Message #10 From:
NewsBot Date: December 8, 2006 02:00:00 PM
AKC News Ascent Solar Receives Nasdaq Cure Period Notification
LITTLETON, Colo.--(BUSINESS WIRE)--Ascent Solar Technologies, Inc. (NASDAQ:ASTI) (BSX:AKC): On December 1,
2006, Ascent Solar Technologies, Inc. announced that independent
director Mark Waller had resigned from Ascent Solar's board of directors
to reduce potential conflicts of interest in his principal business as a
financial advisor to other companies, particularly in the energy sector.
On December 7, 2006, Ascent Solar received a notification from The
Nasdaq Stock Market ("Nasdaq") that Ascent Solar was no longer in
compliance with Nasdaq's independent director and audit committee
requirements set forth in Marketplace Rule 4350, but that consistent
with Marketplace Rules 4350(c)(1) and 4350(d)(4), Ascent Solar will be
provided a cure period as follows in order to regain compliance and
avoid delisting:
The period until the earlier of Ascent Solar's next annual
shareholders' meeting or November 30, 2007; or if the next annual
shareholders' meeting is held before May 29, 2007, then Ascent Solar
must evidence compliance no later than May 29, 2007.
"We were saddened by Mark's departure and wish him success," states
Matthew Foster, Ascent Solar's President and Chief Executive Officer.
"We already have begun our search for a capable replacement that
possesses the right mix of expertise, reputation and character to help
guide the Company through its next phase of growth. We are confident
that we will find a qualified replacement by the deadline."
Ascent Solar Technologies, Inc. is a developer of state-of-the-art,
thin-film photovoltaic materials and modules and is located in
Littleton, Colorado. Please visit our website for additional information
at www.ascentsolar.com.
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 expresses 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 Securities and Exchange Commission.
