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Ascent Solar Appoints New Board Member

Stocks in this article: ASTI

Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today it appointed Mr. Xu Biao as a member of its Board of Directors.

Mr. Xu (Winston Xu) is the founder and Chairman of Radiant Group, a leading metal roofing contractor and provider of building materials based in China. Mr. Xu is also the Chairman of TFG Radiant Investment Group Ltd., the single largest shareholder of Ascent Solar. Mr. Xu has more than 15 years of experience in various areas of business including investments, operations of business start-ups, developments, turnarounds, and private equity investments. As a Fellow member of Chartered Institute of Building (CIOB), Mr. Xu is an industry expert in the areas of metallic roofing design and construction, building materials, manufacturing, and international trading.

“We are pleased to welcome Winston to the Board of Directors and look forward to leveraging his rooftop construction expertise in East Asia. Winston brings a wealth of experience related to international trade, construction and renewable power generation," stated Victor Lee, Ascent Solar President and CEO.

Along with the appointment of Mr. Xu to the Board of Directors, Ascent Solar will intensify its pursuit of market opportunities, including re-entrance into the BIPV and BAPV sectors which was delayed in March, 2011.

“Mr. Xu will play a key role in our immediate plan to re-enter the BIPV and BAPV sectors. As those sectors continue to develop, Mr. Xu's experience and relationships in the rapidly growing Chinese market will be invaluable,” stated Dr. Amit Kumar, Chairman of Ascent Solar.

"Ascent Solar’s technology enables light and flexible PV products with applications in multiple markets, including BIPV, BAPV and consumer electronics. Near term, there are many opportunities to develop products in the consumer electronics market, especially in Asia. I am looking forward to helping guide Ascent into those markets as well as the BIPV and BAPV sectors,” commented Mr. Xu.

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