EX-99.1 2 exhibit991-pressreleasedat.htm EXHIBIT Exhibit 99.1 - Press Release dated November 7, 2013


Exhibit 99.1




Ascent Solar Reports Third Quarter 2013 Results

November 7, 2013,THORNTON, Colo.--(BUSINESS WIRE) -- Ascent Solar Technologies, Inc. (ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the Company’s EnerPlex series of consumer products, reported results for the third quarter ended September 30, 2013.

Q3 2013 Highlights

Ascent Solar announced its intention to build a new manufacturing plant in Suqian, China with funding from Suqian government in the form of a Joint Venture. The Joint Venture is expected to accelerate Ascent’s penetration of consumer electronics and specialty market applications by way of China’s large and growing consumer base and readily available contract manufacturers.

Ascent Solar expanded EnerPlex distribution into the United Kingdom & Ireland with West Coast Limited, utilizing West Coast’s established distribution channels in these key European geographies.

Ascent Solar announced the Company’s partnership with the Breitling Wing Walkers. In tandem with the launch of Ascent’s EnerPlex series of integrated solar products in the United Kingdom, Ascent teamed with the Wing Walkers for their European Tour.

Ascent Solar debuted the newest additions to its EnerPlexKickr Series as well as introduced a new line of EnerPlex products at the Outdoor Retailer Summer show in Salt Lake City, Utah.

Ascent Solar announced a sponsorship agreement with Denver Broncos Football Club, including in-stadium advertising rights at Sports Authority Field at Mile High, as well as promotional rights for Ascent’s EnerPlex products.

Ascent Solar announced the completion of its Series A Preferred Stock private placement resulting in incremental gross proceeds of $5.0 million to the Company.

Ascent Solar announced the debut of Jumpr™ Mini, the thinnest 1350mAh powerbank ever. With the same dimensions as a conventional credit card and at only 6mm thick, the Jumpr Mini is capable of boosting most smartphones’ batteries 55-85% on a single charge.

Ascent Solar debuted the Jumpr Stack, a magnetic battery stack with revolutionary cordless charging ability. The Jumpr Stack is available at Ascent’s retail locations in the Denver area, online at www.goenerplex.com, as well as at all Frys Electronics stores.

Ascent Solar announced debut of the EnerPlexKickr I and II, the newest additions to the Kickr line of personal solar chargers. Ascent’s Kickr products are lightweight, flexible and compact, allowing for easy attachment to outdoor equipment such as bikes, tents, and backpacks.

Ascent Solar launched NFL licensed’ Denver Broncos branded EnerPlex products. Denver Broncos branded EnerPlex products are available at www.goenerplex.com as well as the Company’s direct retail locations in the Denver Metropolitan Area.

Bill Gregorak was appointed Chief Financial Officer of Ascent Solar Technologies. Prior to joining the Company, Mr. Gregorak served as CFO of Thule Organization Solutions, a manufacturer of personal electronics cases sold under both the Case Logic® and Thule® brands, overseeing operations in the U.S.,





Europe and Hong Kong.

Q3 2013 Financial Results

Product revenue in the third quarter of 2013 was $268 thousand compared to $166 thousand in the previous quarter. EnerPlex branded consumer products more than doubled quarter over quarter to $238 thousand, which was offset by a decline in R&D contract sales in large part due to delays in government funding. The company signed a contract with the Department of Defense in June and expects R&D contract revenues in Q4 to be comparable to what they were in Q2. The continued expansion of our distribution network and broadening of our EnerPlex product line is expected to drive further revenue increases in subsequent quarters.

Excluding a one-time accounting charge for deemed dividends and accretion of warrants on preferred stock, net loss for the third quarter was $6.5 million compared to a net loss of $7.1 million in the previous quarter and a loss of $6.4 million in the third quarter of 2012. The decrease in the sequential net loss was primarily due to lower personnel related costs and legal fees. A one-time, non-cash charge of $3.7M was recorded during the quarter for deemed dividends and accretion of warrants related to preferred stock issued in the third quarter.

Cash and cash equivalents decreased to $3.9 million at September 30, 2013 from $4.0 million at June 30, 2013.

Management Commentary
"The rapid growth of our EnerPlex product sales validates our consumer products strategy”," said Victor Lee, President and CEO of Ascent. "Our distribution network, both domestically and internationally continues to expand. The establishment of our own retail presence in Colorado, coupled with our newly signed partnership agreement with the Denver Broncos NFL franchise, will further enhance our EnerPlex brand name and recognition as well as add momentum to our sales growth moving forward."

Mr. Lee continued, "Moving ahead, we look forward to launching additional EnerPlex consumer products, and growing our direct retail presence beyond Colorado to help us reach more customers nationwide.”

About Ascent Solar Technologies
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be 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.ascentsolar.com.


About EnerPlex™
The EnerPlex brand represents Ascent's line of consumer products. These products, many of which are integrated with Ascent's transformational CIGS technology, provide consumers with the ability to integrate solar into their everyday lives, while enabling them to free themselves and their electronics from the outlet. For more information on the EnerPlex brand and to see the product line, please visit www.goenerplex.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 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.







Contact
Investor Relations Contact:
CleanTech IR
Brion D. Tanous, 310-541-6824
Mobile: 424-634-8592
btanous@cleantech-ir.com

or

Ascent Solar Technologies, Inc.
Justin R. Jacobs, 1-720-872-5194
jjacobs@ascentsolar.com





















































ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

 
 
For the Three Months Ended
 
For the Nine Months Ended
 
For the Period from Inception (October 18, 2005) Through September 30, 2013
 
 
September 30,
 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
Revenues
 
 
 
 
 
 
 
 
 
 
Products
 
$
266,534

 
$
473,657

 
$
608,490

 
$
546,609

 
$
2,536,753

Government contracts
 
8,299

 
82,030

 
126,332

 
605,195

 
9,793,381

Total Revenues
 
274,833

 
555,687

 
734,822

 
1,151,804

 
12,330,134

Costs and Expenses
 
 
 
 
 
 
 
 
 
 
Research and development
 
5,335,682

 
5,729,598

 
16,246,246

 
14,950,061

 
116,660,482

Selling, general and administrative
 
1,384,650

 
1,187,711

 
4,238,063

 
3,868,035

 
45,068,481

Impairment loss
 

 

 

 

 
83,171,090

Total Costs and Expenses
 
6,720,332

 
6,917,309

 
20,484,309

 
18,818,096

 
244,900,053

Loss from Operations
 
(6,445,499
)
 
(6,361,622
)
 
(19,749,487
)
 
(17,666,292
)
 
(232,569,919
)
Other Income/(Expense)
 
 
 
 
 
 
 
 
 
 
Other Income/(Expense), net
 
(106,652
)
 
(36,833
)
 
(320,138
)
 
(148,535
)
 
724,960

Change in fair value of make-whole dividend liability
 
70,272

 

 
70,272

 

 
70,272

Total Other Income/(Expense)
 
(36,380
)
 
(36,833
)
 
(249,866
)
 
(148,535
)
 
795,232

Net Loss
 
$
(6,481,879
)
 
$
(6,398,455
)
 
$
(19,999,353
)
 
$
(17,814,827
)
 
$
(231,774,687
)
Deemed dividend on Preferred Stock and accretion of warrants
 
(3,653,803
)
 

 
(4,251,062
)
 

 
(4,251,062
)
Net Loss applicable to common stockholders
 
$
(10,135,682
)
 
$
(6,398,455
)
 
$
(24,250,415
)
 
$
(17,814,827
)
 
$
(236,025,749
)
 
 
 
 
 
 
 
 
 
 
 
Net Loss Per Share (Basic and diluted)
 
$
(0.19
)
 
$
(0.15
)
 
$
(0.46
)
 
$
(0.43
)
 
 
Weighted Average Common Shares Outstanding (Basic and diluted)
 
54,256,684

 
42,490,471

 
52,862,381

 
41,410,374

 
 























ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)
 
 
September 30,
2013
 
December 31,
2012
ASSETS
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 
$
3,880,290

 
$
12,621,477

Trade receivables
 
95,014

 
100,164

Related party receivables and deposits
 
10,225

 
596,339

Inventories
 
2,097,498

 
2,159,553

Prepaid expenses and other current assets
 
759,705

 
235,305

Total current assets
 
6,842,732

 
15,712,838

Property, Plant and Equipment:
 
39,591,677

 
39,979,013

Less accumulated depreciation and amortization
 
(16,471,789
)
 
(12,725,298
)
 
 
23,119,888

 
27,253,715

Other Assets:
 
 
 
 
Patents, net of amortization of $74,077 and $48,150, respectively
 
834,654

 
500,879

Other non-current assets
 
53,750

 
56,563

 
 
888,404

 
557,442

Total Assets
 
$
30,851,024

 
$
43,523,995

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 
$
607,571

 
$
855,373

Accrued expenses
 
1,686,565

 
1,788,635

Current portion of long-term debt
 
278,342

 
264,935

Make-whole dividend liability
 
1,652,745

 

Total current liabilities
 
4,225,223

 
2,908,943

Long-Term Debt
 
6,139,671

 
6,350,135

Accrued Warranty Liability
 
47,937

 
38,187

Commitments and Contingencies (Notes 4 & 12)
 
 
 
 
Stockholders’ Equity:
 
 
 
 
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 712,390 and 0 shares issued and outstanding, respectively ($5,765,206 Liquidation Preference)
 
71

 

Common stock, $0.0001 par value, 125,000,000 shares authorized; 54,789,971 and 51,143,906 shares issued and outstanding, respectively
 
5,479

 
5,114

Additional paid in capital
 
256,458,392

 
245,996,950

Deficit accumulated during the development stage
 
(236,025,749
)
 
(211,775,334
)
Total stockholders’ equity
 
20,438,193

 
34,226,730

Total Liabilities and Stockholders’ Equity
 
$
30,851,024

 
$
43,523,995