SLTZ Solar Thin Films Inc (CE)

Solar Thin Films, Inc. (PINKSHEETS: SLTZ) (the "Company") today announced that certain entities (the "Entities") had entered into agreements with two of the Company's largest creditors granting each of the Entities an option to purchase the debt which was owed to them by the Company. These Entities entered into agreements with the Company in which the Company gave each of the Entities an option to convert an aggregate of $836,506.51 of the Company's debt into shares of the Company's common stock at a conversion price of $0.01 per share. There can be no assurance that any of these options will be exercised. The Company remains liable for the full payment of the principal, interest and all obligations pursuant to its indebtedness to the creditors if the options are not exercised.

Management has been advised that during the month of October another entity (the "Entity") will enter into an agreement with the Company's largest creditors granting the Entity an option to purchase the debt which was owed to such creditor by the Company. This Entity intends to enter into an agreement with the Company granting an option to the Entity to convert an aggregate of $1,176,466 of the Company's debt into shares of the Company's common stock at a conversion price of $0.03 per share. There can be no assurance that this option will be exercised. The Company will remain liable for the full payment of the principal, interest and all obligations pursuant to the Company's indebtedness to such creditor if the option is not exercised.

If all of the options are exercised, this will be a major step in cleaning up the Company's balance sheet. In addition, the Company intends to restructure itself into an international developer and syndicator of solar power projects.

About Solar Thin Films, Inc. Solar Thin Films, Inc. was formerly engaged in the manufacturing of solar module production equipment and turn-key amorphous silicon module factories. The Company is establishing itself as, an international developer and syndicator of solar power projects.

Forward-Looking Statements This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.