ASTIU Ascent Solar Technologies Unit (MM)

Ascent Solar Technologies Inc. (Nasdaq Capital Market:ASTIU) (BSE:AKC/U)), a developer of state of the art, thin-film photovoltaic materials and modules, today announced that its initial public offering, consisting of 3,000,000 units, was declared effective at approximately 4:30 p.m. Eastern time, Monday, July 10, 2006. The following description is qualified in its entirety by reference to the registration statement, as amended, and find prospectus, copies which are available on the SEC web site at www.sec.gov. The initial public offering price was $5.50 per unit, or $16.5 million in the aggregate. Each unit consists of 1 share of the Company's common stock, 1 Class A Warrant and 2 Class B Warrants. In the aggregate, the units represent 3,000,000 shares of common stock, 3,000,000 Class A Warrants and 6,000,000 Class B Warrants. The warrants included in the units will be exercisable commencing 30 days after the effective date of this offering. The exercise price of the Class A Warrants included in the units will be $6.60 per share and the exercise price of the Class B Warrants will be $11.00 per share. The Company will have the right to redeem the Class A Warrants for $0.25 per warrant, upon 30 days written notice, at any time after 180 days from the effective date of the offering and the closing price for its common stock for any five consecutive trading days, as reported on the Nasdaq Capital Market, equals or exceeds $9.35, which is 170% of the unit price of the securities offered in this offering. The Class B warrants are not redeemable. The warrants expire on the fifth anniversary of the effective date of this offering. The net proceeds from the offering are estimated to be approximately $14 million after the payment of all underwriting commissions and offering expenses. Ascent intends to use the net proceeds to design, build and test a production line, product qualifications, research and development, repayment of bridge loans, business development and general corporate purposes. The closing is scheduled for Friday, July 14, 2006. The units began trading July 11, 2006 on the Nasdaq Capital Market and the Boston Stock Exchange. Initially, only the units will trade. After August 9, 2006 the units will cease trading, and the common stock, Class A Warrants and Class B Warrants will begin trading separately. The units, common stock, Class A Warrants and Class B Warrants trade or will trade on the Nasdaq Capital Market under the symbols ASTIU, ASTI, ASTIW and ASTIZ, respectively, and on the Boston Stock Exchange under the symbols AKC/U, AKC, AKC&L, AKC&Z, respectively. The offering was made solely by means of a prospectus through the underwriter Paulson Investment Company, Inc. Copies of the prospectus may be obtained from Paulson Investment Company, Inc., Syndicate Department, Suite 200, 811 SW Naito Parkway, Portland, OR 97204, or by phone at 503-243-6000. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in the registration statement. Such offer to sell or solicitation of an offer to buy may be only made by the prospectus in jurisdictions where the offer or sale has been qualified. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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.