New Ascent Solar member will achieve new heights
Ascent Solar Technologies has appointed Xu Biao as a member of its Board of Directors. Winston Xu is the founder and Chairman of Radiant Group, a large metal roofing contractor and provider of building materials based in China. Xu is also the Chairman of TFG Radiant Investment Group Ltd., the single largest shareholder of Ascent Solar. With over 15 years of experience in investments, business start-up operations, developments, turnarounds, and private equity investments, Xu is a Fellow member of the Chartered Institute of Building (CIOB). Xu is also an industry expert in metallic roofing design and construction, building materials, manufacturing, and international trading. Victor Lee, Ascent Solar President and CEO, says, "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." Along with the appointment of Xu to the Board of Directors, Ascent Solar intends to intensify its pursuit of market opportunities, including re-entrance into the BIPV and BAPV sectors which were 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," comments 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," says Xu. Ascent Solar says it will continue to serve premium, off-grid markets in the near term while aggressively ramping production and certifying an updated line of modules to IEC and UL standards in the fourth quarter of 2012. The firm expects to re-enter the rooftop solar market on a global scale, with particular focus on the rapidly growing Asia market where Radiant Group has a strong presence. Ascent will also continue to work with strategic partners across all market segments to develop innovative sources of solar power generation. Xu has been appointed a Class 3 director for Ascent Solar, and he stands for election at the Company's 2012 annual meeting. He was appointed to the Board as the designee of TFG Radiant pursuant to the Stockholders' Agreement between the Company and TFG Radiant.
