Ascent Solar Completes New Common Stock Investment of $1.0 Million by the Existing Largest Shareholder, TFG Radiant Investmen...
April 20 2015 - 6:00AM
Business Wire
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 it entered into a Stock Purchase
Agreement (SPA) on April 9, 2015 with existing stockholder TFG
Radiant Investment Group (“TFG Radiant”) for $1.0 million of common
stock. The transaction closed on April 17, 2015.
The transaction was priced at a fixed per share price of $1.00
and the Company has issued 1,000,000 restricted shares to TFG
Radiant. The shares will become unrestricted one year from the
closing date.
With this investment, TFG Radiant’s ownership in the Company has
increased to approximately 17.0% of the outstanding common stock
subsequent to the closing.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “TFG Radiant
has been very supportive of the company, and we appreciate their
continued enthusiasm and interest in Ascent. Their confidence in
our current business direction underscores the future prospects for
Ascent. We look forward to continuing achieving milestones in
product launches, revenue growth and profitable operations.”
Winston Xu, Chairman of TFG Radiant, said, “We are more upbeat
now than ever with regards to Ascent’s future success and believe
this is a good time to increase our ownership stake in the company.
Ascent has demonstrated growing sales momentum the last two years
and the Company is clearly at an inflection point of its
development where a strong foundation has been built to enable
accelerating growth in sales. As the largest shareholder of Ascent
Solar, TFG Radiant strongly believes in Ascent’s business plan and
is firmly committed to the Company and its strategy for
growth.”
About Ascent Solar Technologies, Inc.:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules with substrate materials that are more
flexible, versatile and rugged than traditional solar panels.
Ascent Solar modules can be directly integrated into consumer
products and off-grid applications, as well as aerospace and
building integrated applications. Ascent Solar is headquartered in
Thornton, Colorado. For more information, go to www.goenerplex.com
or 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 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 "believe,"
"expect," "intend," "anticipate," "plan," and other words and terms
of similar meaning 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 SEC. The Company
disclaims any intention or obligation to update or revise any
financial or other projections or other forward-looking statements,
whether because of new information, future events or otherwise.
Ascent Solar Technologies, Inc.Investor Relations
Contact:CleanTech IRBrion D. Tanous, 310-541-6824Mobile:
424-634-8592btanous@cleantech-ir.comorAscent Solar Technologies,
Inc.Justin R. Jacobs, 1-720-872-5194jjacobs@ascentsolar.com
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