Quantum Solar Power Closes $1.974 Million Placement

Quantum Solar Power Corp. (‘Quantum’) (OTCBB: QSPW), is pleased to announce that it has issued 1,974,000 shares of its common stock at a price of $1.00 per share for total proceeds of $1,974,000 to ‘non-U.S. Persons’ as contemplated under Regulation S of the United States Securities Act (the ‘U.S. Securities Act’). This issuance represents a portion of Quantum’s previously announced $3,000,000 foreign private placement offering. Following issuance of the shares, Quantum elected to terminate the balance of the foreign private placement offering.

Quantum will use the net proceeds from this private placement offering to further develop its NGD™ Technology and for working capital purposes.

Quantum Solar Power Corp. is developing a ‘Next Generation Device’ (NGD) photovoltaic technology. Quantum’s NGD™is a patent pending, laboratory model that utilizes a new approach to solar power conversion with the potential to remove the necessity of utilizing expensive silicon semiconductor-based technologies. We believe Quantum’s NGD™ technology has the potential to match the efficiency of crystalline silicon PV at the cost of thin film PV.

The anticipated NGD™ technology is free of any rare element dependencies found in other current solar technologies. We believe Quantum has the potential to create solar cells (through manufacturing partnerships) at significantly less cost per watt than current technologies.