Ascent Solar Signs Major Agreement with Hong Kong Based Consumer Goods Supplier

THORNTON, CO--(Marketwired - Feb 27, 2017) - Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announces that the Company has signed an Intellectual Property Disposal Agreement and other collaboration agreement ("Agreements") with its existing battery product vendor, Sun Pleasure Co. Ltd ("SPCL") with regards to the transfer of Ascent's proprietary owned EnerPlex™ consumer brand name, in an effort to better allocate its resources and to continue to focus on its core strength in the high-value specialty PV market.

Pursuant to the Agreements, Ascent will transfer its intellectual property related to the EnerPlex™ brand, which includes trademarks, website domains, non-solar components of product designs and patents ("non-solar IP") to SPCL for a consideration of about $1.33M. Following the transfer, Ascent will no longer produce or sell Enerplex-branded consumer products. Ascent will focus on its photovoltaic business and will supply solar PV products to SPCL, supporting the continuous growth of EnerPlex™ with Ascent's proprietary and award-winning thin-film solar technologies and products.

SPCL is a Hong Kong based, privately held company established in 2000 with consistent annual turnovers in excess of $100M within its group of subsidiary companies over the last decade. The SPCL group has multiple factory operations across few cities in China and in Myanmar, totaling 1.2 million sq. ft. of ISO 9002 certified manufacturing facilities and employing a staff of over 2,500 people. SPCL manufactures and supplies wide range of consumer products, including consumer electronics, toys, and inflatable goods to major household retailers in the US, Europe and Asia.

"The goal of the Agreements is to accelerate the growth of EnerPlex™ by leveraging on both parties' resources and expertise in our respective fields. This will allow Ascent Solar to reduce our cash burn significantly, to better utilize our resources and better focus on our core strength in PV," said Victor Lee, CEO and President of Ascent Solar Technologies, Inc. "We are pleased to have had the excellent support of SPCL the last few years as a battery product supplier. We believe that having SPCL to take on the future development of EnerPlex™ brand with Ascent playing a supporting role, will create a truly win-win solution for all and I am more than excited to execute the new elevated partnership arrangement at a more strategic level."