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THORNTON, CO, May 13, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Ascent Solar Technologies, Inc. (OTC: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions, released financial results for the year ended December 31, 2020 in its 10-K repository.
As of June 2020, the company entered into a 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 Form 10-K. In addition, we have appointed a new CFO and restructured the board of directors.
Appointment of a new CFO and new directors
On October 5, 2020, the company appointed Michael Gilbreth as the company’s chief financial officer, succeeding Victor Lee who was acting chief financial officer. Mr. Lee continues to be the CEO and 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 MG Thomas Marsh as a director of the Company in early 2020. The Company also appointed David Peterson, representing the new investors Crowdex Investment LLC and Penumbra Solar Inc., as a category 3 director on the same day.
The newly constituted Board of Directors now has five members, including Dr Amit Kumar, Chairman of the Board, Kim Huntley and Will Clarke as independent directors, and Victor Lee and Dave Peterson as non-independent directors.
Management comments:
“Since September 2020, we have been working tirelessly to restart our operations and catch ourselves with the required SEC filings,†commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “Despite the setbacks caused through various challenges, including 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 composition of the board of directors and our appointment of Michael Gilbreth as CFO, â€continued Mr. Lee. “We will continue our reorganization efforts to strengthen our balance sheet and streamline our business model in order to focus on our core strength in specialist level 1 photovoltaic markets with high barriers to entry such as space and near space. , aviation (drones), military, first responders and emergency energy markets. “
“The company has made significant progress in these high value markets, and we will continue to focus on areas where Ascent is truly at the forefront of the competition. Specifically, Ascent’s ultralight 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 additional participation in two upcoming flights. Demonstrations – Lightweight Integrated Solar Array and Antenna Project (LISA-T) and Solar Cruiser Solar Sail Project. Other notable milestones include our continued development effort with JAXA’s (Japan Aerospace Exploration Agency) SolarPowerSail project using Ascent’s ultralight thin-film modules, as well as the selection of our PV technology by several other private agencies. for further testing and evaluation for distant space missions. . “
Mr. Lee concluded, “Great strides have been made in the defense and emergency energy market as well, which we believe will contribute to revenue growth in 2022 and beyond. We are optimistic and certainly look forward to stronger years to come as our focus on the high value PV market begins to take shape. We will keep our shareholders informed as we move forward. “
Dr Amit Kumar, President of Ascent Solar, said: “The opportunities for non-fossil energy generation continue to grow, especially in high value-added markets such as space, aviation and the military, where Ascent’s technology retains a very strong competitive advantage. We look forward to supplying products to 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 robust than traditional solar panels. Ascent Solar modules were named one of the Top 100 Technologies in 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 with the consumer. off-grid products and 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”. These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to differ materially from any historical results or from any future results expressed or implied in these. forward-looking statements. In addition to statements which explicitly describe these risks and uncertainties, readers are cautioned to consider statements containing terms such as “believes”, “belief”, “expects”, “expects”, “has the” intention “,” intends “,” anticipates, “” anticipates “,” plans “,” plans “, uncertain and forward-looking. Forward-looking statements contained in this document are also generally subject to other risks and uncertainties that are described from time to time in documents filed by the Company with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations: [email protected]
