SOURCE: Ascent Solar Technologies

Ascent Solar Technologies

December 22, 2015 06:00 ET

Ascent Solar Retires Senior Secured Convertible Notes; Outstanding Notes Reduced to Approximately $52k in Principal Value

THORNTON, CO--(Marketwired - Dec 22, 2015) - Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the Company's EnerPlex™ series of consumer products, announced today that the Company has fully settled the final cash portion of its senior secured convertible notes ("Notes"), pursuant to the agreement announced on November 23, 2015. Following this settlement, the remaining principal balance of outstanding Notes has been reduced to approximately $52,000. The Company expects this remaining amount to be converted or retired in the near future.

"We are pleased to have settled this portion of the Notes as scheduled," commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "Following this final cash settlement, the Company has effectively completed the debt restructuring exercise that was announced back in September 2015. This completion will allow Ascent Solar to move forward on more favorable terms with its new funding partner in 2016, and benefit from increased financial flexibility. We appreciate our shareholders' patience through this arduous process, and we look forward to providing product updates as we move closer to CES in January 2016."

About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible plastic substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly integrated into consumer products and off-grid applications, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to www.goenerplex.com and 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.

Contact Information

  • Contact:

    Ascent Solar Technologies, Inc.
    Investor and Media Relations
    Adam Holdsworth
    Investor Relations
    PCG Advisory Group
    adamh@pcgadvisory.com
    +1-646-862-4607

    Sean Leous
    Media Relations
    PCG Advisory Group
    sleous@pcgadvisory.com
    +1-646-863-8998