ALBANY, N.Y. and WOBURN, Mass., Sept. 22, 2015 (GLOBE NEWSWIRE) -- Magnolia Solar Corporation (OTCQB:MGLT) ("Magnolia Solar") announced today that it is exploring growth in the installation business. This sector of the solar business is growing very rapidly. Magnolia continues to have discussions with solar installers that are privately held and are interested in getting listed on a US exchange.
Magnolia Solar is also having discussions with privately held solar installers in India. Indian solar market is growing very rapidly and with over 1.2 billion population, there is a real need for providing electricity to the cities and villages in India. We are having discussions with privately held solar installers that would like to merge with Magnolia Solar and have the potential for up-listing to a US securities exchange. As the Company moves further in its discussions, Magnolia Solar will continue to update its shareholders.
Magnolia Solar also has developed technology for improving the efficiency of solar panels. Magnolia has filed 15 patents, 5 of which have been issued and 10 of which are at the various stages of review within the US Patent and Trademark Office. Magnolia Solar has also begun exploring various ways to use its intellectual property for commercial applications.
Dr. Ashok K. Sood, President and CEO of Magnolia Solar, stated, "We are delighted to be talking with Solar Installers in US and India. As we move forward in these endeavors, we will provide additional information."
About Magnolia Solar Corporation:
Based in Albany, NY and Woburn, MA, Magnolia Solar was founded in 2008 to develop and commercialize revolutionary flexible thin-film solar cell technologies that employ nanostructured materials and designs. Both higher current and higher voltage outputs are expected from thin-film solar cells that combine Magnolia's exclusive material structures with advanced optical coatings. Magnolia's patent-pending technology has the ability to capture a larger part of the solar spectrum to enable high efficiency solar cells, and incorporates a unique nanostructure-based anti-reflection coating technology to further increase solar cell efficiency, thereby reducing the cost per watt. The company is targeting a variety of civilian and defense applications for its photovoltaic solar cells. Magnolia's solar cell technology can be used to generate power for existing electrical grids, and is particularly well-suited for distributed and portable power generation applications.
For more information, please visit www.MagnoliaSolar.com.
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
CONTACT: For more information please contact: Dr. Ashok Sood email@example.comSource:Magnolia Solar Corporation