Magnolia Solar, Inc. (Woburn, MA), a Delaware company engaged in developing nanotechnology based low cost thin film solar panels, announced that on December 31, 2009 it completed a reverse merger with publicly traded Mobilis Relocation Service Holdings, Inc. Under the terms of the merger, Magnolia merged with Mobilis, a Nevada corporation, become Mobilis's principal operating business, and following the Merger, Mobilis changed its name to "Magnolia Solar Corporation." The announcement was made on January 15, 2010.
Magnolia Solar Corporation is the surviving corporation and Magnolia became its wholly-owned subsidiary. Midtown Partners & Co., LLC served as the Magnolia's placement agents.
Dr. Ashok K. Sood, the President and CEO of Magnolia Solar Corporation, said, "Becoming a publicly-traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin film solar business. We intend to continue to provide environmentally responsible and low cost solutions for the solar industry."
Magnolia was founded in 2008 to commercialize its nanotechnology-based, high efficiency, thin film technology that can be deposited on glass and other flexible structures. This technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates a unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency thereby reducing the cost per watt.
Magnolia Solar, Inc. is developing thin film, high efficiency solar cells based on low cost substrates such as glass and polymers. Magnolia intends to become a highly competitive, low cost provider of terrestrial photovoltaic cells for both civilian and military applications.
Magnolia's primary goal is to introduce a product which offers significant cost savings per watt over traditional silicon based solar cells. Magnolia's technology is being developed to be utilized in power generation applications for electrical grids as well as local applications including lighting, heating, traffic control, irrigation, water distillation, and other residential, agricultural and commercial applications.
Magnolia's primary goal is to introduce a product which offers significant cost savings per watt over traditional silicon based solar cells. Magnolia's technology is being developed to be utilized in power generation applications for electrical grids as well as local applications including lighting, heating, traffic control, irrigation, water distillation, and other residential, agricultural and commercial applications.
For more information, please visit www.MagnoliaSolar.com.
