Ascent Solar Technologies Inc (ASTI)

[TPX]

ASTI News! Ascent Solar Reaches Agreement to Redeem Convertible Secured Notes

May 10, 2017
OTC Disclosure & News Service

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Ascent Solar Reaches Agreement to Redeem Convertible Secured Notes

THORNTON, CO--(Marketwired - May 10, 2017) - Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced that the Company has entered into an agreement (the "Agreement") with its secured note holder ("Holder") to fully redeem the outstanding convertible secured notes ("Secured Notes").

Pursuant to the Agreement, the Company agrees 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 current balance of owed principal and accrued and unpaid interest to the Holder is $1,777,191.64. Other terms are detailed in the corresponding 8K.

The President and CEO of Ascent Solar, Mr. Victor Lee, said, "The purpose of the redemption is to strengthen our balance sheet and finance ongoing operations through equity rather than debt." Mr. Lee continued, "Referencing our press release made yesterday, pursuant to the Securities Purchase Agreement with the Hong Kong Boone Group dated February 8, 2017, we are very pleased with the Boone Group's current and continuing funding commitment to Ascent Solar, which we expect will be a primary source for enabling full redemption of the Secured Notes."

http://www.otcmarkets.com/stock/ASTI/news/Ascent-Solar-Reaches-Agreement-to-Redeem-Convertible-Secured-Notes?id=158556