SolarWindow Appoints New Directors and Auditor to Korean Subsidiary

Rhea-AI Summary

SolarWindow Technologies, Inc. has announced organizational and management changes in its Korean subsidiary, SolarWindow Asia. The changes include the removal of former directors and the appointment of new directors and an auditor. These changes were necessary because SolarWindow Asia failed to provide the required financial documents for the completion of the fiscal year audit. The company is now able to acquire and process the necessary information to complete the audit and subsequent reviews.

SCOTTSDALE, Ariz., May 23, 2023 (GLOBE NEWSWIRE) -- SolarWindow Technologies, Inc. (symbol WNDW; www.solarwindow.com) is providing this update to its March 22, 2023 press release which announced that it had taken legal action permitting SolarWindow Asia Co. Ltd., the Company’s Korean Subsidiary (“SolarWindow Asia”), to hold an Extraordinary Shareholder Meeting (“ESM”) to authorize the removal of SolarWindow Asia’s directors and auditor.

The Company was forced to initiate legal proceedings because, despite numerous requests made to SolarWindow Asia’s Representative Director John Rhee, who at the time was also a member of the Company’s Board of Directors, the South Korean subsidiary failed to provide financial, banking, and transactional documents required by SolarWindow to complete its August 31, 2022, fiscal year audit and file Form 10-K Financial Statements.

At the ESM, held on April 25, 2023, a resolution was passed to remove all former directors, including Rhee, from the South Korean subsidiary and replace them with Joseph Sierchio as Representative Director, Alexandra Musk and Amit Singh as Directors, and Justin Frere as Auditor.

The resolution and supporting documentation were subsequently notarized, filed with the South Korean Court Registry, and the required updated business registration information, reflecting the changes to SolarWindow Asia’s management was also filed.

These critical organizational and management changes have allowed the Company to begin acquiring, processing, and submitting the requisite information needed to complete the audit for the fiscal year ended August 31, 2022, and subsequent reviews for quarterly periods ended November 30, 2022, and February 28, 2023.

The Company intends to continue providing updates to its stockholders regarding the status of its efforts.

About SolarWindow Technologies, Inc.

SolarWindow Technologies, Inc. (Symbol: WNDW; www.solarwindow.com) is a developer of transparent LiquidElectricity® coatings and processes which generate electricity on glass and plastics. When applied to otherwise ordinary glass, for example, these coatings generate electricity, producing power under natural, artificial, low, shaded, and reflected light conditions.

SolarWindow targets applications beyond conventional solar panels. The Company’s LiquidElectricity® can generate electricity for architectural applications including building windows, facades, and rooftops. LiquidElectricity® has wide-ranging utility, including automotive, commercial greenhouse, marine, and aerospace applications, and presents superior aesthetics for generating energy to enable faster financial breakeven.

The SolarWindow Promise: Engineer, design, and ultimately manufacture and deliver LiquidElectricity® products which reward customers with affordable clean energy for a healthier, safer, and more sustainable planet. SolarWindow is ClearlyElectric®.

For additional information, please call Amit Singh at 1-800-213-0689 or visit: www.solarwindow.com.

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Social Media Disclaimer and Forward-Looking Statements

SolarWindow investors and others should note that we announce material information to the public about the Company through a variety of means, including our website (https://www.solarwindow.com/investors), through press releases, SEC filings, public conference calls, via our corporate Twitter account (@solartechwindow), Facebook page (https://www.facebook.com/SolarWindowTechnologies) and LinkedIn page (https://www.linkedin.com/company/solar-window-technology/) in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD.
We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.

No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “our goals,” “our mission,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company’s products, technical problems with the company’s research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company’s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company’s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company’s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/db471433-bb37-40cf-a930-19b7f1aae795

FAQ

What is the update from SolarWindow Technologies, Inc.?

SolarWindow Technologies, Inc. has announced organizational and management changes in its Korean subsidiary.

Why were these changes necessary?

The changes were necessary because SolarWindow Asia failed to provide the required financial documents for the completion of the fiscal year audit.

Who are the new directors and auditor?

Joseph Sierchio is the new Representative Director, Alexandra Musk and Amit Singh are the new Directors, and Justin Frere is the new Auditor.

What is the impact of these changes?

The changes allow the company to acquire and process the necessary information to complete the audit and subsequent reviews.

Will there be further updates?

The company intends to continue providing updates to its stockholders regarding the status of its efforts.