Thornton, CO - 
(NewMediaWire) - May 13, 2021 - Ascent
Solar Technologies, Inc. (OTC: ASTI), a developer and manufacturer of
state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV)
solutions, reported full year financial results for the year ended December 31,
2020 in its 10-K filing.
Beginning in June 2020, the
Company entered into series of agreements and activities to recapitalize and
restructure its balance sheet. Details of the recapitalization and
restructuring of the company can be found in the form 10-K. In addition, we
have appointed a new CFO and restructured the Board of Directors.
Appointment
of New CFO and New Directors
On October 5, 2020, the Company
appointed Michael Gilbreth to serve as the CFO of the Company, succeeding
Victor Lee who had been serving in an interim CFO role. Mr. Lee continues to
serve as Chief Executive Officer and a director of the Company.
On December 10, 2020, the
Company appointed Will Clarke as a Class 2 director, filling the vacancy left
by the resignation of Mr. G. Thomas Marsh as director of the Company in early
2020. The Company also appointed David Peterson, representative of the new investors
Crowdex Investment LLC and Penumbra Solar Inc., as a Class 3 director on the
same day.
The newly constituted Board of
Directors now has five members, comprised of Dr. Amit Kumar, Chairman of the
Board, Kim Huntley and Will Clarke as the independent directors, and Victor Lee
and Dave Peterson as non-independent directors.
Management Comments:
“Since September of 2020, we have
been working tirelessly to restart our operations and get caught up with the
required SEC filings,” commented Victor Lee, President and CEO of Ascent Solar
Technologies, Inc. “Despite setbacks caused by various challenges including the
lack of financial resources and the impact of COVID-19 in 2020, I am extremely
pleased with our recent restructuring and recapitalization efforts, our
currency in our SEC filings, as well as the new Board of Directors composition,
and our appointment of Michael Gilbreth as CFO,” continued Mr. Lee. “We will
continue our reorganization effort to strengthen our balance sheet and
streamline our business model to focus on our core strength in the Tier-1
specialty PV markets with high entry barriers like the space and near-space,
aviation (drones), military, 1st Responders and emergency power markets.”
“The Company has made significant
progress in these high-value markets, and we will continue to sharpen our focus
in such areas where Ascent is truly at the forefront of the competition. Most
notably, Ascent’s superlight thin-film modules were selected and launched by
NASA Marshall Space Flight Center to the International Space Station on
November 17, 2018 as part of the MISSE-X flight experiment, as well as
selection for further participation in two upcoming flight demonstrations – the
Lightweight Integrated Solar Array and anTenna (LISA-T) project and the Solar
Cruiser solar sail project. Other notable milestones include our continuous
development effort with JAXA (Japan Aerospace Exploration Agency)’s
SolarPowerSail project utilizing Ascent’s superlight thin-film modules, as well
as multiple other private agencies’ selection of our PV technology for further
testing and evaluation for deep space missions.”
Mr. Lee concluded, “Great
progress was also made in the defense and emergency power market, which we
believe will add to revenue growth in 2022 and beyond. We are optimistic
and certainly look forward to stronger years ahead, as our high-value PV market
focus begins to take shape. We will update our shareholders as we make
continued progress.”
Dr. Amit Kumar, Chairman of
Ascent Solar, said, “The opportunities for non-fossil fuel energy production
continues to grow especially in the high value markets such as space, aviation
and military where Ascent’s technology maintains a very strong competitive
advantage. We look forward to providing products into these rapidly
growing markets where margins can be very favorable.”
ABOUT
ASCENT SOLAR TECHNOLOGIES, INC:
Ascent Solar Technologies,
Inc., is a developer of thin-film photovoltaic modules using flexible substrate
materials that are more versatile and rugged than traditional solar
panels. Ascent Solar modules were named as one of the top 100
technologies in both 2010 and 2015 by R&D Magazine, and one of TIME
Magazine's 50 best inventions for 2011. The technology described above
represents the cutting edge of flexible power and can be directly integrated
into consumer products and off-grid applications, as well as other aerospace
applications. Ascent Solar is headquartered in Thornton, Colorado, and more
information can be found at www.AscentSolar.com.
Forward-Looking Statements:
Statements in this press
release that are not statements of historical or current fact constitute
"forward-looking statements." Such forward-looking statements involve
known and unknown risks, uncertainties and other unknown factors that could cause
the Company's actual operating results to be materially different from any
historical results or from any future results expressed or implied by such
forward-looking statements. In addition to statements that explicitly describe
these risks and uncertainties, readers are urged to consider statements that
contain terms such as "believes," "belief,"
"expects," "expect," "intends,"
"intend," "anticipate," "anticipates,"
"plans," "plan," to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in the Company's
filings with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations:
IR@AscentSolar.com
