SolarWindow Appoints New Directors and Auditor to Korean Subsidiary

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.