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, 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