ALISO VIEJO, CA -- (Marketwire) -- 07/03/12 -- XsunX, Inc. (OTCBB: XSNX) (OTCQB: 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 that the Company was expanding its technology development and marketing operations into a new facility in Irvine, CA, and that it had received equity financing through Ironridge Global IV, Ltd., an institutional investor financing small cap public companies in the energy sector.
The Company has been working to complete the assembly of its CIGSolar TFPV cell manufacturing system and establish a marketing facility to provide a hands on demonstration environment to customers. With the aid of the Ironridge investment, XsunX settled approximately $500,000.00 in accounts payable primarily associated with the assembly of the Company's CIGSolar thermal evaporation technology in exchange for unregistered shares of common stock. The transaction substantially reduced XsunX's liabilities and enables XsunX to expedite the completion of its baseline CIGSolar co-evaporation system and establish its technology marketing and demonstration facility.
"We are excited that through the aid and confidence of the Ironridge investment we can work to expedite progress toward hosting our first customer demonstrations," said Tom Djokovich, CEO, XsunX, Inc. Mr. Djokovich further commented, "Over the last couple of years the solar industry has experienced significant change driven primarily through extraordinary pricing reductions to silicon which have driven some companies out of business and left others operating on razor thin margins. In offering a solution to this problem we have focused our efforts on the belief that high performance CIGS solar cells could provide further price reductions and restore operating margins. Our target customers agree with this thinking and we have a number of them anxious to participate in our first demonstrations."
The Company's technology, of which samples were certified delivering 15.91% average efficiency in testing conducted by the National Renewable Energy Laboratory (NREL), utilizes multi-small area thermal co-evaporation for rapid deposition of final-sized cells to better control the complex management of the CIGS layer deposition process.
The Company's method, unlike other CIGS manufacturing technology, begins and ends using individual thin stainless steel substrates sized to match silicon cells so that they can be used as an alternative to silicon cells in existing module assembly lines. In addition to providing for a smaller and more precise deposition environment, the CIGSolar process also helps to avoid performance losses experienced when cells are either cut from rolls of manufactured CIGS material or mismatched electrically in monolithic assemblies.
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 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.
About Ironridge Global
Ironridge Global IV, Ltd., is a public equity firm that assists public companies in financing operations and expansion. The firm's core objective is to propel high growth companies in building faster growing and more profitable enterprises. Ironridge Global brings traditional private equity financial sophistication to small cap public companies. The firm does not desire to influence or control management, will not restrict use of proceeds, requires no restrictive covenants, and will never take an affiliate or control position. Ironridge Global exclusively places its trust in current management with a strong vision for accelerated growth and increased shareholder value.
For more information please call XsunX at 888-797-4527, or visit the company's website at www.xsunx.com.
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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