Ascent Solar Fully Redeems Convertible Secured Notes Ahead of Schedule
THORNTON, CO -- (Marketwired) -- 08/16/17 --
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 Ascent Solar Technologies:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, 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 were named 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. For more
information, go to 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.
Ascent Solar Technologies
Source: Ascent Solar Technologies
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