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Mr. Victor Lee , CEO

Mr. Victor Lee, Chief Executive Officer: Mr. Lee is the managing director of Tertius Financial Group Pte Ltd, a boutique corporate advisory and private investment firm he founded in February 2009. He brings more than 17 years of experience in corporate banking, real estate finance and investment management, and corporate advisory services at leading worldwide financial institutions. Mr. Lee began his career at Citibank N.A., in 1993, handling small and medium sized corporate finance and progressed to a vice president position in the International Personal Banking Division. In 1999 he moved to Deutsche Bank AG as Vice President and in 2004 was promoted to managing director and Singapore Market Head in the Private Wealth Management Division, where he was responsible for management of approximately $1 Billion assets under management. From 2007 until 2009 he was with Morgan Stanley Private Wealth Management, most recently as executive director and head of Singapore,Malaysia markets. Mr. Lee holds a Bachelors degree in Accounting from the University of Wisconsin and a Masters in Wealth Management from the Singapore Management University.

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ASCENT SOLAR Technologies Inc.: ASTI

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About ASTI

ASCENT SOLAR Technologies Inc.

Up until early 2012 Ascent Solar has been a manufacturer of PV modules, just like any other solar manufacturers out there focusing on traditional large scale solar projects and roof top applications. Since then, Ascent has embarked on a paradigm shift to a B2C business model focusing on downstream consumer products as well as specialty B2B applications utilizing our proprietary CIGS technology. Connect with or follow ASTI
 

BUSINESS MODEL

How they make or plan to make money

Up until early 2012 before MR. Victor Lee CEO took the helm, Ascent Solar has been a manufacturer of PV modules, just like any other solar manufacturers out there focusing on traditional large scale solar projects and roof top applications. Since then, Ascent has embarked on a paradigm shift to a B2C business model focusing on downstream consumer products as well as specialty B2B applications utilizing our proprietary CIGS technology.

Source: ASCENT SOLAR Technologies Inc.

COMPETITIVE ADV

Compared to its peers

Source: ASCENT SOLAR Technologies Inc.

MARKET & INDUSTRY

The opportunity

Ascent Solar has been awarded by R&D 100 Magazine in 2010 as one of the 100 most innovative technologies in the Electronic world, and again by Time Magazine in 2011 as the top 50 inventions. These achievements are second to none, which put us at the forefront of the entire solar industry. The IPs & the technological know-hows of Ascent are the results of over 20 years of R&D and several hundred million dollars of investments. None of these are well reflected in our balance sheet except for a mere $27m book value in our state-of-the-art manufacturing equipment. We clearly believe that ASTI is severely undervalued. The wide applicability of our solar panels where traditional rigid solar panels would not work opens up a whole new world of unlimited opportunities & potentials. Most importantly, Ascent is now taking on a totally new strategy with the birth of EnerPlex to capture a consumer market where we do not compete with fossil fuels whereby solar panels are priced at traditional $X per watt. Instead, consumer products are priced at $Y per unit, effectively shifting our pricing model from a commodity-based model to a value-based pricing model, allowing Ascent to command a much higher ASP for our solar components.

Source: ASCENT SOLAR Technologies Inc.

ASTI 52 Week Stock Chart

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Key Management

Mr. Victor Lee CEO

Mr. Victor Lee, Chief Executive Officer: Mr. Lee is the managing director of Tertius Financial Group Pte Ltd, a boutique corporate advisory and private investment firm he founded in February 2009. He brings more than 17 years of experience in corporate banking, real estate finance and investment management, and corporate advisory services at leading worldwide financial institutions. Mr. Lee began his career at Citibank N.A., in 1993, handling small and medium sized corporate finance and progressed to a vice president position in the International Personal Banking Division. In 1999 he moved to Deutsche Bank AG as Vice President and in 2004 was promoted to managing director and Singapore Market Head in the Private Wealth Management Division, where he was responsible for management of approximately $1 Billion assets under management. From 2007 until 2009 he was with Morgan Stanley Private Wealth Management, most recently as executive director and head of Singapore,Malaysia markets. Mr. Lee holds a Bachelors degree in Accounting from the University of Wisconsin and a Masters in Wealth Management from the Singapore Management University.

Mr. William Gregorak CFO, Vice President and Secretary

Mr. William Michael Gregorak has been Chief Financial Officer of Ascent Solar Technologies, Inc. since September 11, 2013 and serves as its Vice President and Secretary. Mr. Gregorak has a strong background in public company financial reporting, internal controls as well as mergers and acquisitions to Ascent Solar. Prior to joining Ascent Solar, Mr. Gregorak served as Vice President and Chief Financial Officer of Thule Organized Solutions, a consumer products manufacturer of personal electronics cases sold under both the Case Logic(R) and Thule(R) brands, from 2008 to 2013, overseeing organizations in the United States, Europe and Hong Kong.

Dr. Joseph H. Armstrong, Ph.D Chief Technology Officer and Vice President

Dr. Joseph Armstrong, Ph.D has been Chief Technology Officer and Vice-President of Ascent Solar Technologies Inc. since October 2005. Dr. Armstrong has spent the majority of his 30+ year career in photovoltaics (PV). He served as the Manager of ITNs Advanced PVs Division until joining Ascent in October 2005. While at ITN, Dr. Armstrong led its advancement into thin-film flexible PV products for space and near-space applications and started its development of thin-film battery technologies, a complement to Ascents thin-film PV technology. He has been a Member of Strategic Advisory Council at Bye Aerospace, Inc since May 29, 2012. He served as a member of the Advisory Board for the State of Colorado Center for Revolutionary Solar Photoconversion and was the Chair of the Steering Committee, as well as Chairman of the Board of Directors of the Colorado Advanced Materials Institute. He is a named inventor on four U.S. patents in areas including shape memory alloys, thin-film PV technology and electronic circuit assembly. Dr. Armstrong holds a B.S. degree in Physics from Lewis University in Illinois and a MS degree and Ph.D. in Solid State Physics from the University of Denver.

Key Independent Directors

Dr Amit Kumar, Ph.D Advisor, CombiMatrix Corporation

Dr. Amit Kumar, Ph.D. has been Strategic Advisor of CopyTele Inc., since September 19, 2012 and serves as its Consultant. Dr. Kumar serves as the Chief Executive Officer of Geo Fossil Fuels LLC, since December 2010. Dr. Kumar has been an Advisor of CombiMatrix Corporation since June 2010. He has been an investor, founder, Director and Chief Executive Officer of several technology enterprises, both public and private. Dr. Kumar is an advisor to other companies in the Cleantech/Energy and Life Science industries. He has been an advisor to investment funds, venture capital firms, and Fortune 500 companies. He is developing a number of new companies in the life sciences and energy fields. Dr. Kumar served as the President and Chief Executive Officer of CombiMatrix Corporation from September 2001 to June 2010. Dr. Kumar Founded Tacere Therapeutics, Inc. since 2006. He served as the Head of Research and Development at Idetek, Inc. He joined Acacia Research Corp. in July 2000 as Senior Vice President of Life Sciences. From January 1999 to February 2000, he served as Chief Executive Officer and Founding President of Signature Biosciences. Dr. Kumar served as Vice President of Life Sciences of Acacia Research Corp. From January 1998 to December 1999, he served as an Entrepreneur in Residence at Oak Investment Partners, specializing in emerging life science and biotechnology companies. From October 1996 to January 1998, Dr. Kumar served as Senior Manager of IDEXX Laboratories Inc. From October 1993 to September 1996, he served as the Head - Research & Development for Idetek Corp., which was later acquired by IDEXX Laboratories, Inc. Dr. Kumar held the position of Senior Scientist of Idetek Corp. from 1994 to 1995. He served as scientist, a venture capitalist and company executive focused in the areas of miniaturization and nanotech. Dr. Kumar served as the Chairman of CombiMatrix Molecular Diagnostics, Inc. He has been the Chairman of the Board for Ascent Solar Technologies, Inc. since December 31, 2010 and has been its Director since June 2007. Dr. Kumar has been a Director of Aeolus Pharmaceuticals Inc. since June 30, 2004. He has been a Director of CopyTele Inc. since November 30, 2012. He serves as Director of Tacere Therapeutics, Inc. Dr. Kumar serves as Director of Leuchemix, Inc. He serves as a Director of Digital Campaigns Inc. and as member of the Scientific Advisory Board of BioProcessors Inc. Dr. Kumar serves as a Director of the NanoBusiness Commercialization Association. He served as a Member of Scientific Advisory Team at Quantumsphere, Inc. He served as a Director of Acacia Research Corporation from January 2003 to 2008 and Acacia Technologies from January 2003 to August 15, 2007. Dr. Kumar served as a Director of CombiMatrix Corporation since September 2000. Dr. Kumar also has extensive experience working with the US government, having presented to members of the House and Senate as well as major defense organizations. His interest in nanotechnology started with his doctoral studies at Stanford University and the California Institute of Technology, where he studied semiconductor solar cells. At Harvard University, working with Professor George Whitesides, Dr. Kumar served as a co-inventor and author of several pioneering patents on a nanotechnology. He has over 60 peer-reviewed technical publications and holds over a dozen patents with several others pending. He serves as Member of Deal Screening Committee at Band of Angels. He received his AB degree in Chemistry from Occidental College in 1986. After joint studies at Stanford University and the California Institute of Technology, he received his Ph.D. from Caltech in 1991 and followed it with a Post-Doctoral fellowship at Harvard University in 1993.

Mr. G. Thomas Marsh Independent Director, Chairman of Compensation Committee, Member

Mr. G. Thomas Marsh, Tom has been an Executive Vice President of Missiles and Space Operations business since 2003. Mr. Marsh served as an Executive Vice President of Lockheed Martin Space Systems Company since 2006. From 1969 to 1995 to form Lockheed Martin Corporation, he worked at Martin Marietta Corporation. He served as President of Manned Space Systems. After 1995, he held positions of increasing responsibility within Lockheed Martin Corporation and served as the President and General Manager of the Missiles and Space Operations business from 2002 to 2003. He has been an Independent Director at Ascent Solar Technologies, Inc. since June 2010. He served as a Director of ION Geophysical Corporation from December 2008 to December 2, 2010. Mr. Marsh holds a B.S. degree in Electrical Engineering from the University of New Mexico, an MBA from the University of Colorado, and attended the Massachusetts Institute of Technology Sloan School of Management.

Mr.  Kim J. Huntley Independent Director, Chairman of Audit Committee, Member of Nom

Mr. Kim J. Huntley served as Chief of the Customer Support Office in Fort Belvoir at Defense Energy Support Center from December 2003 to March 2006. At DESC, Mr. Huntley served as the Principal Executive Officer in charge of approximately 1,100 employees worldwide and over $25 billion in annual appropriations involving energy infrastructure and products. He served in the Defense Logistics Agency of the U.S. Department of Defense for more than 32 years in positions of increasing responsibility. From March 2006 to July 2008, he served in leadership roles involving supply chain management, including Deputy Commander for the Defense Supply Center in Richmond, Virginia and Columbus, Ohio, and as Executive Director of Customer Support and Readiness. Mr. Huntley has been an Independent Director of Ascent Solar Technologies, Inc. since June 2010. He chaired the Inter Agency Working Group for Alternative Fuels and Renewable Energy from January 2009 to January 2010. Since July 2008 until his retirement in January 2010, he served as Director of the Defense Energy Support Center in Fort Belvoir, Virginia. Mr. Huntley holds a BA degree in Economics from Golden Gate University and attended post-graduate courses in economics at California State University, Hayward.

Mr. Xu Biao Director

Mr. Xu Biao, Winston is a founder and serves as the Chairman of the Board of Radiant Group. Mr. Xu serves as the Chairman of TFG Radiant Investment Group Ltd., the single largest shareholder of Ascent Solar. He 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. He is an industry expert in the areas of metallic roofing design and construction, building materials, manufacturing, and international trading. He has been a Director at Ascent Solar Technologies, Inc. since April 16, 2012. Mr. Xu is a Fellow member of Chartered Institute of Building (CIOB).

Key Shareholders

Comparables

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Our guest: ASTI

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Comp 1: FSLR

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Comp 2: JASO

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Comp 3: LDK

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Income Statement 2010-12 as a dev. stage Co.

All numbers in Thousands(USD)

Period Ending30-Dec-1230-Dec-1130-Dec-10
Total Revenue1,197  3,950  2,481  
Cost of Revenue-  -  -  
Gross Profit %
Gross Profit1,197  3,950  2,481  
[+]Operating Expenses
Total Operating Expenses29,138109,25233577
Opex as % of revenue
Operating Income or Loss-27,941-105,302-31096
Operating Income or Loss exc. Non recurring
[+]Income from Continuing Operations
[+]Non-recurring Events
Net Income-28,768-105,744-31234
Preferred Stock And Other Adjustments-  -  -  
Net Income Applicable To Common Shares-28,768-105,744-31234

Foot note:

Balance Sheet 2010-12

All numbers in Thousands(USD)

Period Ending31-Dec-1231-Dec-1131-Dec-10
[+]Current Assets
Total Current Assets15,713  27,113  47,664  
[+]Other Assets-  -  -  
Total Assets43,524  61,425  160,021  
Liabilities
[+]Current Liabilities
Total Current Liabilities2,909  4,780  6,176  
[+]Other Liabilities-  
Total Liabilities9,297  11,422  13,455  
[+]Stockholders' Equity
Total Stockholder Equity34,227  50,003  146,566  
Net Tangible Assets33,726  49,694  146307

Foot note: