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SANTA MONICA, Calif., Sep 23, 2003 (PRIMEZONE via COMTEX) -- Sun River Mining, Inc. (OTCBB: SUNR) announced today that it will change its name to XsunX, Inc. (XsunX) and has acquired the patents for a breakthrough technology to produce solar electric glass.
This proprietary process is intended to allow manufacturers to inexpensively apply a transparent and photovoltaic glazing to glass. When XsunX glazing is exposed to light, the light energy is converted into electrical energy for use as a power source.
XsunX believes that its solar electric glass technology has a number of major market opportunities in the multi-billion dollar international architectural glass markets. The company intends to take advantage of the commercial opportunities for its patented glazing process in these markets. The architectural limiting aspects of current photovoltaic technologies may soon disappear as XsunX glazing turns commercial and residential structures, and their vast areas of modern architectural glass, into virtual power plants. The resulting electrical power generated could be used to run building systems.
The patents acquired include: No. 6,180,871 for Transparent Solar Cell and Method of Fabrication (Device), granted on January 30, 2001; No. 6,320,117 for Transparent Solar Cell and Method of Fabrication (Method of Fabrication), granted on November 20, 2001; and No. 6,509,204 for Transparent Solar Cell and Method of Fabrication (formed with a Schottky barrier diode and method of its manufacture), granted on January 21, 2003.
The Company will issue 70,000,000 shares of common stock (on a post reverse split-1 for 20-basis) in exchange for the solar electric glass patents held by Xoptix, Inc., a private technology development company. The corporate name change to XsunX, Inc. and the reverse stock split will become effective on October 6, 2003.
As part of the corporate reorganization, Brian Altounian has been named Chairman of the Board, President and Chief Executive Officer of the Company. Mr. Altounian has over 12 years of experience in the area of finance, administration and operations with technology companies.
SOURCE: Sun River Mining/XsunX, Inc.
CONTACT:
XsunX, Inc.
Brian Altounian, CEO
(310) 460-3649
(C) 2003 PRIMEZONE, All rights reserved.
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. When used in this press release, 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.
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