Item 8.01 Other Events.

On May 9, 2008, the Compensation Committee of the Board of Directors of the Company authorized the repricing of all outstanding options issued to current employees, directors, officers and consultants under the Company's 2007 Equity Incentive Plan ("Plan") to $0.62, determined in accordance with the Plan as the closing price for shares of Common Stock on the Over-the-Counter Bulletin Board on the date of the repricing.

The Committee considered the fact that options granted in the past pursuant to the Company's 2007 Equity Incentive Plan have exercise prices well-above the recent trading prices of the Common Stock and in light of the fierce competition for highly qualified employees in the solar industry, in order to retain quality employees, the Compensation Committee determined that a repricing of underwater stock options was in the best interest of the Company.

This repricing of the exercise price described above (the "Repricing") will apply to all options issued pursuant to the Plan. In total, the Repricing will apply to an aggregate of 7,720,000 shares of Common Stock underlying outstanding options. A copy of the form of notice sent to holders of outstanding options regarding the Repricing is attached hereto as Exhibit 4.1, and are incorporated herein by reference.

The Repricing was effected pursuant to a resolution of the Compensation Committee of the Company's Board of Directors adopted on May 9, 2008.

Item 9.01 Financial Statement and Exhibits.

(d) Exhibits

Exhibit No. Description

4.1 Form of notice to option holders.

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