Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a developer of flexible CIGS solar panels, announced today that Victor Lee, Executive Director of TFG Radiant Group Ltd. and its affiliates (“TFG Radiant”), Ascent’s largest shareholder, has been appointed President and CEO of the Thornton, Colo., based solar panel manufacturer. TFG Radiant currently owns approximately 20% of the outstanding shares of Ascent, which were acquired in August 2011. In December, 2011, TFG Radiant agreed to purchase an additional 21% of the outstanding stock in a private transaction, through the acquisition of stock owned by Norsk Hydro Produksjon AS. (See Ascent Press Release from January 3, 2012). Upon closing of that transaction, TFG Radiant will own approximately 41 percent of Ascent’s outstanding stock.
Mr. Lee, a current and continuing Board Member, will take on his new role voluntarily without any compensation. He will focus on ramping up production, establishing relationships with partners, and developing sales opportunities primarily in Asia.
Dr. Amit Kumar, Chairman of Ascent, said: “We are pleased to see TFG Radiant make a greater commitment to Ascent. Victor, representing our largest shareholder, has tremendous relationships in Asia that will be valuable to Ascent. As we evaluate the changing dynamics of the solar industry, we have been aware for some time that the greatest market opportunities are in Asia, and this change in leadership enables us to take advantage of these changing market dynamics. Victor and his team at TFG Radiant, have substantial financial management backgrounds, have run multiple large organizations, and have very strong financial, government and business relationships in China and East Asia. In addition, Victor is fluent in English, Mandarin and multiple Chinese dialects.”
Dr. Kumar continued, “We thank Ron Eller for his contribution to Ascent in his role as CEO, and we wish him the best in his future endeavors.”
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