XsunX CIGSolar(TM) Moves Closer to First Customer Demonstrations
July 03 2012 - 6:15AM
Marketwired
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.
About XsunX
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.
Contact: XsunX 888-797-4527 www.xsunx.com
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