Montreal, Canada, April 1, 2008 – ICP Solar Technologies Inc. (OTCBB: ICPR, FRANKFURT: K1U.F), a developer, manufacturer and marketer of solar cells and products, announced today that it has signed a cooperation development agreement with Ascent Solar Technologies, Inc. (NASDAQ:ASTI). The agreement will focus on the development of mobile solar power products utilizing Ascent’s high efficiency CIGS solar technology for distribution throughout ICP Solar’s international distribution network.
“We are thrilled to partner with Ascent," said ICP Solar CEO and Chairman Sass Peress. "At ICP Solar our mission is to be at the technology forefront when it comes to solar consumer products and portability. Ascent’s CIGS thin-film technology is ideally suited for those applications. Placing the Photovoltaic (PV) material and modules on a wide variety of substrate materials allows for manufacturing of extremely lightweight and flexible solar panels, which will expand our new product development opportunities immeasurably. We look forward to a long and mutually beneficial partnership.”
Ascent Solar will initially supply ICP Solar with product from its existing 1.5 MW production line during 2008 and 2009 in order for ICP Solar to develop, test, and integrate the Ascent Solar materials into ICP Solar products and to increase deliveries of solar modules to ICP Solar after Ascent’s planned expansion of production capacity.
“ICP Solar’s expertise in the portable consumer solar products industry and its international distribution network make ICP Solar an excellent partner,” said Matthew Foster, Ascent Solar’s President and CEO. “We believe that our CIGS thin-film technology is well suited for use in portable solar power and other electronic integrated PV products.”
ICP Solar is a developer, manufacturer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 19 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its Sunsei brand of solar products and is the North American licensee of the Coleman(R) brand in the solar charger category. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John's Canada and additional locations in the USA, Ireland, France and the UK.
Corporate information may be found at www.icpsolar.com
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules and is located in Littleton, Colorado. Please visit our website for additional information at www.ascentsolar.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.'s Annual Report for the fiscal year ended January 31,2008, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.
Contact:
ICP Solar Technologies Inc.
Laurent Lafite
Tel: 514-270-5770 ext. 120
Email: Llafite@icpsolar.com
Lippert/Heilshorn & Associates
Jody Burfening/Elric Martinez
Tel: 212-838-3777
Email: emartinez@lhai.com