TFG Radiant Increases Ownership in Ascent Solar
THORNTON, Colo.--(BUSINESS WIRE)--
Solar Technologies, Inc. (NASDAQ:ASTI),
a developer of flexible
CIGS solar panels, announced today that TFG
Radiant Investment Group, Ltd. (TFG Radiant), is poised to increase
its ownership interest in the Thornton, Colo., based solar panel
manufacturer. TFG Radiant acquired approximately 20 percent of the
outstanding shares of Ascent in August
2011. The increase will put TFG Radiant's ownership at approximately
TFG Radiant will purchase the stake in the Company presently owned by
Norsk Hydro Produksjon AS for $4 million, or approximately $0.50 per
share. The transaction is expected to close within the next 90 days.
Victor Lee, managing director of TFG Radiant and an Ascent board member,
said: "We continue to be very excited about the market potential for
Ascent's transformational solar power technology. No other manufacturer
can match the combination of power density and flexibility, which we
believe will enable TFG Radiant to lead in rooftop and portable power
applications in East Asia."
"We are pleased to see that our most recent strategic partner, and
licensee for our technology in East Asia, is increasing its commitment
to Ascent," commented Ron Eller, Ascent president and CEO. "We have the
same vision for our unique, high performing flexible technology to bring
solar power to everyday lives in a seamless and compelling manner."
About Ascent Solar Technologies, Inc.
Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules using flexible substrate materials that can
transform the way solar power generation integrates into everyday
life. Ascent Solar modules, which were named one of TIME
Magazine's 50 best inventions for 2011, can be directly
incorporated into standard building materials, commercial
transportation, automotive solutions, space applications, consumer
electronics for portable power and durable off-grid solutions.
Additional information can be found at www.ascentsolar.com.
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.
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Source: Ascent Solar Technologies
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