XSUNX AND MVSYSTEMS, INC. ANNOUNCE COOPERATIVE VENTURE TO DEVELOP SOLAR ELECTRIC VISION GLASS
Aliso Viejo, CA, June 3, 2004 – XsunX (OTC BB: XSNX), developer of an innovative process to produce solar electric vision glass, announced that it has entered into a letter of intent with Colorado based MVSystems, Inc. The terms of the proposed agreement provide XsunX with exclusive licensing of MVSystems patent portfolio and technical know how for use by XsunX in the development, commercialization and licensing of processes for the manufacture of semi-transparent photovoltaic glazing technologies. In addition to the opportunities associated with access to MVSystems patent portfolio, the proposal also calls for a cooperative venture in which MVSystems will essentially operate as the research and development arm of XsunX under the guidance of Dr. Arun Madan, MVSystems founder and President.
As part of the cooperative venture, Dr. Madan will be joining the XsunX executive staff as Chief Technology Officer and a member of the XsunX board. Dr. Madan brings to XsunX over 30 years of expertise as an internationally recognized authority in the fields of material and device engineering for the thin film semi-conductor industry. MVSystems, Inc., a firm Dr. Madan founded over 16 years ago, designs, builds and delivers state of the art manufacturing tools specifically designed for the thin film semiconductor market and are equipped to develop a wide array of thin film technologies.
The addition of Dr. Madan to our staff as CTO and the licensing of a number of proprietary technologies specific to the XsunX goal in creating a commercially viable semi-transparent glazing process brings our shareholders several steps closer to realizing the success of our plan,'' stated Tom Djokovich, CEO of XsunX, Inc. ``We also anticipate realizing efficiency gains in our development cycle while maximizing corporate resources through the use of MVSystems research and development facilities, at cost, as part of the cooperative venture.''
Dr. Arun Madan, founder and President of MVSystems, said, ``The XsunX plan for integrating energy production into the design of buildings in the form of vision glass is very innovative and possesses obvious wide scale opportunities in the field of Building Integrated Photovoltaics, or ''BIPV``. I am looking forward to working with XsunX and helping to complete the goal of establishing commercially viable methods for the manufacture of the XsunX process.''
This development and the anticipated finalization of these agreements moves XsunX closer to its goal of establishing a viable process for converting today's commercial structures, and their vast areas of modern architectural glass, into virtual power plants. The company believes that its transparent thin-film glazing may eventually provide one of the more efficient and practical means of producing electricity on-site, directly from the sun in the form of a building's vision glass.
MVSystems, Inc. is based in Golden Colorado. Its main line of business is to design, build and deliver state of the art, ultra high vacuum multi-chamber PECVD/sputtering/Hot Wire CVD systems, arranged in a cluster tool configuration and specifically designed for the thin film semiconductor market. Other products are I-V solar simulator testing stations.
As part of the system sale, it specifically guarantees state of the art opto-electronic properties of thin film semiconductors such as amorphous silicon, dielectrics such as Silicon Nitride and electronic device performance for solar cells, thin film transistor (for displays) and image sensors. The company also provides research and development contract services and consultancy for thin film materials and devices. Please visit the Company's website for more information: http://www.mvsystems.info.
Based in Aliso Viejo, California, XsunX is developing patented processes to produce solar electric glass. These proprietary processes are intended to allow manufacturers to apply a transparent and photovoltaic glazing to glass and other transparent substrates. 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 patented solar electric glazing technology has a number of major market opportunities in the worldwide architectural glass, optical film and plastics markets. The Company intends to take advantage of this commercial opportunity to provide governments, developers, businesses and architects with a commercially viable method for converting today's large areas of architectural glass into virtual power plants. For more information, please visit the Company's website: https://XsunX.com.
Tom Djokovich, CEO
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