ASTIU Ascent Solar Technologies Unit (MM)

Ascent Solar Technologies, Inc. (NASDAQ CAPITAL:ASTIU) (BSE:AKC/U), a developer of state-of-the-art, thin-film photovoltaic materials and modules, today announced the completion of its initial public offering. The offering consisted of 3,000,000 Units at a public offering price of $5.50 per Unit, and resulted in gross proceeds to Ascent Solar of approximately $16.5 million. Each Unit consists of one share of common, one class A warrant and two class B warrants. The Units trade on the Nasdaq Capital Market under the symbol ASTIU, and on the Boston Stock Exchange under the symbol AKC/U; on August 10, 2006, the common stock and warrants will commence trading separately on the Nasdaq Capital Market under the ticker symbols ASTI, ASTIW and ASTIZ, respectively, and on the Boston Stock Exchange under the symbols AKC, AKC&L and AKC&Z respectively. Paulson Investment Company, Inc. served as the managing underwriter of the offering. About Ascent Solar Technologies, Inc.: 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.