europe, the Middle East and Asia.
"Management believes that the manufacture of these thin film quantum dot solar cells can introduce a cost effective and disruptive technology that can help accelerate the conversion from a fossil fuel dependent energy infrastructure to one based on renewable, carbon-neutral energy sources," said Stephen Squires, CEO of Solterra. "We believe that our proposed products can be part of the solution to greenhouse gases and global warming."
In North America, where we use far more oil than anywhere else on Earth, the vast majority (71%) of electrical power generation is entirely dependent on fossil fuels - coal (52%), gas (16%), and oil (3%). The world's natural gas is running out along with the oil, and the coal supply is not unlimited either. Nuclear energy contributes only one-fifth to the US power network, and 7% of power is hydroelectric. Only 2% of US electricity production is from renewable sources. As we continue burning up the world's dwindling fossil energy sources, we simultaneously cause damage to the natural environment.
"Production of photovoltaics (PV) jumped to 3,800 megawatts worldwide in 2007, up an estimated 50 percent over 2006. At the end of the year, according to preliminary data, cumulative global production stood at 12,400 megawatts, enough to power 2.4 million U.S. homes," said Greg Chapman, CEO of Hague. "This market is growing by an impressive average of 48 percent each year since 2002, PV production has been doubling every two years, meaning that we are now competing in the world's fastest-growing energy source marketplace."
In addition to photovoltaic applications, low cost high quality quantum dots are widely thought to be the enabling factor for a variety of other emerging technologies including high performance QD based lasers, color displays, solid state lighting, bio-imaging, quantum computers and solar/hydrogen generation.
About Hague Corp./Solterra Renewable Technologies, Inc.
Under their new business model Hague/Solterra is singularly positioned to lead the development of truly sustainable and cost-effective solar technology as the first company to introduce a new dimension of cost reduction by replacing silicon wafer-based solar cells with low-cost, highly efficient Quantum Dot-based solar cells.
For additional information on our company and our just completed financing, a copy of our Form 8-K will be filed with the Securities and Exchange Commission on November 10, 2008 and at that time can be obtained on the Internet by going to www.sec.gov, clicking "Search for Company filings," then clicking "Companies & Other Filers," typing in our company name and clicking "find Companies."
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: The statements in this release relating to completion of the acquisition and the positive direction are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties which may arise, the failure to obtain necessary approvals, the future market price of Hague Corp. common stock and/or the ability to obtain the necessary financing.
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