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 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><a name="scotch"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the Securities and Exchange Commission on May 9, 2007</font></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt 12.0pt;padding:0pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p> </div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b><font size="5" style="font-size:18.0pt;"><br>
<b>SECURITIES AND EXCHANGE COMMISSION</b><br>
</font><b>Washington, D.C. 20549</b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
S-8</font></b><b><font size="5" style="font-size:18.0pt;font-weight:bold;"><br>
</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;"><br>
</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">UNDER</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;"><br>
</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">THE SECURITIES ACT OF 1933</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ASCENT
SOLAR TECHNOLOGIES, INC.</font></b><font size="5" style="font-size:18.0pt;"><br>
</font>(Exact Name of Registrant as Specified in Its Charter)</p>

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  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20-3672603</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
  Jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Incorporation
  or Organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8120
Shaffer Parkway</font></b><br>
<b>Littleton, Colorado 80127</b><br>
<b>(303) 285-9885</b><br>
(Address of Principal Executive Offices)</p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amended
and Restated 2005 Stock Option Plan</font></b><br>
(Full Title of Plan)</p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Matthew
Foster</font></b><br>
<b>8120 Shaffer Parkway</b><br>
<b>Littleton, Colorado 80127</b><br>
<b>(303) 285-9885</b><br>
(Name and Address of Agent For Service)</p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copies
to:</font></b><br>
<b>Mark A. von Bergen, Esq.</b><br>
<b>Holland &amp; Knight LLP</b><br>
<b>2300 U.S. Bancorp Tower</b><br>
<b>111 S.W. Fifth Avenue</b><br>
<b>Portland, Oregon 97204</b><br>
<b>(503) 243-2300</b></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALCULATION
OF REGISTRATION FEE</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="33%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;Maximum</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;Maximum</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.26%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of&nbsp;Securities&nbsp;to</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;to&nbsp;be</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Offering&nbsp;Price&nbsp;per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate&nbsp;Offering</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.26%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">be&nbsp;Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registered</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Share&nbsp;(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price&nbsp;(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registration&nbsp;Fee</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:33.26%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common stock, $0.0001 par
  value</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.9%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,000,000</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.695</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,695,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">266.94</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="249" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Represents shares of
common stock reserved for issuance upon exercise of options granted under the
2005 Stock Option Plan, as amended.&#160; This
registration statement is deemed to register an indeterminate amount of such
additional number of shares of the Registrant&#146;s common stock as may be issuable
pursuant to stock split, stock dividend or the like.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant to Rules 457(c)
and 457 (h), the offering price and registration fee are computed on the basis
of the average of the high and low prices of the Registrant&#146;s common stock on
the Nasdaq Capital Market on May 8, 2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated solely for the
purpose of calculating the registration fee.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPLANATORY
NOTE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of this registration statement is to
register 1,000,000 shares of the common stock of Ascent Solar Technologies,
Inc. (the &#147;Company&#148; or &#147;Registrant&#148;) issuable under the Company&#146;s 2005 Stock
Option Plan, as amended, for offer and sale.&#160;
This Registration Statement includes a reoffer prospectus prepared in
accordance General Instruction C of Form S-8 and in accordance with the
requirements of Part I of Form S-3. The reoffer prospectus may be used for
reoffers of shares of common stock acquired through the exercise of stock options
defined as &#147;control securities&#148; and &#147;restricted securities&#148; under General
Instruction C to Form S-8 pursuant to grants made under the Company&#146;s 2005
Stock Option Plan, as amended.</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART I</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All references to the &#147;Company,&#148;
&#147;Registrant,&#148; &#147;us,&#148; &#147;we&#148; or &#147;our&#148; refer to Ascent Solar Technologies, Inc.,
unless the context otherwise indicates.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&#160; Plan
Information.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information required by Item&nbsp;1 to be contained in
the Section&nbsp;10(a)&nbsp;prospectus is omitted from this registration
statement in accordance with Rule&nbsp;428 under the Securities Act and the &#147;Note&#148;
to Part&nbsp;I of Form&nbsp;S-8.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160; Registrant
Information and Employee Plan Annual Information.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will furnish without charge to each person
to whom the prospectus is delivered, upon written or oral request, a copy of
any and all of the documents incorporated by reference in Item 3 of Part II of
this Registration Statement, other than exhibits to such documents (unless such
exhibits are specifically incorporated by reference to the information that is
incorporated). Requests should be directed to: Ascent Solar Technologies, Inc.,
Attn: Corporate Secretary, 8120 Shaffer Parkway, Littleton, Colorado 80127,
telephone (303) 285-9885.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Note:<b>  </b>The reoffer prospectus referred to in the
Explanatory Note follows this page.]</font></i></p>

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROSPECTUS</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASCENT SOLAR TECHNOLOGIES, INC.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">735,000 shares of common stock</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus relates
to the reoffer and resale of up to 735,000 shares of common stock, $0.0001 par
value (the &#147;Shares&#148;), of Ascent Solar Technologies, Inc. by officers, directors
and employees who hold &#147;control securities&#148; or &#147;restricted securities&#148; (as
those terms are defined in Instruction C to Form S-8).&#160; These officers and directors (&#147;Selling
Shareholders&#148;) acquired or may acquire the Shares by exercising options granted
under the Company&#146;s 2005 Stock Option Plan, as amended (the &#147;Plan&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Shareholders
will determine when they will sell their Shares, and in all cases they will
sell their Shares at the then-prevailing market price or at prices negotiated
at the time of sale.&#160; We will not receive
any proceeds from these sales.&#160; The
brokers and dealers that the Selling Shareholders may utilize in selling their
Shares may receive compensation in the form of underwriting discounts,
concessions or commissions from the sellers or purchasers of the Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common stock is
traded on the Nasdaq Capital Market and the Boston Stock Exchange under the
symbols &#147;ASTI&#148; and &#147;AKC,&#148; respectively.&#160;
On May 8, 2007, the last reported sale price of our common stock on the
Nasdaq Capital Market was $8.77 per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal executive
officers are located at 8120 Shaffer Parkway, Littleton, Colorado 80127.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investing in the Shares involves
risks.&#160; See &#147;Risk Factors&#148; beginning on
page 3.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NEITHER THE SECURITIES AND
EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS
PROSPECTUS.&#160; ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE</font></b>.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this
prospectus May 9, 2007.</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF
CONTENTS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>PROSPECTUS SUMMARY</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RISK FACTORS</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORWARD-LOOKING INFORMATION</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLING SHAREHOLDERS</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">USE OF PROCEEDS</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLAN OF DISTRIBUTION</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEMNIFICATION</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INCORPORATION OF DOCUMENTS BY REFERENCE</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU CAN FIND MORE INFORMATION</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should rely
only on the information contained in this prospectus.&#160; We have not authorized any other person to
provide you with different information.&#160;
Information contained on our website does not constitute a part of this
prospectus.&#160; The information in this
prospectus may only be accurate as of the date appearing on the cover page of
this prospectus, regardless of the time this prospectus is delivered or common
stock is sold.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We currently own
the trademark &#147;FASTTRACKS.&#148;&#160; All other
brand names or trademarks appearing in this prospectus are the property of
their respective owners.</font></p>

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<h5 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROSPECTUS SUMMARY</font></b></h5>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This is
only a summary and does not contain all the information that may be important
to you.&#160; You should read the more
detailed information contained in this prospectus, including but not limited
to, the risk factors beginning on page 3.&#160;
</font></i><i>All references in this
prospectus to the &#147;Company,&#148; &#147;us,&#148; &#147;we&#148; or &#147;our&#148; refer to Ascent Solar
Technologies, Inc., unless the context otherwise indicates.</i></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
Company</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ascent Solar is a development stage company that was
formed in October&nbsp;2005 to commercialize certain photovoltaic (&#147;PV&#148;)
technology developed by ITN Energy Systems,&nbsp;Inc. (&#147;ITN&#148;) for
extraterrestrial, terrestrial, and near-space applications. Ascent Solar
intends to be the first company to manufacture large, roll format, PV modules
in commercial quantities that use a highly efficient thin-film
Copper-Indium-Gallium-diSelenide (&#147;CIGS&#148;) absorbing layer on a flexible
high-temperature plastic substrate. We have produced and tested small-scale
demonstration samples of our CIGS PV products at the laboratory level, but we
have not yet produced any products in commercial quantities, nor have we yet
received any revenues from the proposed products that we intend to
commercialize as our principal business activity. We are presently applying the
majority of the $14 million in net proceeds received from our initial public
offering in July&nbsp;2006 to establish a 500kW/yr per shift (1.5MW)
pilot-scale production line. The production line is currently in development
and on schedule to begin operations in the first quarter of 2008. Successful
performance of the pilot production line should prove out the manufacturing
processes, products, and market acceptance to enable us to transition into
large full-scale, commercial manufacturing of our CIGS PV products.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When used on space satellites and near-space aircraft,
PV devices convert sunlight into the electricity needed to reliably power
instruments, communications systems and the like. Currently, most PV devices
used for space and near-space applications are rigid, bulky and relatively
heavy, posing significant challenges to scientists and designers wishing to
minimize volume and weight in order to maximize payload and reduce deployment
costs. In addition to these shortcomings, PV devices traditionally used for
such applications are expensive to manufacture and require the time-consuming
and labor-intensive task of connecting individual solar cells together to
create a complete PV module. For terrestrial applications such as residential
or commercial buildings, the primary driving market factor is cost.
Historically, the market has been, and continues to be, dominated by
crystalline silicon technology. Emerging thin film technologies on rigid glass
substrates and flexible substrates offer significant cost advantages over silicon
and, as a result, these newer technologies are beginning to capture a greater
share of the market. Whether thin film or silicon based, rigid photovoltaic
modules are very restrictive when it comes to deployment and integration into
buildings and systems.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ascent Solar thin film technology platform
addresses many of the current silicon and thin film limitations by offering a
flexible, lightweight PV product suitable for terrestrial, space and near-space
applications. By employing a proprietary monolithic integration fabrication
process, we intend to manufacture our PV devices on the module level, rather
than the cell level, thereby avoiding the time-consuming and cost-additive
cell-to-cell interconnect procedures utilized by silicon and other thin film PV
device manufacturers. We believe that our choice of substrate materials and
proprietary monolithic integration fabrication processes should permit us to
achieve cost, volume and weight performance advantages over competitors
including terrestrial. As a result, we believe that we will be well-positioned
to capture opportunities in markets that require or desire low cost, highly
efficient, lightweight and flexible PV power sources. In addition, our thin
film, monolithically integrated modules will enable direct integration into
building and construction materials and electronics packaging that should
enable us to offer greater value and new product formats at the building
integrated and electronics integrated system level.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITN, a private company incorporated in 1994, is an
incubator dedicated to the development of cutting-edge thin-film, PV, battery
and fuel cell technologies. Through its work on research and development
contracts for private and government entities, ITN developed proprietary
processing and manufacturing know-how applicable to PV products generally, and
to CIGS PV products in particular. ITN formed Ascent Solar to commercialize
this investment in CIGS PV technologies. In January&nbsp;2006, ITN assigned to
us key CIGS PV technologies and trade secrets and granted to us an exclusive,
worldwide license to use certain of ITN&#146;s proprietary process, control and
design technologies in the production of CIGS PV solar modules for our target
markets. Upon receipt of the necessary government approvals in
January&nbsp;2007, ITN subsequently assigned approximately $3.5 million in
government funded research and development contracts to Ascent Solar and the
key personnel assigned to the contracts also transferred to Ascent Solar.
Today, ITN still provides to us, at cost, a variety of administrative services
such as facilities management, equipment maintenance, human resources,
procurement, information technology services and accounting.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal business office is located at 8120
Shaffer Parkway, Littleton, Colorado, and our telephone number is (303)
285-9885.&#160; Our website address is
www.ascentsolar.com.&#160; Information
contained in our website or any other website does not constitute part of this
prospectus.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This Offering</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading -->Shares of common stock
  offered by Selling Shareholders</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">735,000</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offering price</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Shareholders and any of their pledgees,
  assignees and successors-in-interest may sell any or all of their Shares on
  any stock exchange, market or trading facility on which the securities are
  traded or in private transactions. The sales may be at fixed or negotiated
  prices.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nasdaq Capital Market Symbol</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASTI</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston Stock Exchange Symbol</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AKC</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RISK FACTORS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">An investment in our securities
involves a high degree of risk and many uncertainties. You should carefully
consider the specific factors listed below, together with the cautionary
statement that follows this section and the other information included in this
prospectus, before purchasing our units. If one or more of the possibilities
described as risks below actually occurs, our operating results and financial
condition would likely suffer and the trading price of our securities could
fall, causing you to lose some or all of your investment in the securities we
are offering. The following is a description of what we consider to be our key
challenges and all material risks to our business and securities.</font></i></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks
Relating to Our Business</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We have no history
of operations and are therefore subject to various startup company risks.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We were formed in October
2005 and our business to date has consisted of initial setting up of operations
to pursue our business plan. In order to pursue our plan, we will have to
continue to establish internal infrastructure, hire additional personnel, adopt
company plans and procedures, set up a sales organization, oversee the design
and construction of our initial production line and otherwise establish the
functional capabilities of an operating company. Accomplishing this task may
take longer or cost more than expected, and it is likely that problems that we
cannot now anticipate will require solution. We cannot assure you that we will
be successful in establishing ourselves as an operating company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We intend to
address an unproven market that may not justify our commitment to it.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend to develop and
offer flexible, lightweight, high efficiency PV products for use in
terrestrial, space and near-space applications. There is no established market
for our flexible thin-film CIGS technology. Our business plan assumes that such
a market will develop as a result of the technological improvements that we
have made and expect to continue to make. We cannot assure you that such a
market will develop or, if it does develop, that it will meet our expectations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Many of the
applications for which we intend to compete will require further technological
development, which we cannot guarantee.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discussions with some
potential purchasers of our PV products have been based on the assumption that
we will continue to improve the cost, performance/weight and performance/volume
characteristics of our planned products. While we believe that the assumptions
on which these discussions have been based are reasonable, we cannot assure you
that we will be able to achieve these improvements. If we are not able to
achieve these improvements, the use of our PV products may be unfeasible or
economically unattractive to our potential customers, in which case the sales
assumptions underlying our business plan would be incorrect.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Failure
of the HAA market to develop as quickly as we envision or our failure to enter
that market successfully would adversely affect our projected sales, growth and
revenues.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
HAA market is in its infancy, and should the market opportunity not materialize,
opportunities for growth in this market may be limited. In particular, there is
not yet long-term government funding for HAA projects, and to date we have not
been selected to supply PV products for any HAA projects.&#160; Also, because HAA projects will be subject to
the size and priorities of government budgets, the funding for HAA projects
always may be at risk. If government funding or commitment to the HAA concept
wanes, then demand for our products and, hence, our financial condition and
business, may suffer. Furthermore, although we believe that our PV modules
outperform the products of our competitors in the space and near-space markets,
our products may still require improvements or modifications to meet the
technical or market requirements of one or more HAA projects. There is no
guarantee that such improvements or modifications can or will be made, and loss
of our bids to supply PV modules to HAA contractors or projects would adversely
affect our results of operation and growth.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Failure
of the terrestrial market for thin-film PV products to develop as quickly as we
envision or our failure to enter that market successfully would adversely
affect our projected sales, growth and revenues.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
intend to sell thin-film PV modules for use in terrestrial applications, such
as building integrated photovoltaic (BIPV) and eletronics integrated
photovoltaic (EIPV) products. These products comprise large-volume &#147;commodity&#148;
components, such as roofing shingles, panels, membranes, batteries and hard
drives. Our strategy is to partner or form </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">strategic
relationships with BIPV or EIPV suppliers to gain a foothold in these
terrestrial markets. If we are unable to successfully establish working
relationships with such suppliers, or if due to cost, technical or other
factors, our product proves unsuitable for use in such terrestrial
applications, our projected sales, growth and revenues would be adversely
affected.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We have no contracts for PV products and have recorded no
sales of such products; we expect that significant PV product sales will not
occur for some time.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have recorded no sales of PV products and have no contracts for such
sales.&#160; Because of the nature of the
projects in which such products may be used, we expect that the sales cycle
will be quite long and, therefore, that it will be at least 18 months before we
record significant PV product sales, although we expect to record revenue from
performance of research and development contracts in the interim. As a result,
we expect that it will be some time before we can determine whether our
expectations relating to our products and their target markets are justified.
Also, as a result, we will be required to invest substantial resources in
pursuing these markets in advance of any significant revenue stream that may
result from such investments. An unanticipated or longer than expected delay
revenue ramp-up could put a strain on our capital resources and require us to
seek additional capital. Such additional capital, if available, could
substantially dilute the interest of the existing investors.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We
intend to sell portions of our PV modules to contractors of government-funded
projects, which will be subject to political, scheduling and funding risks.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
intend to sell our PV modules to contractors of government-funded projects such
as the HAA program. We would be a subcontractor or supplier on these
projects.&#160; The government agencies
overseeing the projects are subject to economic and political pressures that
dictate the manner in which they spend money. As a result, even if a contractor
or government agency wants to purchase our PV modules, it may be unable to do
so due to budgetary or political constraints. Orders may even be canceled or
substantially delayed due to budgetary, political or other scheduling delays
that frequently occur in connection with government-funded projects.&#160; Any such cancellations or delays would likely
adversely affect our financial results.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our reliance on government contracts to partially fund our
research and development programs could impair our ability to develop and
incorporate new technologies into our products and could decrease our revenue.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Government
contracts may enable us to develop new technologies more rapidly than we would
have been able to do otherwise. A reduction or discontinuance of these
programs, or a reduction or discontinuance of our participation in these
programs, might increase our expenses, which could affect our profitability and
impair our ability to develop our technologies. In addition, contracts
involving government agencies may be terminated or modified at the convenience
of the agency.&#160; Also, we may become
ineligible to participate in certain government-funded programs due to
government restrictions on foreign ownership. Other risks include potential
disclosure of our confidential information to third parties and the exercise of
&#147;march-in&#148; rights by the government.&#160;
March-in rights refer to the right of the United States government or
government agency to require us to grant a license to the technology to a responsible
applicant or, if we refuse, the government may grant the license itself. The
government can exercise its march-in rights if it determines that action is
necessary because we fail to achieve practical application of the technology or
because action is necessary to alleviate health or safety needs, to meet
requirements of federal regulations or to give the United States industry
preference. Our government-sponsored research contracts are subject to audit
and require that we provide regular written technical updates, as well as a
final report on the results of our technical research.&#160; Because these reports are generally available
to the public, third parties may obtain some aspects of our sensitive
confidential information.&#160; Moreover, the
failure to provide these reports or to provide inaccurate or incomplete reports
may provide the government with rights to any intellectual property arising
from the related research.&#160; Funding from
government contracts also may limit when and how we can deploy technology
developed under those contracts.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We
initially will be substantially dependent on the administrative and engineering
resources of our parent company ITN Energy Systems, Inc.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
will be dependent on ITN, at least initially, to provide administrative services
such as facilities management, equipment maintenance, human resources and
accounting. Also, ITN will also be responsible for developing a critical
component of our initial production line. If our relationship with ITN falters
or if ITN fails to carry out its services or contracts in a satisfactory
manner, our business may suffer.</font></p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Failure to build, implement or operate our production line successfully would adversely impact our business and financial condition.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
plan to produce our thin-film PV modules using a custom-built 500 kW per shift
(1.5MW) annual capacity production line beginning in early 2008. This
production line, which has not yet been built, will require a substantial
investment of capital, including a large portion of the net proceeds from this
offering. We believe that, when our PV modules are manufactured in large
quantities, we will be able to demonstrate manufacturing yields, equipment
capability, product performance and product quality that will enable us to
produce PV modules at costs lower than those of competitors. However, the
successful completion and operation of the production line will require
substantial engineering resources and is subject to significant risks,
including risks of cost overruns and delays or the possibility that the
production line may never be completed or operational. Furthermore, we may
never be able to operate our production processes in high volume, make planned
process and equipment improvements, attain projected manufacturing yields or
desired annual capacity, and obtain timely delivery of equipment to build the
production line or hire and train the additional employees and management
needed to operate the production line. Failure to meet these objectives could
materially and adversely affect our business, results of operations and
financial condition.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Failure
to build, implement, or operate our planned 25MW production plant successfully
would adversely impact our ability to sell into the terrestrial market and
would affect our business and financial condition.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
growth plan calls for scale-up of our 1.5MW production line to a 25MW
production line in order to achieve the product cost and manufacturing
capacities necessary to compete in the terrestrial market. We believe that,
when our PV modules are manufactured in large quantities, we will be able to
demonstrate manufacturing yields, equipment capability, product performance and
product quality that will enable us to produce PV modules at costs lower than
those of competitors. However, the successful completion and operation of the
production line at the 25MW scale will require substantial engineering
resources and is subject to significant risks, including risks of cost overruns
and delays or the possibility that the production line may never be completed
or operational.&#160; Furthermore, we may
never be able to operate our production processes in high volume, make planned
process and equipment improvements, attain projected manufacturing yields or
desired annual capacity, and obtain timely delivery of equipment to build the
production line or hire and train the additional employees and management
needed to operate the production line. Failure to meet these objectives could
materially and adversely affect our business, results of operations and
financial condition.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our products may not gain market acceptance, in which case we would be
unable to sell our products or achieve profitability.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The development of demand for our proposed products
and our ability to sell them may be adversely affected by a number of factors,
many of which are beyond our control, including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our
failure to produce PV modules that compete favorably against competing products
on the basis of cost, quality, weight, efficiency and performance;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our
failure to develop or maintain successful relationships with customers, systems
integrators and strategic partners; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the failure of
our products to achieve qualification or certification by customers for use in
our target market applications.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If our products
fail to gain market acceptance, we would be unable to sell our products or
achieve profitability.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our
future success depends on retaining our existing management and hiring and
assimilating new key employees and our inability to attract or retain key
personnel would materially harm our business and results of operations.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
success depends on the continuing efforts and abilities of our executive
officers, including Matthew Foster, our President and Chief Executive Officer,
Dr. Joseph Armstrong, our Chief Technology Officer, and Dr. Prem Nath, our Vice
President of Manufacturing.&#160; Our future
success also will depend, in part, on our ability to attract and retain highly
skilled employees, including management, technical and sales personnel. The
loss of services of any of our key personnel, the inability to attract, retain
or assimilate key personnel in the future, or delays in hiring required
personnel could materially harm our business and results of operations.</font></p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may be unable to adequately protect or enforce our proprietary
information, which may result in its unauthorized use or reduced sales or
otherwise reduce our ability to compete.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
business and competitive position depend upon our ability to protect our
proprietary technology, including any solar power products that we
develop.&#160; Despite our efforts to protect
this information, unauthorized parties may attempt to obtain and use
information that we regard as proprietary.&#160;
Any patents issued in connection with our efforts to develop new technology
for solar power products may not be broad enough to protect all of the
potential uses of the technology.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, when others are responsible for the control the prosecution,
maintenance and enforcement of certain important intellectual property, such as
technology licensed to us, the protection of the intellectual property rights
may be outside of our control.&#160; If the
entity that controls the intellectual property rights does not adequately
protect those rights, our rights may be impaired, which may impact our ability
to develop, market and commercialize our products.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
means of protecting our proprietary rights may not be adequate, and our
competitors may:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>independently
develop substantially equivalent proprietary information, products and
techniques;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>otherwise gain
access to our proprietary information; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>design
around our patents or other intellectual property.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have our employees, consultants and advisors execute proprietary information
and invention agreements when they begin working for us.&#160; However, these agreements may not provide
meaningful protection for our trade secrets or other proprietary information in
the event of unauthorized use or disclosure.&#160;
Failure to maintain trade secret and patent protection may adversely
affect our prospects.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Successful infringement claims by third parties could result in
substantial damages, lost product sales and the loss of important proprietary
rights.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
has been substantial litigation regarding patent and other intellectual
property in various high technology industries. In the future, we may be
notified of allegations that we may be infringing on intellectual property
rights possessed by others. Should litigation be brought against us, such
litigation could be extremely expensive and time consuming and could materially
and adversely affect our business, financial condition and results of
operations, regardless of the outcome of the litigation. Such litigation could
also result in loss of certain proprietary rights, significant monetary
liability and barriers to product manufacturing. Any of these outcomes could
materially harm our business and have a material negative impact on the value
of your investment.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Related to Investment in
Our Securities</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">You may not be able to exercise
the Class A or Class B warrants unless you are resident of certain states.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order for you to be able to exercise the Class A or
Class B warrants, the shares of our common stock to be issued to you upon
exercise of the Class A or Class B warrants must be covered by an effective and
current registration statement and qualify or be exempt under the securities
laws of the state or other jurisdiction in which you live. We believe that
exemptions exist, or qualifications have been obtained, for issuance of the
underlying shares in the following states: Colorado, Connecticut, Delaware,
Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Massachusetts,
Mississippi, Montana, Nevada, New Hampshire, New York, Oregon, Rhode Island,
Texas, Utah, Vermont, West Virginia, Wisconsin and the District of Columbia.
Furthermore, qualifications have been obtained in Arizona, California and New
Jersey subject to suitability standards. Unless you reside in one of the
aforementioned states, you will be unable to exercise the Class A or Class B
warrants unless and until a suitable exemption is found or we subsequently
qualify to issue the underlying shares in the state in which you live.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">If we do not maintain an
effective and current registration statement or comply with applicable state
securities laws, you may not be able to exercise the Class A or Class B
warrants.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order for you to be able to exercise the Class A or
Class B warrants, the shares of our common stock to be issued to you upon
exercise of the Class A or Class B warrants must be covered by an effective and
current registration statement and qualify or be exempt under the securities
laws of the state or other jurisdiction in which you live. We cannot assure you
that we will continue to maintain a current registration statement relating to
the shares of our common stock underlying the Class A or Class B warrants, nor
can we assure you that an exemption from state registration or qualification </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">will
be available throughout their term. This may temporarily or permanently prevent
you from exercising the Class A or Class B warrants, or may have an adverse
effect on demand for the Class A or Class B warrants and the prices that can be
obtained from reselling them.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Class A warrants may be
redeemed on short notice.&#160; This may have
an adverse effect on their price.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may redeem the Class A warrants for $0.25
per warrant on 30 days&#146; notice at any time after the last reported sale price
per share of our common stock as reported by the principal exchange or trading
facility on which our common stock trades equals or exceeds $9.35 for five
consecutive trading days. If we give notice of redemption, holders of our
Class&nbsp;A warrants will be forced to sell or exercise the Class A warrants
they hold or accept the redemption price. The notice of redemption could come at
a time when, under specific circumstances or generally, it is not advisable or
possible for holders of our Class A warrants to sell or exercise them.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">While the Class A and Class B
warrants are outstanding, it may be more difficult to raise additional equity
capital.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the term that the Class A warrants and Class B
warrants are outstanding, the holders of those warrants are given the
opportunity to profit from a rise in the market price of our common stock. In
addition, the Class B warrants are not redeemable by us. We may find it more
difficult to raise additional equity capital while these warrants are
outstanding. At any time during which these warrants are likely to be
exercised, we may be able to obtain additional equity capital on more favorable
terms from other sources.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Future sales or the potential for
future sales of our securities may cause the trading price of our common stock
and Class A and Class B warrants to decline and could impair our ability to
raise capital through subsequent equity offerings.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales of a substantial number of shares of our common
stock or other securities in the public markets, or the perception that these
sales may occur, could cause the market price of our common stock or other
securities to decline and could materially impair our ability to raise capital
through the sale of additional securities. A substantial number of our
outstanding shares of common stock are subject to lock-up agreements with us
and with Paulson Investment Company, Inc., the representative of the underwriter
of our initial public offering.&#160; As these
shares are released from the lock-up agreements, the sale of such shares could
cause the market price of our common stock to decline. Furthermore, a large
number of our outstanding shares are not registered under the Securities
Act.&#160; If and when these shares are
registered and become eligible for sale on the public markets, the market price
of our common stock could decline.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">As a public company we are&#160; subject to complex legal and accounting
requirements that will require us to incur substantial expense and will expose
us to risk of non-compliance.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a public
company, we are subject to numerous legal and accounting requirements that do
not apply to private companies. The cost of compliance with many of these requirements
is substantial, not only in absolute terms but, more importantly, in relation
to the overall scope of the operations of a small company. Our relative
inexperience with these requirements may increase the cost of compliance and
may also increase the risk that we will fail to comply. Failure to comply with
these requirements can have numerous adverse consequences including, but not
limited to, our inability to file required periodic reports on a timely basis,
loss of market confidence, delisting of our securities and/or governmental or
private actions against us. We cannot assure you that we will be able to comply
with all of these requirements or that the cost of such compliance will not
prove to be a substantial competitive disadvantage vis-&#224;-vis our privately held
and larger public competitors.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORWARD-LOOKING INFORMATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:48.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the statements made in this prospectus discuss
future events and developments, including our future business strategy and our
ability to generate revenue, income and cash flow. In some cases, you can
identify forward-looking statements by words or phrases such as &#147;may,&#148; &#147;should,&#148;
&#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;predicts,&#148; &#147;potential,&#148;
&#147;continue,&#148; &#147;our future success depends,&#148; &#147;seek to continue,&#148; or the negative
of these words or phrases, or comparable words or phrases. These statements are
only predictions that are based, in part, on assumptions involving judgments
about future economic, competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and many of
which are beyond our control. Actual events or results may differ materially.
In evaluating these statements, you should specifically consider various facts,
including the risks outlined in the &#147;Risk Factors&#148; section. Although we believe
that the expectations reflected in the forward-looking statements are </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reasonable,
we cannot guarantee future results, levels of activity, performance or
achievements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We do not undertake to update any of the forward-looking statements after
the date of this prospectus to conform these statements to actual results.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLING
SHAREHOLDERS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus
relates to Shares that are being registered for reoffers and resale by the
Selling Shareholders.&#160; The Selling
Shareholders are either holders of &#147;restricted securities&#148; acquired under the
Plan or directors, officers or others who may be deemed to be &#147;affiliates&#148; who
acquired or may acquire Shares under the Plan.&#160;
The Selling Shareholders may resell any or all of the Shares at any time
while this prospectus is current.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
officers, directors or others who are considered to be affiliates of the
Company who acquire common stock under the Plan may be added to the list of
Selling Shareholders and the Shares to be sold may be increased or decreased by
the use of a prospectus supplement filed with the Securities and Exchange
Commission (the &#147;SEC&#148;).&#160; Furthermore,
certain unnamed non-affiliates, each of whom holds less than the lesser of
1,000 shares or one percent of the Shares issuable under the Plan, may use this
prospectus for reoffers and resales of Shares up to that amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The inclusion of
Shares in the table below does not constitute a commitment to sell any of the
Shares.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;<br>
  Beneficially&nbsp;<br>
  Owned&nbsp;Prior&nbsp;to&nbsp;<br>
  the&nbsp;Offering(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;Eligible&nbsp;<br>
  to&nbsp;be&nbsp;Offered&nbsp;<br>
  by&nbsp;the&nbsp;Selling&nbsp;<br>
  Shareholders(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;<br>
  Beneficially&nbsp;<br>
  Owned&nbsp;After&nbsp;<br>
  Completion&nbsp;of&nbsp;<br>
  the&nbsp;Offering(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage&nbsp;of&nbsp;<br>
  the&nbsp;Class&nbsp;<br>
  Owned&nbsp;After&nbsp;<br>
  Completion&nbsp;of&nbsp;<br>
  the&nbsp;Offering(3)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matthew Foster</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief <br>
  Executive Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">148,302</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">95,445</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph H.
  Armstrong</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  President and <br>
  Chief Technology <br>
  Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68,714</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janet Casteel</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Accounting <br>
  Officer and Treasurer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,714</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph McCabe</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  President of <br>
  Business Development</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Scott Burrows</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prem Nath</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sr.
  Vice President of <br>
  Manufacturing</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,333</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mohan S. Misra</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  of the Board <br>
  and Chief Strategy <br>
  Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,458,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,428,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley Gallery</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ashutosh Misra</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director
  and Sr. Vice <br>
  President of Operations <br>
  and Corporate Affairs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T. W. Fraser
  Russell</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard J.
  Swanson</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yvonne Reopelle</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Venu Basava</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deb Koll</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Schaefer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeff Summers</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pat Swanson</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,666</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Shevchuk</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,666</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bruce Lanning</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nicholas Gomez</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Garth Jensen</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,333</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawrence Woods</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,333</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brad Crume</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,666</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wendi Batchelor</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rosine Ribelin</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,333</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Schaefer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,333</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;<br>
  Beneficially&nbsp;<br>
  Owned&nbsp;Prior&nbsp;to&nbsp;<br>
  the&nbsp;Offering(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;Eligible&nbsp;<br>
  to&nbsp;be&nbsp;Offered&nbsp;<br>
  by&nbsp;the&nbsp;Selling&nbsp;<br>
  Shareholders(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;<br>
  Shares&nbsp;<br>
  Beneficially&nbsp;<br>
  Owned&nbsp;After&nbsp;<br>
  Completion&nbsp;of&nbsp;<br>
  the&nbsp;Offering(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage&nbsp;of&nbsp;<br>
  the&nbsp;Class&nbsp;<br>
  Owned&nbsp;After&nbsp;<br>
  Completion&nbsp;of&nbsp;<br>
  the&nbsp;Offering(3)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danny Fisher</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,666</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.84%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ajay K. Kalla</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.04%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.28%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,666</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.16%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.48%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160; Represents less than 1%.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes shares of common
stock beneficially owned or that may be acquired upon exercise of options or warrants
exercisable within sixty (60) days of the date of this prospectus.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Represents the number of
Shares underlying options granted under the Plan, whether currently vested or
unvested.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assumes the exercise and
resale of all Shares acquired by the Selling Shareholder pursuant to the Plan
and that a total of 8,050,988 shares of common stock will be issued and
outstanding after the Offering.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">USE OF PROCEEDS</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Shareholders will receive all of the proceeds from the sale of the Shares offered by this prospectus.&#160; We will not receive any of the proceeds from the sale of the Shares, but we have agreed to pay the expenses of preparing this prospectus and the related registration statement.</font></p><p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLAN OF DISTRIBUTION</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Shareholders and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Shares on any stock exchange, market or trading facility on which the securities are traded or in private transactions.&#160; These sales may be at fixed or negotiated prices.&#160; It is possible that the increase in securities available on the market will have a negative effect on the resale price of our securities and may make it difficult for purchasers to resell the securities at a profit or at all.</font></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Shareholders also may sell Shares under Rule 144 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) if available, rather than under this prospectus.&#160; The Selling Shareholders may engage in short sales against the box, puts and calls and other transactions in our securities or derivatives of our securities, and may sell or deliver shares or warrants in connection with these trades.&#160; The Selling Shareholders may pledge their Shares to their brokers under the margin provisions of customer agreements. If a Selling Stockholder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares or warrants.</font></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from either the Selling Shareholders or, if any broker-dealer acts as agent for the purchaser, from the purchaser, in amounts to be negotiated.&#160; It is not expected that these commissions and discounts would exceed what is customary in the types of transactions involved.</font></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"> The Selling Shareholders and any broker-dealers or agents that are involved in selling the Shares may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act in connection with those sales. In that event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</font></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have elected, to pay all fees and expenses incident to the registration of the Shares being registered herein.&#160; We are not required to pay commissions and other selling expenses.</font></p><p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEMNIFICATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of incorporation, as amended (&#147;Certificate
of Incorporation&#148;), contains provisions that limit the liability of our
directors for monetary damages to the fullest extent permitted by Delaware law.
Consequently, our directors will not be personally liable to us or our
shareholders for monetary damages for any breach of fiduciary duties as
directors, except liability for the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 49.5pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any breach of their duty of loyalty to our
company or our stockholders.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 49.5pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 49.5pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unlawful payments of dividends or unlawful
stock repurchases or redemptions as provided in Section&nbsp;174 of the
Delaware General Corporation Law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 49.5pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
transaction from which the director derived an improper personal benefit.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our bylaws, as amended (&#147;Bylaws&#148;), provide that we are
required to indemnify our directors and officers and may indemnify our
employees and other agents to the fullest extent permitted by Delaware law. Our
Bylaws also provide that we shall advance expenses incurred by a director or
officer before the final disposition of any action or proceeding upon receipt
of an undertaking from or on behalf of that director or officer to repay the
advance if it is ultimately determined that he or she is not entitled to be
indemnified. We have entered and expect to continue to enter into agreements to
indemnify our directors, executive officers and other employees as determined
by the Board of Directors. These agreements provide for indemnification for
related expenses including attorneys&#146; fees, judgments, fines and settlement
amounts incurred by any of these individuals in any action or proceeding. We
believe that these provisions and indemnification agreements are necessary to
attract and retain qualified persons as directors and officers. We also
maintain directors&#146; and officers&#146; liability insurance.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The limitation of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage
shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. They may also reduce the likelihood of derivative litigation
against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Furthermore, a stockholder&#146;s investment may
be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers as required by these
indemnification provisions. At present, there is no pending litigation or
proceeding involving any of our directors, officers or employees regarding
which indemnification is sought, and we are not aware of any threatened
litigation that may result in claims for indemnification.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar as we may permit indemnification for
liabilities arising under the Securities Act to directors, officers, and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been
advised that in the opinion of the SEC such indemnification is against public
policy, as expressed in the Securities Act and is, therefore, unenforceable.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INCORPORATION OF DOCUMENTS BY
REFERENCE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:48.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus is part of a registration statement on
Form S-8.&#160; The prospectus is prepared in
accordance with the requirements of Part I of Form S-3 and General Instruction
C of the instructions to Form S-8. The SEC allows this filing to &#147;incorporate
by reference&#148; information that the Company previously has filed with the SEC.
This means the Company can disclose important information to you by referring
you to other documents that it has filed with the SEC. The information that is
incorporated by reference is considered part of this prospectus, and
information that the Company files later will automatically update and may
supersede this information. For further information about the Company and the
securities being offered, you should refer to the registration statement and
the following documents that are incorporated by reference:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Our annual report on Form 10-KSB filed on March 30, 2007, which contains audited financial statements for the fiscal year ended December 31, 2006;</font></p><p style="font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">All other reports filed by us pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the &#147;Exchange Act&#148;) since the end of the fiscal year covered by the annual report referred to above; and</font></p><p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The description of our common stock contained in Forms 8-A filed on June 19, 2006 and August 8, 2006 and any amendments or reports filed for the purpose of updating such description.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents filed by the Company subsequent to those
listed above with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act, prior to the termination of the offering, shall be deemed to be
incorporated by reference into this prospectus and to be a part hereof from the
date of filing of such documents. Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained herein
or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may request a
copy of all documents that are incorporated by reference in this prospectus by
writing or telephoning us at the following address and number: Ascent Solar
Technologies, Inc., Attention: Corporate Secretary, 8120 Shaffer Parkway,
Littleton, Colorado 80127, telephone (303) 285-9885.&#160; We will provide copies of all documents
requested (not including exhibits to those documents, unless the exhibits are
specifically incorporated by reference into those documents or this prospectus)
without charge.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU CAN FIND MORE INFORMATION</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have filed with the SEC a registration statement (which term includes all amendments, exhibits, and schedules thereto) on Form S-8 under the Securities Act with respect to the Shares offered by this prospectus.&#160; This prospectus does not contain all the information set forth in the registration statements because certain information has been incorporated into the registration statements by reference in accordance with the rules and regulations of the SEC.&#160; Please review the documents incorporated by reference for a more complete description of the matters to which such documents relate.</font></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to the informational reporting requirements of the Exchange Act.&#160; In accordance with the Exchange Act, we file reports, proxy statements, and other information with the SEC.&#160; You can inspect and copy these reports, proxy statements, and other information at the Public Reference Room of the SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates.&#160; Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms.&#160; Our SEC filings are also available on the SEC&#146;s web site.&#160; The address of this site is http://www.sec.gov.</font></p>
 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160; Incorporation of Documents by Reference</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents filed by us with the SEC are incorporated herein by reference as of their respective dates of filing and shall be deemed to be a part hereof:</font></p><p style="font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The Registrant&#146;s annual report on Form 10-KSB filed on March 30, 2007, which contains audited financial statements for the fiscal year ended December 31, 2006;</font></p><p style="font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">All other reports filed by us pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934 (the &#147;Exchange Act&#148;) since the end of the fiscal year covered by the annual report referred to above; and</font></p><p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The description of the Registrant&#146;s common stock contained in Forms 8-A filed on June 19, 2006 and August 8, 2006 and any amendments or reports filed for the purpose of updating such description.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All other documents subsequently filed by the
Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange
Act prior to the filing of a post-effective amendment to this registration
statement, which indicates that all securities offered have been sold or which
deregisters all such securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part
hereof from the date of filing of such documents. The Company specifically
excludes from incorporation any information that has been furnished and not
filed pursuant to Item&nbsp;2.02 or Item&nbsp;7.01 of the Company&#146;s Current
Reports on Form&nbsp;8-K. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such earlier statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.&#160; Description of Securities</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p><p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Interests of Named Experts and Counsel</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Indemnification of Directors and Officers</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Certificate of Incorporation contains provisions
that limit the liability of our directors for monetary damages to the fullest
extent permitted by Delaware law. Consequently, our directors will not be personally
liable to us or our shareholders for monetary damages for any breach of
fiduciary duties as directors, except liability for the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any breach of their duty of loyalty
to our company or our stockholders.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation of law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unlawful payments of dividends or
unlawful stock repurchases or redemptions as provided in Section&nbsp;174 of
the Delaware General Corporation Law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
transaction from which the director derived an improper personal benefit.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Bylaws provide that we are required to indemnify
our directors and officers and may indemnify our employees and other agents to
the fullest extent permitted by Delaware law. Our Bylaws also provide that we shall
advance expenses incurred by a director or officer before the final disposition
of any action or proceeding upon receipt of an undertaking from or on behalf of
that director or officer to repay the advance if it is ultimately determined
that he or she is not entitled to be indemnified. We have entered and expect to
continue to enter into agreements to indemnify our directors, executive
officers and other employees as determined by the Board of Directors. These
agreements provide for indemnification for related expenses including attorneys&#146;
fees, judgments, fines and settlement amounts incurred by any of these
individuals in any action or proceeding. We also maintain directors&#146; and
officers&#146; liability insurance.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The limitation of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage
shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. They may also reduce the likelihood of derivative litigation
against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Furthermore, a stockholder&#146;s investment may
be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers as required by these
indemnification provisions.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
7.&#160; Exemption from Registration Claimed</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company issued
the stock options to directors, officers, employees and/or consultants in
reliance on the exemption under Rule 701 promulgated under the Securities Act,
as transactions by an issuer not involving a public offering and under a
written compensatory benefit plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Exhibits</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of this registration statement.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160; Undertakings</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned
Registrant hereby undertakes:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; To file, during any period in which offers or
sales are being made, a post-effective amendment to this registration
statement:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 85.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
include any prospectus required by Section 10(a)(3) of the Securities Act;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 85.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
reflect in the prospectus any facts or events arising after the effective date
of this registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this registration statement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 85.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To include any material information with
respect to the plan of distribution not previously disclosed in this
registration statement or any material change to such information in this
registration statement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided</font></u>, <u>however</u>, that
paragraphs (1)(i) and (1)(ii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to the Exchange Act that are
incorporated by reference in this registration statement.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i>bona fide </i>offering thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; For determining liability of the Registrant
under the Securities Act to any purchaser in the initial distribution of the
securities, in a primary offering of securities of the Registrant pursuant to
this Registration Statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, to be a seller to
the purchaser and to be considered to offer or sell such securities to such
purchaser:&#160; (a) any preliminary
prospectus or prospectus of the Registrant relating to the offering required to
be filed pursuant to Rule 424; (b) any free writing prospectus relating to the
offering prepared by or on behalf of the Registrant or used or referred to by
the Registrant; (c) the portion of any other free writing prospectus relating
to the offering containing material information about the Registrant or its securities
provided by or on its behalf; and (d) any other communication that is an offer
in the offering made by the Registrant to the purchaser.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p><p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Littleton, Colorado on May 7, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ascent Solar Technologies, Inc.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Matthew Foster</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matthew Foster, President and
  Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">POWER
OF ATTORNEY</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We, the
undersigned directors and officers of Ascent Solar Technologies, Inc., do
hereby constitute and appoint Matthew Foster and Janet L. Casteel or either of
them, our true and lawful attorneys and agents, to do any and all acts and
things in our name and behalf in our capacities as directors and officers and
to execute any and all instruments for us and in our names in the capacities
indicated below, which said attorneys and agents, or either of them, may deem
necessary or advisable to enable said corporation to comply with the Securities
Act, and any rules, regulations, and requirements of the SEC, in connection
with this registration statement, including specifically, but without
limitation, power and authority to sign for us or any of us in our names and in
the capacities indicated below, any and all amendments (including
post-effective amendments) to this registration statement, or any related
registration statement that is to be effective upon filing pursuant to Rule
462(b) under the Securities Act; and we do hereby ratify and confirm all that
the said attorneys and agents, or either of them, shall do or cause to be done
by virtue hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act, this registration statement has been signed
below by the following persons in the capacities and on the dates indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Signature</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Matthew Foster</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Executive
  Officer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matthew Foster</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Executive Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Janet Casteel</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Accounting Officer and
  Treasurer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janet Casteel</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Accounting and
  Financial Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mohan S. Misra</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mohan S. Misra</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stanley Gallery</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley Gallery</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ashutosh Misra</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ashutosh Misra</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ T.W. Fraser Russell</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T.W. Fraser Russell</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Richard J. Swanson</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 7, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard J. Swanson</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.56%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit&nbsp;No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated 2005 Stock Option Plan</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Holland &amp; Knight LLP as to the
  legality of the securities being registered, dated May&nbsp;8,&nbsp;2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Hein &amp; Associates LLP, an independent
  registered public accounting firm, dated May&nbsp;7,&nbsp;2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Holland &amp; Knight LLP (included in
  Exhibit 5.1)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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{"company-data": {"conformed-name": "Ascent Solar Technologies, Inc.", "cik": "0001350102", "assigned-sic": "3674", "irs-number": "203672603", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-142768", "film-number": "07832464"}, "business-address": {"street1": "8120 SHAFFER PARKWAY", "city": "LITTLETON", "state": "CO", "zip": "80127", "phone": "303 420 1141"}, "mail-address": {"street1": "8120 SHAFFER PARKWAY", "city": "LITTLETON", "state": "CO", "zip": "80127"}}
As filed with the Securities and Exchange Commission on May 9, 2007
Registration No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ASCENT
SOLAR TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
20-3672603
(State or Other
  Jurisdiction
(I.R.S. Employer
  Identification No.)
of Incorporation
  or Organization)
8120
Shaffer Parkway
Littleton, Colorado 80127
(303) 285-9885
(Address of Principal Executive Offices)
Amended
and Restated 2005 Stock Option Plan
(Full Title of Plan)
Matthew
Foster
8120 Shaffer Parkway
Littleton, Colorado 80127
(303) 285-9885
(Name and Address of Agent For Service)
Copies
to:
Mark A. von Bergen, Esq.
Holland & Knight LLP
2300 U.S. Bancorp Tower
111 S.W. Fifth Avenue
Portland, Oregon 97204
(503) 243-2300
CALCULATION
OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities to
Amount to be
Offering Price per
Aggregate Offering
Amount of
be Registered
Registered
Share (2)
Price (3)
Registration Fee
Common stock, $0.0001 par
  value
1,000,000
(1)
$
8.695
$
8,695,000
$
266.94
(1)
Represents shares of
common stock reserved for issuance upon exercise of options granted under the
2005 Stock Option Plan, as amended.  This
registration statement is deemed to register an indeterminate amount of such
additional number of shares of the Registrant's common stock as may be issuable
pursuant to stock split, stock dividend or the like.
(2)
Pursuant to Rules 457(c)
and 457 (h), the offering price and registration fee are computed on the basis
of the average of the high and low prices of the Registrant's common stock on
the Nasdaq Capital Market on May 8, 2007.
(3)
Estimated solely for the
purpose of calculating the registration fee.
EXPLANATORY
NOTE
The purpose of this registration statement is to
register 1,000,000 shares of the common stock of Ascent Solar Technologies,
Inc. (the "Company" or "Registrant") issuable under the Company's 2005 Stock
Option Plan, as amended, for offer and sale. 
This Registration Statement includes a reoffer prospectus prepared in
accordance General Instruction C of Form S-8 and in accordance with the
requirements of Part I of Form S-3. The reoffer prospectus may be used for
reoffers of shares of common stock acquired through the exercise of stock options
defined as "control securities" and "restricted securities" under General
Instruction C to Form S-8 pursuant to grants made under the Company's 2005
Stock Option Plan, as amended.
PART I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
All references to the "Company,"
"Registrant," "us," "we" or "our" refer to Ascent Solar Technologies, Inc.,
unless the context otherwise indicates.
Item 1.  Plan
Information.
Information required by Item 1 to be contained in
the Section 10(a) prospectus is omitted from this registration
statement in accordance with Rule 428 under the Securities Act and the "Note"
to Part I of Form S-8.
Item 2.  Registrant
Information and Employee Plan Annual Information.
The Company will furnish without charge to each person
to whom the prospectus is delivered, upon written or oral request, a copy of
any and all of the documents incorporated by reference in Item 3 of Part II of
this Registration Statement, other than exhibits to such documents (unless such
exhibits are specifically incorporated by reference to the information that is
incorporated). Requests should be directed to: Ascent Solar Technologies, Inc.,
Attn: Corporate Secretary, 8120 Shaffer Parkway, Littleton, Colorado 80127,
telephone (303) 285-9885.
[Note:
The reoffer prospectus referred to in the
Explanatory Note follows this page.]
PROSPECTUS
ASCENT SOLAR TECHNOLOGIES, INC.
735,000 shares of common stock
This prospectus relates
to the reoffer and resale of up to 735,000 shares of common stock, $0.0001 par
value (the "Shares"), of Ascent Solar Technologies, Inc. by officers, directors
and employees who hold "control securities" or "restricted securities" (as
those terms are defined in Instruction C to Form S-8).  These officers and directors ("Selling
Shareholders") acquired or may acquire the Shares by exercising options granted
under the Company's 2005 Stock Option Plan, as amended (the "Plan").
The Selling Shareholders
will determine when they will sell their Shares, and in all cases they will
sell their Shares at the then-prevailing market price or at prices negotiated
at the time of sale.  We will not receive
any proceeds from these sales.  The
brokers and dealers that the Selling Shareholders may utilize in selling their
Shares may receive compensation in the form of underwriting discounts,
concessions or commissions from the sellers or purchasers of the Shares.
Our common stock is
traded on the Nasdaq Capital Market and the Boston Stock Exchange under the
symbols "ASTI" and "AKC," respectively. 
On May 8, 2007, the last reported sale price of our common stock on the
Nasdaq Capital Market was $8.77 per share.
Our principal executive
officers are located at 8120 Shaffer Parkway, Littleton, Colorado 80127.
Investing in the Shares involves
risks.  See "Risk Factors" beginning on
page 3.
NEITHER THE SECURITIES AND
EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS
PROSPECTUS.  ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE
.
The date of this
prospectus May 9, 2007.
TABLE OF
CONTENTS
PROSPECTUS SUMMARY
1
RISK FACTORS
3
FORWARD-LOOKING INFORMATION
7
SELLING SHAREHOLDERS
9
USE OF PROCEEDS
11
PLAN OF DISTRIBUTION
11
INDEMNIFICATION
11
INCORPORATION OF DOCUMENTS BY REFERENCE
12
WHERE YOU CAN FIND MORE INFORMATION
12
You should rely
only on the information contained in this prospectus.  We have not authorized any other person to
provide you with different information. 
Information contained on our website does not constitute a part of this
prospectus.  The information in this
prospectus may only be accurate as of the date appearing on the cover page of
this prospectus, regardless of the time this prospectus is delivered or common
stock is sold.
We currently own
the trademark "FASTTRACKS."  All other
brand names or trademarks appearing in this prospectus are the property of
their respective owners.
PROSPECTUS SUMMARY
This is
only a summary and does not contain all the information that may be important
to you.  You should read the more
detailed information contained in this prospectus, including but not limited
to, the risk factors beginning on page 3.
All references in this
prospectus to the "Company," "us," "we" or "our" refer to Ascent Solar
Technologies, Inc., unless the context otherwise indicates.
Our
Company
Ascent Solar is a development stage company that was
formed in October 2005 to commercialize certain photovoltaic ("PV")
technology developed by ITN Energy Systems, Inc. ("ITN") for
extraterrestrial, terrestrial, and near-space applications. Ascent Solar
intends to be the first company to manufacture large, roll format, PV modules
in commercial quantities that use a highly efficient thin-film
Copper-Indium-Gallium-diSelenide ("CIGS") absorbing layer on a flexible
high-temperature plastic substrate. We have produced and tested small-scale
demonstration samples of our CIGS PV products at the laboratory level, but we
have not yet produced any products in commercial quantities, nor have we yet
received any revenues from the proposed products that we intend to
commercialize as our principal business activity. We are presently applying the
majority of the $14 million in net proceeds received from our initial public
offering in July 2006 to establish a 500kW/yr per shift (1.5MW)
pilot-scale production line. The production line is currently in development
and on schedule to begin operations in the first quarter of 2008. Successful
performance of the pilot production line should prove out the manufacturing
processes, products, and market acceptance to enable us to transition into
large full-scale, commercial manufacturing of our CIGS PV products.
When used on space satellites and near-space aircraft,
PV devices convert sunlight into the electricity needed to reliably power
instruments, communications systems and the like. Currently, most PV devices
used for space and near-space applications are rigid, bulky and relatively
heavy, posing significant challenges to scientists and designers wishing to
minimize volume and weight in order to maximize payload and reduce deployment
costs. In addition to these shortcomings, PV devices traditionally used for
such applications are expensive to manufacture and require the time-consuming
and labor-intensive task of connecting individual solar cells together to
create a complete PV module. For terrestrial applications such as residential
or commercial buildings, the primary driving market factor is cost.
Historically, the market has been, and continues to be, dominated by
crystalline silicon technology. Emerging thin film technologies on rigid glass
substrates and flexible substrates offer significant cost advantages over silicon
and, as a result, these newer technologies are beginning to capture a greater
share of the market. Whether thin film or silicon based, rigid photovoltaic
modules are very restrictive when it comes to deployment and integration into
buildings and systems.
The Ascent Solar thin film technology platform
addresses many of the current silicon and thin film limitations by offering a
flexible, lightweight PV product suitable for terrestrial, space and near-space
applications. By employing a proprietary monolithic integration fabrication
process, we intend to manufacture our PV devices on the module level, rather
than the cell level, thereby avoiding the time-consuming and cost-additive
cell-to-cell interconnect procedures utilized by silicon and other thin film PV
device manufacturers. We believe that our choice of substrate materials and
proprietary monolithic integration fabrication processes should permit us to
achieve cost, volume and weight performance advantages over competitors
including terrestrial. As a result, we believe that we will be well-positioned
to capture opportunities in markets that require or desire low cost, highly
efficient, lightweight and flexible PV power sources. In addition, our thin
film, monolithically integrated modules will enable direct integration into
building and construction materials and electronics packaging that should
enable us to offer greater value and new product formats at the building
integrated and electronics integrated system level.
ITN, a private company incorporated in 1994, is an
incubator dedicated to the development of cutting-edge thin-film, PV, battery
and fuel cell technologies. Through its work on research and development
contracts for private and government entities, ITN developed proprietary
processing and manufacturing know-how applicable to PV products generally, and
to CIGS PV products in particular. ITN formed Ascent Solar to commercialize
this investment in CIGS PV technologies. In January 2006, ITN assigned to
us key CIGS PV technologies and trade secrets and granted to us an exclusive,
worldwide license to use certain of ITN's proprietary process, control and
design technologies in the production of CIGS PV solar modules for our target
markets. Upon receipt of the necessary government approvals in
January 2007, ITN subsequently assigned approximately $3.5 million in
government funded research and development contracts to Ascent Solar and the
key personnel assigned to the contracts also transferred to Ascent Solar.
Today, ITN still provides to us, at cost, a variety of administrative services
such as facilities management, equipment maintenance, human resources,
procurement, information technology services and accounting.
1
Our principal business office is located at 8120
Shaffer Parkway, Littleton, Colorado, and our telephone number is (303)
285-9885.  Our website address is
www.ascentsolar.com.  Information
contained in our website or any other website does not constitute part of this
prospectus.
This Offering
Shares of common stock
  offered by Selling Shareholders
735,000
Offering price
The Selling Shareholders and any of their pledgees,
  assignees and successors-in-interest may sell any or all of their Shares on
  any stock exchange, market or trading facility on which the securities are
  traded or in private transactions. The sales may be at fixed or negotiated
  prices.
Nasdaq Capital Market Symbol
ASTI
Boston Stock Exchange Symbol
AKC
2
RISK FACTORS
An investment in our securities
involves a high degree of risk and many uncertainties. You should carefully
consider the specific factors listed below, together with the cautionary
statement that follows this section and the other information included in this
prospectus, before purchasing our units. If one or more of the possibilities
described as risks below actually occurs, our operating results and financial
condition would likely suffer and the trading price of our securities could
fall, causing you to lose some or all of your investment in the securities we
are offering. The following is a description of what we consider to be our key
challenges and all material risks to our business and securities.
Risks
Relating to Our Business
We have no history
of operations and are therefore subject to various startup company risks.
We were formed in October
2005 and our business to date has consisted of initial setting up of operations
to pursue our business plan. In order to pursue our plan, we will have to
continue to establish internal infrastructure, hire additional personnel, adopt
company plans and procedures, set up a sales organization, oversee the design
and construction of our initial production line and otherwise establish the
functional capabilities of an operating company. Accomplishing this task may
take longer or cost more than expected, and it is likely that problems that we
cannot now anticipate will require solution. We cannot assure you that we will
be successful in establishing ourselves as an operating company.
We intend to
address an unproven market that may not justify our commitment to it.
We intend to develop and
offer flexible, lightweight, high efficiency PV products for use in
terrestrial, space and near-space applications. There is no established market
for our flexible thin-film CIGS technology. Our business plan assumes that such
a market will develop as a result of the technological improvements that we
have made and expect to continue to make. We cannot assure you that such a
market will develop or, if it does develop, that it will meet our expectations.
Many of the
applications for which we intend to compete will require further technological
development, which we cannot guarantee.
Discussions with some
potential purchasers of our PV products have been based on the assumption that
we will continue to improve the cost, performance/weight and performance/volume
characteristics of our planned products. While we believe that the assumptions
on which these discussions have been based are reasonable, we cannot assure you
that we will be able to achieve these improvements. If we are not able to
achieve these improvements, the use of our PV products may be unfeasible or
economically unattractive to our potential customers, in which case the sales
assumptions underlying our business plan would be incorrect.
Failure
of the HAA market to develop as quickly as we envision or our failure to enter
that market successfully would adversely affect our projected sales, growth and
revenues.
The
HAA market is in its infancy, and should the market opportunity not materialize,
opportunities for growth in this market may be limited. In particular, there is
not yet long-term government funding for HAA projects, and to date we have not
been selected to supply PV products for any HAA projects.  Also, because HAA projects will be subject to
the size and priorities of government budgets, the funding for HAA projects
always may be at risk. If government funding or commitment to the HAA concept
wanes, then demand for our products and, hence, our financial condition and
business, may suffer. Furthermore, although we believe that our PV modules
outperform the products of our competitors in the space and near-space markets,
our products may still require improvements or modifications to meet the
technical or market requirements of one or more HAA projects. There is no
guarantee that such improvements or modifications can or will be made, and loss
of our bids to supply PV modules to HAA contractors or projects would adversely
affect our results of operation and growth.
Failure
of the terrestrial market for thin-film PV products to develop as quickly as we
envision or our failure to enter that market successfully would adversely
affect our projected sales, growth and revenues.
We
intend to sell thin-film PV modules for use in terrestrial applications, such
as building integrated photovoltaic (BIPV) and eletronics integrated
photovoltaic (EIPV) products. These products comprise large-volume "commodity"
components, such as roofing shingles, panels, membranes, batteries and hard
drives. Our strategy is to partner or form
3
strategic
relationships with BIPV or EIPV suppliers to gain a foothold in these
terrestrial markets. If we are unable to successfully establish working
relationships with such suppliers, or if due to cost, technical or other
factors, our product proves unsuitable for use in such terrestrial
applications, our projected sales, growth and revenues would be adversely
affected.
We have no contracts for PV products and have recorded no
sales of such products; we expect that significant PV product sales will not
occur for some time.
We
have recorded no sales of PV products and have no contracts for such
sales.  Because of the nature of the
projects in which such products may be used, we expect that the sales cycle
will be quite long and, therefore, that it will be at least 18 months before we
record significant PV product sales, although we expect to record revenue from
performance of research and development contracts in the interim. As a result,
we expect that it will be some time before we can determine whether our
expectations relating to our products and their target markets are justified.
Also, as a result, we will be required to invest substantial resources in
pursuing these markets in advance of any significant revenue stream that may
result from such investments. An unanticipated or longer than expected delay
revenue ramp-up could put a strain on our capital resources and require us to
seek additional capital. Such additional capital, if available, could
substantially dilute the interest of the existing investors.
We
intend to sell portions of our PV modules to contractors of government-funded
projects, which will be subject to political, scheduling and funding risks.
We
intend to sell our PV modules to contractors of government-funded projects such
as the HAA program. We would be a subcontractor or supplier on these
projects.  The government agencies
overseeing the projects are subject to economic and political pressures that
dictate the manner in which they spend money. As a result, even if a contractor
or government agency wants to purchase our PV modules, it may be unable to do
so due to budgetary or political constraints. Orders may even be canceled or
substantially delayed due to budgetary, political or other scheduling delays
that frequently occur in connection with government-funded projects.  Any such cancellations or delays would likely
adversely affect our financial results.
Our reliance on government contracts to partially fund our
research and development programs could impair our ability to develop and
incorporate new technologies into our products and could decrease our revenue.
Government
contracts may enable us to develop new technologies more rapidly than we would
have been able to do otherwise. A reduction or discontinuance of these
programs, or a reduction or discontinuance of our participation in these
programs, might increase our expenses, which could affect our profitability and
impair our ability to develop our technologies. In addition, contracts
involving government agencies may be terminated or modified at the convenience
of the agency.  Also, we may become
ineligible to participate in certain government-funded programs due to
government restrictions on foreign ownership. Other risks include potential
disclosure of our confidential information to third parties and the exercise of
"march-in" rights by the government. 
March-in rights refer to the right of the United States government or
government agency to require us to grant a license to the technology to a responsible
applicant or, if we refuse, the government may grant the license itself. The
government can exercise its march-in rights if it determines that action is
necessary because we fail to achieve practical application of the technology or
because action is necessary to alleviate health or safety needs, to meet
requirements of federal regulations or to give the United States industry
preference. Our government-sponsored research contracts are subject to audit
and require that we provide regular written technical updates, as well as a
final report on the results of our technical research.  Because these reports are generally available
to the public, third parties may obtain some aspects of our sensitive
confidential information.  Moreover, the
failure to provide these reports or to provide inaccurate or incomplete reports
may provide the government with rights to any intellectual property arising
from the related research.  Funding from
government contracts also may limit when and how we can deploy technology
developed under those contracts.
We
initially will be substantially dependent on the administrative and engineering
resources of our parent company ITN Energy Systems, Inc.
We
will be dependent on ITN, at least initially, to provide administrative services
such as facilities management, equipment maintenance, human resources and
accounting. Also, ITN will also be responsible for developing a critical
component of our initial production line. If our relationship with ITN falters
or if ITN fails to carry out its services or contracts in a satisfactory
manner, our business may suffer.
4
Failure to build, implement or operate our production line successfully would adversely impact our business and financial condition.
We
plan to produce our thin-film PV modules using a custom-built 500 kW per shift
(1.5MW) annual capacity production line beginning in early 2008. This
production line, which has not yet been built, will require a substantial
investment of capital, including a large portion of the net proceeds from this
offering. We believe that, when our PV modules are manufactured in large
quantities, we will be able to demonstrate manufacturing yields, equipment
capability, product performance and product quality that will enable us to
produce PV modules at costs lower than those of competitors. However, the
successful completion and operation of the production line will require
substantial engineering resources and is subject to significant risks,
including risks of cost overruns and delays or the possibility that the
production line may never be completed or operational. Furthermore, we may
never be able to operate our production processes in high volume, make planned
process and equipment improvements, attain projected manufacturing yields or
desired annual capacity, and obtain timely delivery of equipment to build the
production line or hire and train the additional employees and management
needed to operate the production line. Failure to meet these objectives could
materially and adversely affect our business, results of operations and
financial condition.
Failure
to build, implement, or operate our planned 25MW production plant successfully
would adversely impact our ability to sell into the terrestrial market and
would affect our business and financial condition.
Our
growth plan calls for scale-up of our 1.5MW production line to a 25MW
production line in order to achieve the product cost and manufacturing
capacities necessary to compete in the terrestrial market. We believe that,
when our PV modules are manufactured in large quantities, we will be able to
demonstrate manufacturing yields, equipment capability, product performance and
product quality that will enable us to produce PV modules at costs lower than
those of competitors. However, the successful completion and operation of the
production line at the 25MW scale will require substantial engineering
resources and is subject to significant risks, including risks of cost overruns
and delays or the possibility that the production line may never be completed
or operational.  Furthermore, we may
never be able to operate our production processes in high volume, make planned
process and equipment improvements, attain projected manufacturing yields or
desired annual capacity, and obtain timely delivery of equipment to build the
production line or hire and train the additional employees and management
needed to operate the production line. Failure to meet these objectives could
materially and adversely affect our business, results of operations and
financial condition.
Our products may not gain market acceptance, in which case we would be
unable to sell our products or achieve profitability.
The development of demand for our proposed products
and our ability to sell them may be adversely affected by a number of factors,
many of which are beyond our control, including:
·
our
failure to produce PV modules that compete favorably against competing products
on the basis of cost, quality, weight, efficiency and performance;
·
our
failure to develop or maintain successful relationships with customers, systems
integrators and strategic partners; and
·
the failure of
our products to achieve qualification or certification by customers for use in
our target market applications.
If our products
fail to gain market acceptance, we would be unable to sell our products or
achieve profitability.
Our
future success depends on retaining our existing management and hiring and
assimilating new key employees and our inability to attract or retain key
personnel would materially harm our business and results of operations.
Our
success depends on the continuing efforts and abilities of our executive
officers, including Matthew Foster, our President and Chief Executive Officer,
Dr. Joseph Armstrong, our Chief Technology Officer, and Dr. Prem Nath, our Vice
President of Manufacturing.  Our future
success also will depend, in part, on our ability to attract and retain highly
skilled employees, including management, technical and sales personnel. The
loss of services of any of our key personnel, the inability to attract, retain
or assimilate key personnel in the future, or delays in hiring required
personnel could materially harm our business and results of operations.
5
We may be unable to adequately protect or enforce our proprietary
information, which may result in its unauthorized use or reduced sales or
otherwise reduce our ability to compete.
Our
business and competitive position depend upon our ability to protect our
proprietary technology, including any solar power products that we
develop.  Despite our efforts to protect
this information, unauthorized parties may attempt to obtain and use
information that we regard as proprietary. 
Any patents issued in connection with our efforts to develop new technology
for solar power products may not be broad enough to protect all of the
potential uses of the technology.
In
addition, when others are responsible for the control the prosecution,
maintenance and enforcement of certain important intellectual property, such as
technology licensed to us, the protection of the intellectual property rights
may be outside of our control.  If the
entity that controls the intellectual property rights does not adequately
protect those rights, our rights may be impaired, which may impact our ability
to develop, market and commercialize our products.
Our
means of protecting our proprietary rights may not be adequate, and our
competitors may:
·
independently
develop substantially equivalent proprietary information, products and
techniques;
·
otherwise gain
access to our proprietary information; or
·
design
around our patents or other intellectual property.
We
have our employees, consultants and advisors execute proprietary information
and invention agreements when they begin working for us.  However, these agreements may not provide
meaningful protection for our trade secrets or other proprietary information in
the event of unauthorized use or disclosure. 
Failure to maintain trade secret and patent protection may adversely
affect our prospects.
Successful infringement claims by third parties could result in
substantial damages, lost product sales and the loss of important proprietary
rights.
There
has been substantial litigation regarding patent and other intellectual
property in various high technology industries. In the future, we may be
notified of allegations that we may be infringing on intellectual property
rights possessed by others. Should litigation be brought against us, such
litigation could be extremely expensive and time consuming and could materially
and adversely affect our business, financial condition and results of
operations, regardless of the outcome of the litigation. Such litigation could
also result in loss of certain proprietary rights, significant monetary
liability and barriers to product manufacturing. Any of these outcomes could
materially harm our business and have a material negative impact on the value
of your investment.
Risks Related to Investment in
Our Securities
You may not be able to exercise
the Class A or Class B warrants unless you are resident of certain states.
In order for you to be able to exercise the Class A or
Class B warrants, the shares of our common stock to be issued to you upon
exercise of the Class A or Class B warrants must be covered by an effective and
current registration statement and qualify or be exempt under the securities
laws of the state or other jurisdiction in which you live. We believe that
exemptions exist, or qualifications have been obtained, for issuance of the
underlying shares in the following states: Colorado, Connecticut, Delaware,
Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Massachusetts,
Mississippi, Montana, Nevada, New Hampshire, New York, Oregon, Rhode Island,
Texas, Utah, Vermont, West Virginia, Wisconsin and the District of Columbia.
Furthermore, qualifications have been obtained in Arizona, California and New
Jersey subject to suitability standards. Unless you reside in one of the
aforementioned states, you will be unable to exercise the Class A or Class B
warrants unless and until a suitable exemption is found or we subsequently
qualify to issue the underlying shares in the state in which you live.
If we do not maintain an
effective and current registration statement or comply with applicable state
securities laws, you may not be able to exercise the Class A or Class B
warrants.
In order for you to be able to exercise the Class A or
Class B warrants, the shares of our common stock to be issued to you upon
exercise of the Class A or Class B warrants must be covered by an effective and
current registration statement and qualify or be exempt under the securities
laws of the state or other jurisdiction in which you live. We cannot assure you
that we will continue to maintain a current registration statement relating to
the shares of our common stock underlying the Class A or Class B warrants, nor
can we assure you that an exemption from state registration or qualification
6
will
be available throughout their term. This may temporarily or permanently prevent
you from exercising the Class A or Class B warrants, or may have an adverse
effect on demand for the Class A or Class B warrants and the prices that can be
obtained from reselling them.
The Class A warrants may be
redeemed on short notice.  This may have
an adverse effect on their price.
The Company may redeem the Class A warrants for $0.25
per warrant on 30 days' notice at any time after the last reported sale price
per share of our common stock as reported by the principal exchange or trading
facility on which our common stock trades equals or exceeds $9.35 for five
consecutive trading days. If we give notice of redemption, holders of our
Class A warrants will be forced to sell or exercise the Class A warrants
they hold or accept the redemption price. The notice of redemption could come at
a time when, under specific circumstances or generally, it is not advisable or
possible for holders of our Class A warrants to sell or exercise them.
While the Class A and Class B
warrants are outstanding, it may be more difficult to raise additional equity
capital.
During the term that the Class A warrants and Class B
warrants are outstanding, the holders of those warrants are given the
opportunity to profit from a rise in the market price of our common stock. In
addition, the Class B warrants are not redeemable by us. We may find it more
difficult to raise additional equity capital while these warrants are
outstanding. At any time during which these warrants are likely to be
exercised, we may be able to obtain additional equity capital on more favorable
terms from other sources.
Future sales or the potential for
future sales of our securities may cause the trading price of our common stock
and Class A and Class B warrants to decline and could impair our ability to
raise capital through subsequent equity offerings.
Sales of a substantial number of shares of our common
stock or other securities in the public markets, or the perception that these
sales may occur, could cause the market price of our common stock or other
securities to decline and could materially impair our ability to raise capital
through the sale of additional securities. A substantial number of our
outstanding shares of common stock are subject to lock-up agreements with us
and with Paulson Investment Company, Inc., the representative of the underwriter
of our initial public offering.  As these
shares are released from the lock-up agreements, the sale of such shares could
cause the market price of our common stock to decline. Furthermore, a large
number of our outstanding shares are not registered under the Securities
Act.  If and when these shares are
registered and become eligible for sale on the public markets, the market price
of our common stock could decline.
As a public company we are  subject to complex legal and accounting
requirements that will require us to incur substantial expense and will expose
us to risk of non-compliance.
As a public
company, we are subject to numerous legal and accounting requirements that do
not apply to private companies. The cost of compliance with many of these requirements
is substantial, not only in absolute terms but, more importantly, in relation
to the overall scope of the operations of a small company. Our relative
inexperience with these requirements may increase the cost of compliance and
may also increase the risk that we will fail to comply. Failure to comply with
these requirements can have numerous adverse consequences including, but not
limited to, our inability to file required periodic reports on a timely basis,
loss of market confidence, delisting of our securities and/or governmental or
private actions against us. We cannot assure you that we will be able to comply
with all of these requirements or that the cost of such compliance will not
prove to be a substantial competitive disadvantage vis-à-vis our privately held
and larger public competitors.
FORWARD-LOOKING INFORMATION
Some of the statements made in this prospectus discuss
future events and developments, including our future business strategy and our
ability to generate revenue, income and cash flow. In some cases, you can
identify forward-looking statements by words or phrases such as "may," "should,"
"expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential,"
"continue," "our future success depends," "seek to continue," or the negative
of these words or phrases, or comparable words or phrases. These statements are
only predictions that are based, in part, on assumptions involving judgments
about future economic, competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and many of
which are beyond our control. Actual events or results may differ materially.
In evaluating these statements, you should specifically consider various facts,
including the risks outlined in the "Risk Factors" section. Although we believe
that the expectations reflected in the forward-looking statements are
7
reasonable,
we cannot guarantee future results, levels of activity, performance or
achievements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We do not undertake to update any of the forward-looking statements after
the date of this prospectus to conform these statements to actual results.
8
SELLING
SHAREHOLDERS
This prospectus
relates to Shares that are being registered for reoffers and resale by the
Selling Shareholders.  The Selling
Shareholders are either holders of "restricted securities" acquired under the
Plan or directors, officers or others who may be deemed to be "affiliates" who
acquired or may acquire Shares under the Plan. 
The Selling Shareholders may resell any or all of the Shares at any time
while this prospectus is current.
Executive
officers, directors or others who are considered to be affiliates of the
Company who acquire common stock under the Plan may be added to the list of
Selling Shareholders and the Shares to be sold may be increased or decreased by
the use of a prospectus supplement filed with the Securities and Exchange
Commission (the "SEC").  Furthermore,
certain unnamed non-affiliates, each of whom holds less than the lesser of
1,000 shares or one percent of the Shares issuable under the Plan, may use this
prospectus for reoffers and resales of Shares up to that amount.
The inclusion of
Shares in the table below does not constitute a commitment to sell any of the
Shares.
Name
Position
Number of
Shares
Beneficially
Owned Prior to
the Offering(1)
Number of
Shares Eligible
to be Offered
by the Selling
Shareholders(2)
Number of
Shares
Beneficially
Owned After
Completion of
the Offering(3)
Percentage of
the Class
Owned After
Completion of
the Offering(3)
Matthew Foster
President
  and Chief
Executive Officer
148,302
130,000
95,445
1.2
%
Joseph H.
  Armstrong
Vice
  President and
Chief Technology
Officer
68,714
50,000
50,000
*
Janet Casteel
Chief
  Accounting
Officer and Treasurer
32,714
45,000
15,000
*
Joseph McCabe
Vice
  President of
Business Development
2,000
30,000
2,000
*
R. Scott Burrows
Secretary
20,000
15,000
15,000
*
Prem Nath
Sr.
  Vice President of
Manufacturing
33,333
100,000
—
*
Mohan S. Misra
Chairman
  of the Board
and Chief Strategy
Officer
1,458,000
80,000
1,428,000
17.7
%
Stanley Gallery
Director
41,000
32,000
25,000
*
Ashutosh Misra
Director
  and Sr. Vice
President of Operations
and Corporate Affairs
64,000
20,000
54,000
*
T. W. Fraser
  Russell
Director
16,000
32,000
—
*
Richard J.
  Swanson
Director
0
16,000
—
*
Yvonne Reopelle
Employee
0
5,000
—
*
Venu Basava
Employee
0
15,000
—
*
Deb Koll
Employee
0
5,000
—
*
Jeffrey Schaefer
Employee
0
3,000
—
*
Jeff Summers
Consultant
0
15,000
—
*
Pat Swanson
Consultant
1,666
5,000
—
*
Peter Shevchuk
Consultant
1,666
5,000
—
*
Bruce Lanning
Consultant
15,000
15,000
10,000
*
Nicholas Gomez
Consultant
13,000
10,000
7,000
*
Garth Jensen
Consultant
18,333
10,000
15,000
*
Lawrence Woods
Consultant
18,333
10,000
15,000
*
Brad Crume
Consultant
1,666
5,000
—
*
Wendi Batchelor
Consultant
1,000
3,000
—
*
Rosine Ribelin
Consultant
2,333
7,000
—
*
Jeffrey Schaefer
Consultant
2,333
7,000
—
*
9
Name
Position
Number of
Shares
Beneficially
Owned Prior to
the Offering(1)
Number of
Shares Eligible
to be Offered
by the Selling
Shareholders(2)
Number of
Shares
Beneficially
Owned After
Completion of
the Offering(3)
Percentage of
the Class
Owned After
Completion of
the Offering(3)
Danny Fisher
Consultant
1,666
5,000
—
*
Ajay K. Kalla
Consultant
6,666
5,000
5,000
*
*      Represents less than 1%.
(1)
Includes shares of common
stock beneficially owned or that may be acquired upon exercise of options or warrants
exercisable within sixty (60) days of the date of this prospectus.
(2)
Represents the number of
Shares underlying options granted under the Plan, whether currently vested or
unvested.
(3)
Assumes the exercise and
resale of all Shares acquired by the Selling Shareholder pursuant to the Plan
and that a total of 8,050,988 shares of common stock will be issued and
outstanding after the Offering.
10
USE OF PROCEEDS
The Selling Shareholders will receive all of the proceeds from the sale of the Shares offered by this prospectus.  We will not receive any of the proceeds from the sale of the Shares, but we have agreed to pay the expenses of preparing this prospectus and the related registration statement.
PLAN OF DISTRIBUTION
The Selling Shareholders and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Shares on any stock exchange, market or trading facility on which the securities are traded or in private transactions.  These sales may be at fixed or negotiated prices.  It is possible that the increase in securities available on the market will have a negative effect on the resale price of our securities and may make it difficult for purchasers to resell the securities at a profit or at all.
The Selling Shareholders also may sell Shares under Rule 144 of the Securities Act of 1933, as amended (the "Securities Act") if available, rather than under this prospectus.  The Selling Shareholders may engage in short sales against the box, puts and calls and other transactions in our securities or derivatives of our securities, and may sell or deliver shares or warrants in connection with these trades.  The Selling Shareholders may pledge their Shares to their brokers under the margin provisions of customer agreements. If a Selling Stockholder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares or warrants.
Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from either the Selling Shareholders or, if any broker-dealer acts as agent for the purchaser, from the purchaser, in amounts to be negotiated.  It is not expected that these commissions and discounts would exceed what is customary in the types of transactions involved.
The Selling Shareholders and any broker-dealers or agents that are involved in selling the Shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with those sales. In that event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.
We have elected, to pay all fees and expenses incident to the registration of the Shares being registered herein.  We are not required to pay commissions and other selling expenses.
INDEMNIFICATION
Our certificate of incorporation, as amended ("Certificate
of Incorporation"), contains provisions that limit the liability of our
directors for monetary damages to the fullest extent permitted by Delaware law.
Consequently, our directors will not be personally liable to us or our
shareholders for monetary damages for any breach of fiduciary duties as
directors, except liability for the following:
·
Any breach of their duty of loyalty to our
company or our stockholders.
·
Acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of law.
·
Unlawful payments of dividends or unlawful
stock repurchases or redemptions as provided in Section 174 of the
Delaware General Corporation Law.
·
Any
transaction from which the director derived an improper personal benefit.
Our bylaws, as amended ("Bylaws"), provide that we are
required to indemnify our directors and officers and may indemnify our
employees and other agents to the fullest extent permitted by Delaware law. Our
Bylaws also provide that we shall advance expenses incurred by a director or
officer before the final disposition of any action or proceeding upon receipt
of an undertaking from or on behalf of that director or officer to repay the
advance if it is ultimately determined that he or she is not entitled to be
indemnified. We have entered and expect to continue to enter into agreements to
indemnify our directors, executive officers and other employees as determined
by the Board of Directors. These agreements provide for indemnification for
related expenses including attorneys' fees, judgments, fines and settlement
amounts incurred by any of these individuals in any action or proceeding. We
believe that these provisions and indemnification agreements are necessary to
attract and retain qualified persons as directors and officers. We also
maintain directors' and officers' liability insurance.
11
The limitation of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage
shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. They may also reduce the likelihood of derivative litigation
against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Furthermore, a stockholder's investment may
be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers as required by these
indemnification provisions. At present, there is no pending litigation or
proceeding involving any of our directors, officers or employees regarding
which indemnification is sought, and we are not aware of any threatened
litigation that may result in claims for indemnification.
Insofar as we may permit indemnification for
liabilities arising under the Securities Act to directors, officers, and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been
advised that in the opinion of the SEC such indemnification is against public
policy, as expressed in the Securities Act and is, therefore, unenforceable.
INCORPORATION OF DOCUMENTS BY
REFERENCE
This prospectus is part of a registration statement on
Form S-8.  The prospectus is prepared in
accordance with the requirements of Part I of Form S-3 and General Instruction
C of the instructions to Form S-8. The SEC allows this filing to "incorporate
by reference" information that the Company previously has filed with the SEC.
This means the Company can disclose important information to you by referring
you to other documents that it has filed with the SEC. The information that is
incorporated by reference is considered part of this prospectus, and
information that the Company files later will automatically update and may
supersede this information. For further information about the Company and the
securities being offered, you should refer to the registration statement and
the following documents that are incorporated by reference:
·
Our annual report on Form 10-KSB filed on March 30, 2007, which contains audited financial statements for the fiscal year ended December 31, 2006;
·
All other reports filed by us pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the "Exchange Act") since the end of the fiscal year covered by the annual report referred to above; and
·
The description of our common stock contained in Forms 8-A filed on June 19, 2006 and August 8, 2006 and any amendments or reports filed for the purpose of updating such description.
All documents filed by the Company subsequent to those
listed above with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act, prior to the termination of the offering, shall be deemed to be
incorporated by reference into this prospectus and to be a part hereof from the
date of filing of such documents. Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained herein
or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.
You may request a
copy of all documents that are incorporated by reference in this prospectus by
writing or telephoning us at the following address and number: Ascent Solar
Technologies, Inc., Attention: Corporate Secretary, 8120 Shaffer Parkway,
Littleton, Colorado 80127, telephone (303) 285-9885.  We will provide copies of all documents
requested (not including exhibits to those documents, unless the exhibits are
specifically incorporated by reference into those documents or this prospectus)
without charge.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement (which term includes all amendments, exhibits, and schedules thereto) on Form S-8 under the Securities Act with respect to the Shares offered by this prospectus.  This prospectus does not contain all the information set forth in the registration statements because certain information has been incorporated into the registration statements by reference in accordance with the rules and regulations of the SEC.  Please review the documents incorporated by reference for a more complete description of the matters to which such documents relate.
We are subject to the informational reporting requirements of the Exchange Act.  In accordance with the Exchange Act, we file reports, proxy statements, and other information with the SEC.  You can inspect and copy these reports, proxy statements, and other information at the Public Reference Room of the SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates.  Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms.  Our SEC filings are also available on the SEC's web site.  The address of this site is http://www.sec.gov.
12
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference
The following documents filed by us with the SEC are incorporated herein by reference as of their respective dates of filing and shall be deemed to be a part hereof:
·
The Registrant's annual report on Form 10-KSB filed on March 30, 2007, which contains audited financial statements for the fiscal year ended December 31, 2006;
·
All other reports filed by us pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934 (the "Exchange Act") since the end of the fiscal year covered by the annual report referred to above; and
·
The description of the Registrant's common stock contained in Forms 8-A filed on June 19, 2006 and August 8, 2006 and any amendments or reports filed for the purpose of updating such description.
All other documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act prior to the filing of a post-effective amendment to this registration
statement, which indicates that all securities offered have been sold or which
deregisters all such securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part
hereof from the date of filing of such documents. The Company specifically
excludes from incorporation any information that has been furnished and not
filed pursuant to Item 2.02 or Item 7.01 of the Company's Current
Reports on Form 8-K. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such earlier statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.
Item 4.  Description of Securities
Not applicable.
Item 5.  Interests of Named Experts and Counsel
Not applicable.
Item 6.  Indemnification of Directors and Officers
Our Certificate of Incorporation contains provisions
that limit the liability of our directors for monetary damages to the fullest
extent permitted by Delaware law. Consequently, our directors will not be personally
liable to us or our shareholders for monetary damages for any breach of
fiduciary duties as directors, except liability for the following:
·
Any breach of their duty of loyalty
to our company or our stockholders.
·
Acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation of law.
·
Unlawful payments of dividends or
unlawful stock repurchases or redemptions as provided in Section 174 of
the Delaware General Corporation Law.
·
Any
transaction from which the director derived an improper personal benefit.
Our Bylaws provide that we are required to indemnify
our directors and officers and may indemnify our employees and other agents to
the fullest extent permitted by Delaware law. Our Bylaws also provide that we shall
advance expenses incurred by a director or officer before the final disposition
of any action or proceeding upon receipt of an undertaking from or on behalf of
that director or officer to repay the advance if it is ultimately determined
that he or she is not entitled to be indemnified. We have entered and expect to
continue to enter into agreements to indemnify our directors, executive
officers and other employees as determined by the Board of Directors. These
agreements provide for indemnification for related expenses including attorneys'
fees, judgments, fines and settlement amounts incurred by any of these
individuals in any action or proceeding. We also maintain directors' and
officers' liability insurance.
13
The limitation of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage
shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. They may also reduce the likelihood of derivative litigation
against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Furthermore, a stockholder's investment may
be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers as required by these
indemnification provisions.
Item
7.  Exemption from Registration Claimed
The Company issued
the stock options to directors, officers, employees and/or consultants in
reliance on the exemption under Rule 701 promulgated under the Securities Act,
as transactions by an issuer not involving a public offering and under a
written compensatory benefit plan.
Item 8.  Exhibits
The exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of this registration statement.
Item 9.  Undertakings
The undersigned
Registrant hereby undertakes:
(1)  To file, during any period in which offers or
sales are being made, a post-effective amendment to this registration
statement:
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date
of this registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this registration statement;
(iii)
To include any material information with
respect to the plan of distribution not previously disclosed in this
registration statement or any material change to such information in this
registration statement.
provided
,
however
, that
paragraphs (1)(i) and (1)(ii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to the Exchange Act that are
incorporated by reference in this registration statement.
(2)  That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3)  To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.
(4)  For determining liability of the Registrant
under the Securities Act to any purchaser in the initial distribution of the
securities, in a primary offering of securities of the Registrant pursuant to
this Registration Statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, to be a seller to
the purchaser and to be considered to offer or sell such securities to such
purchaser:  (a) any preliminary
prospectus or prospectus of the Registrant relating to the offering required to
be filed pursuant to Rule 424; (b) any free writing prospectus relating to the
offering prepared by or on behalf of the Registrant or used or referred to by
the Registrant; (c) the portion of any other free writing prospectus relating
to the offering containing material information about the Registrant or its securities
provided by or on its behalf; and (d) any other communication that is an offer
in the offering made by the Registrant to the purchaser.
14
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Littleton, Colorado on May 7, 2007.
Ascent Solar Technologies, Inc.
By:
/s/ Matthew Foster
Matthew Foster, President and
  Chief Executive Officer
POWER
OF ATTORNEY
We, the
undersigned directors and officers of Ascent Solar Technologies, Inc., do
hereby constitute and appoint Matthew Foster and Janet L. Casteel or either of
them, our true and lawful attorneys and agents, to do any and all acts and
things in our name and behalf in our capacities as directors and officers and
to execute any and all instruments for us and in our names in the capacities
indicated below, which said attorneys and agents, or either of them, may deem
necessary or advisable to enable said corporation to comply with the Securities
Act, and any rules, regulations, and requirements of the SEC, in connection
with this registration statement, including specifically, but without
limitation, power and authority to sign for us or any of us in our names and in
the capacities indicated below, any and all amendments (including
post-effective amendments) to this registration statement, or any related
registration statement that is to be effective upon filing pursuant to Rule
462(b) under the Securities Act; and we do hereby ratify and confirm all that
the said attorneys and agents, or either of them, shall do or cause to be done
by virtue hereof.
Pursuant to the
requirements of the Securities Act, this registration statement has been signed
below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Matthew Foster
President and Chief Executive
  Officer
May 7, 2007
Matthew Foster
(Principal Executive Officer)
/s/ Janet Casteel
Chief Accounting Officer and
  Treasurer
May 7, 2007
Janet Casteel
(Principal Accounting and
  Financial Officer)
/s/ Mohan S. Misra
Chairman of the Board
May 7, 2007
Mohan S. Misra
/s/ Stanley Gallery
Director
May 7, 2007
Stanley Gallery
/s/ Ashutosh Misra
Director
May 7, 2007
Ashutosh Misra
/s/ T.W. Fraser Russell
Director
May 7, 2007
T.W. Fraser Russell
/s/ Richard J. Swanson
Director
May 7, 2007
Richard J. Swanson
15
EXHIBIT
INDEX
Exhibit No.
Description
4.1
Amended and Restated 2005 Stock Option Plan
5.1
Opinion of Holland & Knight LLP as to the
  legality of the securities being registered, dated May 8, 2007
23.1
Consent of Hein & Associates LLP, an independent
  registered public accounting firm, dated May 7, 2007
23.2
Consent of Holland & Knight LLP (included in
  Exhibit 5.1)
16