The company said in addition to the purchase agreement, Sunlogics Power Fund Management has entered into a consulting arrangement with DayStar to assist the management of the company with business development and also with exploring and evaluating strategic opportunities.

DayStar chairman and interim CEO Peter Lacey said the company is pleased to announce the relationship with Sunlogics Power Fund Management and are excited about the opportunities it presents to its shareholders and other stakeholders.

"We look forward to working with the Sunlogics team to explore strategic transactions which we believe will benefit the shareholders of both companies." said Lacey.

Sunlogics Power Fund Management CEO Michael Matvieshen said they are very excited to make the investment and look forward to working with the DayStar team to develop mutually beneficial business opportunities.