Mr. Andreas Tapakoudes reports

QSOLAR AND SENIOR OFFICERS REACH MUTUAL AGREEMENT AND DISCONTINUE CLAIM AGAINST LEEDE AND TABOIKA

The claim filed in the Court of Queen's Bench of Alberta against Leede Financial Markets Inc. and Leede's executive vice-president and a director, Victor Taboika, has been discontinued by QSolar Ltd., Andreas Tapakoudes (president and chief executive officer of QSolar) and Preston Maddin.

After discussion among the parties, the parties were able to come to a resolution that led to the discontinuance of the claim.

QSolar thanks Leede and Mr. Taboika for their understanding in clarifying matters and engaging to reach this prompt resolution and, further, wishes to thank Leede for its advice and guidance since its debut as a listed company. Mr. Tapakoudes stated: "We believe that resolution of the issues between the parties will allow a co-operative effort focused on the growth of QSolar. We look forward to working with Leede and Mr. Taboika in the future success of QSolar."

Mr. Taboika stated: "We appreciate the attention given by QSolar and its senior officers to resolve this matter promptly. We continue to be impressed by the potential for QSolar's revolutionary technology, SprayTech 99, in developing the world's first non-glass solar panels. We look forward to working with QSolar's management and we also look forward to QSolar's future successes, including achievement of product certifications and advancement of commercialization of the corporation's technology in various modes."

We seek Safe Harbor.