IRVINE, CA -- (Marketwire) -- 10/02/12 -- XsunX, Inc. (OTCQB: XSNX) (OTCBB: XSNX), the developer of CIGSolar, a patent-pending solar cell manufacturing process offering a capital-efficient, low-cost alternative to the use of silicon solar cells, today announced it is on target to complete the assembly of its CIGSolar TFPV cell evaporation system in October. The company has implemented a fast track completion schedule to expedite its technology demonstration and marketing efforts.
In July, XsunX had announced receiving equity financing through Ironridge Energy Co., an institutional investor financing small cap public companies in the energy sector, enabling the Company to focus on assembling and configuring a demonstration of the CIGSolar TFPV cell evaporation system while also establishing technology marketing operations in its new facility in Irvine, CA. John C. Kirkland, Managing Director of Ironridge Global commented, "We are pleased to have had the opportunity to help facilitate the development of XsunX's unique TFPV cell evaporation system. The CIGSolar system offers the potential to improve operating efficiencies for the TFPV industry, and thereby assist in reducing our dependence on fossil fuels."
"The last few months have been a busy and exciting time for XsunX. We have been anxious to launch the start-up, testing, and calibration of our patent pending CIGSolar technology so that we can begin customer demonstrations as quickly as possible," said Tom Djokovich, CEO of XsunX, Inc. "The industry's obvious need and the focus of our CIGSolar TFPV cell evaporation technology, is to provide cost reductions and an opportunity to restore operating margins for manufacturers. How to achieve these goals has been an elusive challenge for the industry, but we believe that CIGSolar's new approach is the right solution to this challenge."
The Company's method, unlike other CIGS manufacturing technology, uses individual thin stainless steel substrates sized to match silicon cells to be used as an alternative to silicon cells in existing or new solar module assembly lines. Another significant improvement is the use of a multi-small area thermal co-evaporation technology to better control the complex management of the CIGS layer deposition process. This feature provides a more precise deposition environment, and together these improvements help to avoid performance losses experienced when cells are either cut from rolls of CIGS material or mismatched electrically in monolithic large area deposition assemblies.
"Some of our loyal customers have been working with us each step of the project, including monitoring our progress and assessing each of our milestones. They are very excited about the system's potential as we approach our start-up and preparation for demonstrations," said Joseph Grimes, COO of XsunX, Inc.
XsunX, Inc. is developing a new manufacturing process to produce low cost, high efficiency thin-film Copper Indium Gallium (di) Selenide (CIGS) thin film solar cells. The patent pending deposition system and processing technology, which XsunX calls CIGSolar, focuses on the mass production of individual thin-film CIGS solar cells that match silicon solar cell dimensions and can be offered as a non-toxic, high-efficiency and lowest-cost alternative to the use of silicon solar cells. The company is offering licenses for the use of the CIGSolar process technology, and plans to generate revenue through licensing fees and manufacturing royalties for the use of the CIGSolar technology.
Safe Harbor Statement
Matters discussed in this press release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "may," "will," "should," "believes," "expect," "intend," "anticipate," "plan," "estimate" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject to risks and uncertainties that are described in our most recent annual report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements whether as a result of the receipt of new information, future events, or otherwise.
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