XsunX Signs Joint Business Agreement with Solar Module Manufacturer
Aliso Viejo, CA – March 2 , 2011 – XsunX, Inc. (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 Telecomps Technology Corp., Ltd. (Telecomps) for the use of its CIGSolar™ technology. Under the agreement, Telecomps and XsunX will work together to complete back-end CIGSolar™ solar module assembly capabilities to produce solar modules using XsunX CIGSolar cells.
Joseph Grimes, XsunX’s President and COO, commented, “This is a great opportunity for both companies. Telecomps’ growing capabilities in the module assembly business will provide us a head start and will help accelerate the adoption of our CIGSolar technology in the rapidly growing Chinese market.” Mr. Grimes continued, “We have targeted the silicon module manufacturing industry as a major customer segment and, with the assistance of Telecomps providing competitive OEM module assembly, we are positioning XsunX customers for success as they compete in the $18 billion silicon solar cell industry. In addition to Telecomps a number of other manufacturers are now seriously exploring the use of our CIGSolar technology as a robust and less expensive alternative to silicon.”
Founded in 1991, Telecomps has expanded its expertise in the electronics component industry building a network of capabilities in the fast growing turnkey OEM solar module assembly sector. Well respected within their industry, Telecomps’ growing capabilities specialize in both silicon and thin-film solar module assembly.
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 xsunx.com.
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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