| Management Acquires SolarWindow Majority Ownership |
| New York, New York; Seoul, South Korea - December 14, 2021 – SolarWindow Technologies, Inc. (Symbol: WNDW), announced today that it has received notification that Light Quantum Energy Holdings (“LQE”), a company owned and controlled by SolarWindow President and Director, Mr. John Rhee and his immediate family, has acquired 62% of the issued and outstanding shares of SolarWindow Technologies, Inc. (nearly 72% on a fully diluted basis) from former controlling stockholder, Kalen Capital Corporation and its subsidiaries (“Kalen Capital”), in a privately negotiated deal.
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| Details of the December 8, 2021 share purchase and sale agreement are provided in the Company’s 8-K filed with the United States Securities and Exchange Commission, available at SEC.gov and at www.SolarWindow.com, and include deferred payment provisions, operating covenants, a repurchase option for the seller in the event of default of payment by the buyer, and other terms and conditions.
Today, we launch a fresh and exciting new stage of the Company’s growth and reaffirm our pledge to a sustainable future. This transaction cements our belief in SolarWindow, its leadership team, and game-changing LiquidElectricity™ technology at a time when worldwide market demand for renewables is stronger than ever,” explained SolarWindow President Mr. John Rhee. Mr. Rhee also serves as director and shareholder of LQE, the new majority stockholder of SolarWindow.
I’m grateful to all those who have worked diligently to make this transaction possible,” continued Mr. Rhee. “I believe that SolarWindow products and technologies have an exciting future ahead, and wish to thank our former controlling stockholder for supporting SolarWindow development in the years past." |
| | | | | Disclaimer: SolarWindow™ products are currently under development and not available for sale. For the USA, this material should be considered informational only and does not constitute an offer to sell.
© Copyright 2021 SolarWindow Technologies, Inc. |
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