Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today that it has been selected for an Air Force Small Business Innovative Research (SBIR) Phase 2 award to demonstrate a next-generation photovoltaic product that builds upon its award-winning flexible monolithically integrated copper-indium-gallium-diselenide (CIGS) technology. Subject to contract finalization, the Air Force SBIR Phase 2 program is expected to run 24 months with a program value of up to $750,000. “Solar cells perform best at lower temperatures, but they can get hot during normal operation,” stated Victor Lee, President and CEO at Ascent Solar Technologies, Inc. “Modifying our existing technology can improve its performance at higher temperatures. This Air Force program builds upon significant work already conducted by our team in this area. After program completion, we envision a new product that will perform over 30% better under some operating conditions that utilize process modifications that can be used in our existing manufacturing line.” About Ascent Solar Technologies, Inc. Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that can transform the way solar power generation integrates into everyday life. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. More information can be found at www.ascentsolar.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.