via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar”,
“Ascent” or the “Company”) (NASDAQ: ASTI), a developer and
manufacturer of state-of-the-art, lightweight, flexible thin-film
photovoltaic (PV) solutions, today announced a transition of its
leadership at the board and executive levels.
Four new directors have been appointed to the Company’s Board of
Directors: Louis Berezovsky, Mike French, Felix T. Mantke, and
Forest Reynolds. These directors will serve as part of the new
leadership team that will help guide the Company in its efforts to
develop long-term revenue and business opportunities, as Ascent
continues its transition as a newly listed company on Nasdaq.
As part of the board transition, four previous directors (Amit
Kumar, Kim J. Huntley, Will A. Clarke and Victor Lee) agreed to
resign from the board. David Peterson continues as a member of the
board and has been appointed board chair.
In addition, Victor Lee has resigned as the Company’s CEO. The
Company has commenced a search for a new CEO and expects to make an
announcement about new executive leadership in the near future.
David Peterson, board
chair, stated, “We very much appreciate the work and stewardship of
our departing directors and CEO. Their efforts have sustained the
Company through some very difficult financial and operating
conditions. Our recent listing on Nasdaq in August was a major
accomplishment that would not have been possible without the
efforts of Victor, Amit, Kim and Will.”
Information on our new directors:
Louis Berezovsky currently leads the Finance
and Accounting, M&A, Human Resources, Legal and IT functions at
Eagle Infrastructure Services. Mr. Berezovsky has over 25 years of
experience in senior financial management positions across a
variety of industries, including private equity sponsored portfolio
companies. His accomplishments include the completion of more than
60 acquisitions, as well as multiple recapitalizations and
successful sale processes. Mr. Berezovsky, who has served as the
Chairman of the Finance Committee for the Better Business Bureau of
Minnesota and North Dakota, received his B.S. in Accounting from
the University of Minnesota, Carlson School of Management, and is a
Certified Management Accountant (CMA).
Mike French is currently the Vice President of
Space Systems at the Aerospace Industries Association, where he
advocates for policies, regulations, and investments that build
strong industry partnerships across the civil, commercial, and
national security sectors. Mr. French’s experience in the space
industry includes developing market forecasts and assessments for
space industry executives and analyzing major space investments for
companies and banks. He served as NASA’s Chief of Staff, where he
advised the NASA Administrator, the White House, and various
government leaders on national space policy issues. Mr. French
holds a Bachelor of Science in business administration from the
Haas School of Business at the University of California, Berkeley,
and a J.D. from Harvard Law School.
Felix T. Mantke is currently
the CFO at TubeSolar AG, which is an investor in and customer of
Ascent Solar. He has more than 20 years of professional experience
in the fields of accounting, controlling and auditing and has
particular expertise in the areas of M&A and capital markets.
Prior to joining TubeSolar in 2022, Mr. Mantke spent five years
working at Deloitte in Germany. Prior to that, he was the Managing
Director at Flick Gocke Schaumburg in Munich, after having worked
at BDO AG in Frankfurt. At the beginning of his career, Mr. Mantke
held various positions at EY in Berlin, Boston, Moscow and Munich
and moved to H.C. Stark GmbH in 2012 as Head of Group
Accounting/Capital Markets.
Forrest Reynolds has over 28 years of business
and management experience and is currently the Managing Partner of
CalTex Capital, LLC, a privately held investment firm, as well as a
Managing Director of The Vortex Group Family Office, LLC, a private
family office, both of which are based in Texas. Previously, Mr.
Reynolds served as the Chief Restructuring Officer for Centaur
Gaming, LLC, a gaming development company located in Indianapolis
Indiana. In this capacity, Mr. Reynolds managed a $1 billion
Chapter 11 bankruptcy reorganization for the company. Prior to
that, Mr. Reynolds worked in the investment banking industry for
over 14 years, holding various positions with several multinational
investment banks including Credit Suisse, BT Alex Brown (later
Deutsche Bank) and UBS. Mr. Reynolds sits on the board of several
private companies and is actively involved with several charitable
organizations. Mr. Reynolds graduated from The University of Texas
at Austin where he received a B.B.A. in Finance and a B.A. in
Economics.
For more information, please visit www.AscentSolar.com.
ABOUT ASCENT SOLAR TECHNOLOGIES,
INC.
Ascent Solar Technologies, Inc., is a developer of thin-film
photovoltaic modules using flexible substrate materials that are
more versatile and rugged than traditional solar panels. Ascent
Solar modules were named as one of the top 100 technologies by
R&D Magazine, and one of TIME Magazine's 50 best inventions.
The technology described above represents the cutting edge of
flexible power and can be directly integrated into consumer
products and off-grid applications, as well as other aerospace
applications. Ascent Solar is headquartered in Thornton, Colorado.
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. No information in this press release should be
construed as any indication whatsoever of our future revenues,
stock price, or results of operations. 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.
Ascent Solar TechnologiesInvestor Relations:
IR@AscentSolar.com
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