Ascent Solar Announces Board and Executive Leadership Transition

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THORNTON, CO, Sept. 23, 2022 (GLOBE NEWSWIRE) — by way of NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Photo voltaic”, “Ascent” or the “Firm”) (NASDAQ: ASTI), a developer and producer of state-of-the-art, light-weight, versatile thin-film photovoltaic (PV) options, in the present day introduced a transition of its management on the board and govt ranges.

4 new administrators have been appointed to the Firm’s Board of Administrators: Louis Berezovsky, Mike French, Felix T. Mantke, and Forest Reynolds. These administrators will function a part of the brand new management staff that can assist information the Firm in its efforts to develop long-term income and enterprise alternatives, as Ascent continues its transition as a newly listed firm on Nasdaq.

As a part of the board transition, 4 earlier administrators (Amit Kumar, Kim J. Huntley, Will A. Clarke and Victor Lee) agreed to resign from the board. David Peterson continues as a member of the board and has been appointed board chair.

As well as, Victor Lee has resigned because the Firm’s CEO. The Firm has commenced a seek for a brand new CEO and expects to make an announcement about new govt management within the close to future.

David Peterson, board chair, said, “We very a lot admire the work and stewardship of our departing administrators and CEO. Their efforts have sustained the Firm by some very troublesome monetary and working circumstances. Our current itemizing on Nasdaq in August was a significant accomplishment that will not have been potential with out the efforts of Victor, Amit, Kim and Will.”

Data on our new administrators:

Louis Berezovsky presently leads the Finance and Accounting, M&A, Human Assets, Authorized and IT features at Eagle Infrastructure Companies. Mr. Berezovsky has over 25 years of expertise in senior monetary administration positions throughout a wide range of industries, together with personal fairness sponsored portfolio corporations. His accomplishments embrace the completion of greater than 60 acquisitions, in addition to a number of recapitalizations and profitable sale processes. Mr. Berezovsky, who has served because the Chairman of the Finance Committee for the Higher Enterprise Bureau of Minnesota and North Dakota, acquired his B.S. in Accounting from the College of Minnesota, Carlson College of Administration, and is a Licensed Administration Accountant (CMA).

Mike French is presently the Vice President of Area Methods on the Aerospace Industries Affiliation, the place he advocates for insurance policies, laws, and investments that construct robust trade partnerships throughout the civil, industrial, and nationwide safety sectors. Mr. French’s expertise within the area trade contains growing market forecasts and assessments for area trade executives and analyzing main area investments for corporations and banks. He served as NASA’s Chief of Workers, the place he suggested the NASA Administrator, the White Home, and varied authorities leaders on nationwide area coverage points. Mr. French holds a Bachelor of Science in enterprise administration from the Haas College of Enterprise on the College of California, Berkeley, and a J.D. from Harvard Legislation College.

Felix T. Mantke is presently the CFO at TubeSolar AG, which is an investor in and buyer of Ascent Photo voltaic. He has greater than 20 years {of professional} expertise within the fields of accounting, controlling and auditing and has explicit experience within the areas of M&A and capital markets. Previous to becoming a member of TubeSolar in 2022, Mr. Mantke spent 5 years working at Deloitte in Germany. Previous to that, he was the Managing Director at Flick Gocke Schaumburg in Munich, after having labored at BDO AG in Frankfurt. In the beginning of his profession, Mr. Mantke held varied positions at EY in Berlin, Boston, Moscow and Munich and moved to H.C. Stark GmbH in 2012 as Head of Group Accounting/Capital Markets.

Forrest Reynolds has over 28 years of enterprise and administration expertise and is presently the Managing Companion of CalTex Capital, LLC, a privately held funding agency, in addition to a Managing Director of The Vortex Group Household Workplace, LLC, a non-public household workplace, each of that are primarily based in Texas. Beforehand, Mr. Reynolds served because the Chief Restructuring Officer for Centaur Gaming, LLC, a gaming improvement firm situated in Indianapolis Indiana. On this capability, Mr. Reynolds managed a $1 billion Chapter 11 chapter reorganization for the corporate. Previous to that, Mr. Reynolds labored within the funding banking trade for over 14 years, holding varied positions with a number of multinational funding banks together with Credit score Suisse, BT Alex Brown (later Deutsche Financial institution) and UBS. Mr. Reynolds sits on the board of a number of personal corporations and is actively concerned with a number of charitable organizations. Mr. Reynolds graduated from The College of Texas at Austin the place he acquired a B.B.A. in Finance and a B.A. in Economics.

For extra info, please go to www.AscentSolar.com.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.

Ascent Photo voltaic Applied sciences, Inc., is a developer of thin-film photovoltaic modules utilizing versatile substrate supplies which might be extra versatile and rugged than conventional photo voltaic panels. Ascent Photo voltaic modules have been named as one of many prime 100 applied sciences by R&D Journal, and one in every of TIME Journal’s 50 greatest innovations. The expertise described above represents the reducing fringe of versatile energy and might be immediately built-in into shopper merchandise and off-grid purposes, in addition to different aerospace purposes. Ascent Photo voltaic is headquartered in Thornton, Colorado. Extra info might be discovered at www.AscentSolar.com.

Ahead-Trying Statements:

Statements on this press launch that aren’t statements of historic or present reality represent “forward-looking statements.” Such forward-looking statements contain recognized and unknown dangers, uncertainties and different unknown components that would trigger the Firm’s precise working outcomes to be materially totally different from any historic outcomes or from any future outcomes expressed or implied by such forward-looking statements. Along with statements that explicitly describe these dangers and uncertainties, readers are urged to think about statements that comprise phrases similar to “believes,” “perception,” “expects,” “anticipate,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be unsure and forward-looking. No info on this press launch ought to be construed as any indication in anyway of our future revenues, inventory value, or outcomes of operations. The forward-looking statements contained herein are additionally topic usually to different dangers and uncertainties which might be described now and again within the Firm’s filings with the Securities and Alternate Fee.

Ascent Photo voltaic TechnologiesInvestor Relations: [email protected]

Supply: Ascent Photo voltaic Applied sciences, Inc.