Magnolia Solar Corporation Completes Reverse Merger
Source/Type: Reported News

Author: CompoundSemi News Staff

January 18, 2010... Magnolia Solar Inc., a developer of nanotechnology-based thin-film solar cells with funding from the DOD, DARPA, and NASA, reports that on December 31, 2009 it completed a reverse merger with publicly traded Mobilis Relocation Service Holdings, Inc. Under the terms of the Merger, Magnolia merged with Mobilis, a Nevada corporation, becoming Mobilis's principal operating business. Following the Merger, Mobilis changed its name to "Magnolia Solar Corporation." Magnolia Solar Corporation is the surviving corporation and Magnolia became its wholly-owned subsidiary. Midtown Partners & Co., LLC ("Midtown") served as Magnolia's placement agents.

Dr. Ashok K. Sood, the President and CEO of Magnolia Solar Corporation, commented, "Becoming a publicly-traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin film solar business. We intend to continue to provide environmentally responsible and low cost solutions for the solar industry." Magnolia Solar News Release

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