Firm Hired to Ease AstroPower Woes

AstroPower, has engaged Bridge Associates, a nationally-known restructuring, turnaround management and expanded capabilities firm, to take charge of the day-to-day operations of AstroPower and its subsidiaries and to help stabilize the company’s financial position.

Newark, Delaware – July 28, 2003 [] The AstroPower’s stock took a serious hit when it was announced last Thursday that the company would be delisted from the Nasdaq stock exchange for having failed to provide financial statements from previous quarters. Bridge Associates will also analyze all of AstroPower’s operations and make recommendations to the company’s Board of Directors with respect to raising additional working capital as well as the overall future strategy of the company. In carrying out these responsibilities, Carl H. Young III, a founding member and Managing Director of Bridge Associates, will serve as AstroPower’s new interim Chief Executive Officer. Young has been active as a turnaround and crisis manager since 1987. He holds a Bachelor of Science degree from Southern Methodist University and a Juris Doctor degree from University of Tulsa. In addition, Eric I. Glassman, CPA, a Bridge Associates professional with twenty-one years of experience in public accounting and as a financial executive, will serve as AstroPower’s new interim Chief Financial Officer. Glassman’s relevant experience includes cash management and budgeting, SEC reporting, and managing financial and accounting policies, procedures, internal controls and systems. Young and Glassman replace AstroPower Directors George Roland and Gilbert Steinberg who became acting CEO and CFO, respectively, on May 23, 2003. Roland and Steinberg will continue to serve as Directors of the company and as members of the company’s Audit Committee.
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