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Solar3D set up for a stellar year

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Solar3D, the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, has announced that it anticipates closing its acquisition of SUNworks in January, as well as pushing its next generation solar cell technology toward commercialization this year.

"I believe that 2014 is going to be the year of Solar3D. With the acquisition and anticipated growth of SUNworks, we will enter the fastest growing part of the solar market in America"”solar systems sales and installation. SUNworks is a proven and quality solar systems provider and it has a great opportunity to grow," said Jim Nelson, CEO of Solar3D. "Additionally, our proprietary solar cell team has made great strides in its third round of prototypes and we are in talks with two organizations that are focused specifically on helping us make the jump to commercialization."

Management anticipates that the SUNworks acquisition will close at the end of January, as previously scheduled.

"Our team is excited about the possibilities that we have as part of Solar3D," said Abe Emard, CEO of SUNworks. "We have built a management team with the anticipation of rapid growth, and we are poised to grow substantially in 2014. Our backlog of business proves that growth is imminent."

Last month, Solar3D announced the execution of a definitive purchase agreement with Solar United Networks, Inc., (SUNworks) of Roseville, CA. SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D. The transaction is expected to close in January 2014.

The initial 2012 Solar3D prototype cell was calculated to produce just over 25% efficiency"”the highest of any silicon solar cell. Even more important was an originally unanticipated feature "” wide-angle light collection "” allowing for the generation of electricity throughout more times of the days and seasons. This feature increases the length of time during which light can be effectively converted to electricity, relative to current technology. Current technology is most effective for a few hours in the middle of the day.

Nelson concluded, "We feel that we are on the verge of creating substantial value for our shareholders. On the technology development front, we are very excited about our prospects for achieving what Solar3D exists to accomplish"”providing affordable solar power to people and organizations throughout the world."

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