Ascent Solar Fully Redeems Convertible Secured Notes Ahead of Schedule
THORNTON, CO–(Marketwired – Aug 16, 2017)
Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced that the Company has completed the full redemption of the outstanding convertible secured notes (“Secured Notes”) in cash ahead of schedule, pursuant to the redemption agreement (“Agreement”) announced on May 10, 2017.
Pursuant to the Agreement, the Company agreed to redeem for cash all outstanding Secured Notes of the Company held by the holder no later than September 1, 2017. As of the date of the Agreement on May 5, 2017, the balance of owed principal and accrued and unpaid interest to the holder was $1,777,191.64.
The President and CEO of Ascent Solar, Mr. Victor Lee said, “We are delighted to have fully redeemed the Secured Notes ahead of schedule due to the strengthening of our cash flow position.” Mr. Lee continued, “The purpose of the redemption is to strengthen our balance sheet and to finance ongoing operations through fixed rate equity investments on more favorable terms. This is a first step towards a cleaner balance sheet as we continue to experience improvement in our funding options. Following the redemption, all of Ascent’s assets except for the mortgage on our property, shall be free of encumbrances going forward.”
About The R&D 100 Awards & Conference:
The R&D 100 Awards have served as the most prestigious innovation awards program for the past 55 years, honoring great R&D pioneers and their revolutionary ideas in science and technology. The R&D 100 Conference was launched in 2015 as an educational event that celebrates the historic R&D 100 Awards and provides a new, in-depth conference that brings together the unique opportunities for R&D professionals to learn, network and collaborate.
About Ascent Solar Technologies:
Ascent Soar Technologies, Inc., an ISO 9001-2015 certified company, is a developer of lthin-film photovoltaic modules using flexible plastic substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine’s50 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.
In 2011, Ascent Solar was recognized as one of Time Magazine’s Top 50 Inventions for the development of their thin-film PV on plastic technology. This allows for the unique possibility of seamless integration into vehicles, buildings material and more without being confined to rigid structures.
Ascent Solar was presented the R&D 2015 award for the development of their MilPak solar blanket. The MilPak™ E is IP-67 rated fully integrated mobile power solution that includes a foldable photovoltaic blanket with an attached waterproof battery case that houses a maximum peak power tracker, 86.5 watt hour of power storage with battery management circuitry, a 55 watt 24 volt power circuit, and two high-current USB circuits.
Ascent’s results-oriented team is focused on continued technical innovation while effectively developing current market opportunities and enabling customers to create transformational applications using solar power.
Visit the corporate website to learn more: AscentSolar.com
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