updated 12/1/2010 9:15:50 PM ET 2010-12-02T02:15:50

LOS ANGELES, Dec. 1, 2010 (GLOBE NEWSWIRE) -- EquityNet Research, an independent West Coast equity research firm based in Los Angeles, announced today that it has initiated coverage of Magnolia Solar, Inc. (OTCBB:MGLT).

A full copy of the report and disclosure requirements are available at EquityNet Research's Web site: www.equitynet.net .

Magnolia Solar was founded in 2008 to commercialize its nanotechnology-based, high efficiency, thin film technology for the solar industry that can be deposited on glass and other flexible structures. This technology has the ability to capture a larger part of the solar spectrum – even under cloudy skies - to produce high efficiency solar cells.

Randy Lewis, CFA, Founder and Senior Analyst with EquityNet who is covering the Company, stated, "The Company's proprietary technology is being developed under direct sponsorship from the Defense Advanced Research Projects Agency (DARPA), NASA and the Department of Defense, which has further awarded Magnolia grants under its Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. To date, Magnolia has received $1.2 million in awards and grants from the New York State Energy Research and Development Authority (NYSERDA) and the United States Air Force. We feel this adds significant legitimacy to the Company's technology and R&D process."

About EquityNet Research

EquityNet Research was formed to provide the investing public with professional, independent, objective research on under-followed public companies. It does this by preparing detailed reports that highlight the key aspects of each company and its industry. EquityNet strictly maintains independence and objectivity according to the Standards of Professional Conduct of the CFA Institute (CFAI), and though is compensated for performing due diligence and creating reports, thus keeping its research free to the public, does not have extraneous relationships with its followed-companies nor has any present or future pecuniary benefit other than that disclosed for each company on its Web site. EquityNet was compensated $7,500 by Hanover Financial Services for the due diligence, preparation, and any updates for one year, of the Magnolia report. EquityNet is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. 

The EquityNet Research logo is available at  http://www.globenewswire.com/newsroom/prs/?pkgid=7585

CONTACT:  EquityNet Research 
          Randy Lewis, CFA, MBA, Senior Analyst
          818.783.5006
          rlewis@equitynet.net

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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