ALISO VIEJO, CA -- (Marketwire) -- 03/25/13 -- XsunX, Inc. (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 is working with solar start-up firms in developing regions including Africa and the Caribbean. Working under Letter-Of-Intents (LOI) provided by customers, XsunX is configuring solutions to deliver CIGS manufacturing capabilities targeting the initial deployment plans by firms in these regions.
With hundreds of millions of people throughout Africa, the Caribbean, and South America suffering from either a lack of access to electricity or the use of a chronically unreliable and costly electric power grid, the deployment of solar in these regions is expected to see major growth in both grid and off grid power production*. Additionally, in these regions significant portions of current power needs are met by burning fossil fuels such as diesel. The result is that today's costs for delivered electricity in the Caribbean hover at $0.37 a kWh.
"Our customers are telling us that governments in these regions are looking for multi-faceted solutions to fill the growing demand for electricity for their huge, and quite often, dispersed populations," stated Tom Djokovich XsunX's CEO. "But, providing more reliable and less costly power to satisfy the demand for basic needs represents only one aspect of the focus for governments in these regions. Job growth is another focus and through the deployment of high tech solar manufacturing facilities and power fields, opportunities exist to develop and diversify jobs markets while increasing employment and the buying power of their populations. XsunX is well suited to support this developing market through our low-cost of capital requirements, modular scalability of our technology, and excellent cost-per-watt production costs," concluded Mr. Djokovich.
These promising opportunities are multi-relationship based purchase and deployment efforts, so in support of these customers, XsunX is providing creative business solutions tailored to the clients' needs and the regionally based support efforts of local governments. With only 1% of total current global solar installations deployed in these regions* the Company is excited to be working with clients in these important developing markets.
*Statistic Source: Alliance for Rural Electrification
XsunX, Inc. is working to commercialize 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 coupled with proprietary processing technology, which XsunX calls CIGSolar®, focuses on the mass production of 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.
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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