ALISO VIEJO, Calif., March 14, 2011 /PRNewswire/ -- XsunX, Inc. (OTC Bulletin Board: XSNX), the developer of hybrid, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, today announced the company has entered into an agreement with Globe Future Technology Development Co., Ltd. (Globe Future) for the purchase of manufacturing systems and an operating license for XsunX's CIGSolar™ technology. Under the agreement, XsunX will provide Globe Future with an initial baseline production system, and an additional 30 MW CIGSolar production system to produce CIGSolar cells.
Joseph Grimes, XsunX's President and COO, commented, "We are very fortunate to solidify this agreement with Globe Future. This agreement further supports our business model and technology plan to introduce to the global market solar technologies that are truly unique and competitive with silicon cell technology." Mr. Grimes added, "XsunX continues to target the silicon module manufacturing industry as a major customer segment and we are positioning XsunX customers for success as they compete in the $18 billion silicon solar cell industry."
Under the agreement, and as a condition to the commitment, the parties will now work to complete a joint specification to ensure that CIGSolar system configuration meets the optimal compatibility and integration for Globe Future's specific needs. Once the parties have finalized specifications for the deliverables, Globe Future will post a letter-of-credit for the payment of the systems.
Mr. Grimes further noted, "We are completing our designs and are preparing to build our first baseline production system for use as our primary marketing tool. We can now update these designs to meet Globe Future's specific product needs and re-capitalize our investment rapidly while still meeting our marketing and technology roadmap. There's a lot of work ahead but we are very excited about the opportunity to execute on our agreement with Globe Future and hope to secure additional commitments from other pending customers as we move forward."
About Globe Future Technology Development Co., Ltd. Energy Commitment
Globe Future is committed to the new "heaven and earth" energy policy with a focus towards energy conservation, emission reduction, and environmental protection. Globe Future is mainly engaged in industrial investment of operations in the field of management for the energy industry including new energy saving technologies and development. For example, renewable energy projects (solar power, biomass energy generation, waste power generation), and energy saving and environmental protection engineering (heat, gas power generation, automatic top pressure recovery turbine (TRT). For more information please visit Globe Future Technology Development Co., Ltd. website at http://www.tdglobe.com
XsunX, Inc. is developing and has begun to market 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.
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.
SOURCE XsunX, Inc.