Letter to XsunX Shareholders:
On Schedule, XsunX Achieves Crucial Development Milestone
Dated: December 22, 2009
To Our Valued Shareholders,
It is with great pleasure that I announce to you the completion of our first fully-functional CIGS thin-film solar device. Through the vigilant efforts of our team of engineers and business partner, the initial iteration of this new hybrid device was executed according to our business plan, which outlined a year-end deadline for this stage of our development.
Weve come a long way very quickly from when we first announced our exciting new business direction to adapt the manufacturing processes from the Hard Disk Drive (HDD) industry to thin-film CIGS solar technologies back in July 2009. As I mentioned then and what I still firmly believe now is that this strategic change not only helps drive the industry with innovative, new technology but also has the promising potential to bring solar to well below $1 per watt, thereby making solar a viable alternative in the energy field. Standing in contrast to our previous business model, this new approach is welcomed for dramatically reducing our capital requirements and lessening the need for potentially dilutive financing.
Now, reaching this milestone according to plan further strengthens our belief that were uniquely positioned to benefit from the tremendous growth anticipated in the thin-film PV market over the next decade. Our belief in our plan stems from the fact that this technology addresses several fundamental factors that previously plagued the sector: scalability, performance, and cost. The information provided to date, indicates our hard disk drive industry-inspired technology has the potential to rapidly scale manufacturing capacities, improve solar cell performance, and aggressively reduce costs.
Our CIGS solar cells are deposited on stainless steel wafers, similar in size to silicon wafers used in nearly all solar modules manufactured today, leveraging a well proven format with tremendous existing assembly capacities already in place. The high efficiency CIGS solar cells we are developing provide an immense opportunity for use in multiple market segments. XsunX envisions these thin film wafers as the solar building blocks replacing existing silicon wafers and believe that they are a virtual drop in replacement for the costly and unpredictable silicon wafer costs. This is a vast market opportunity to replace aging technology.
As we proceed forward, we continue to measure results and refine engineering designs that will help complete the adaption of Hard Disk processing equipment for use in the production of CIGS thin-film solar cells and we will continue to report to you about our progress.
Were proud to have achieved the progress that we anticipated in this stage of development, and we plan to announce this milestone to the media after the first of the New Year. Important work still lies ahead, and this completed sample is a crucial building block to actualize our full business plan.
Thank you for your continued support of XsunX. As new developments arise, we look forward to sharing them with you. In the meantime, if you have any questions, please contact our Investor Relations desk at [email protected] or (888) 797-4527.
Tom M. Djokovich, CEO
Safe Harbor Statement: Matters discussed in this shareholder news letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this shareholder news letter, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.