Daystar Announces Management Change

Magnus Ryde has resigned from his roles as Chief Executive Officer and Director of DayStar effective February 28, 2011, in order to pursue other opportunities

DayStar Technologies, Inc. announced that Magnus Ryde has resigned from his roles as CEO and director of DayStar effective Feb. 28, 2011, in order to pursue other opportunities.

“I am grateful for the opportunity to have led DayStar throughout this past year and am confident that the progress we have made to restructure our balance sheet and in discussions with potential strategic partners have DayStar well positioned for near-term success,” commented Ryde.

Peter Lacey, DayStar’s chairman of the board, has been appointed to the additional position of interim CEO, effective February 28, 2011.

“We appreciate the leadership that Magnus Ryde provided to DayStar during this very challenging time as well as the progress that has been made during Mr. Ryde’s tenure as CEO to position the company for a successful strategic partnership,” Lacey said. “I look forward to taking a more active role in the day-to-day operations of the business and working closely with the rest of the management team during this very exciting time for the company. I am committed to doing everything necessary to continue to build upon the progress that has been made to position the company for a strategic partnership and to lead DayStar through its next phase of growth.”

Lacey has served as chairman of the board since October 2009. He has been the president, CEO and director of Cervus Equipment Corporation since May 2003. Lacey is also the president, CEO and a trustee of Proventure Income Fund, a public real estate income trust listed on the TSX Venture Exchange. Lacey has also been the chairman of the board and director of Eveready Energy Services. Eveready was sold to Clean Harbors Inc. in 2009.