Ascent Solar: Redemption of the outstanding convertible secured notes
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THORNTON, Colorado - 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.